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Business
Accounting
edit Income Summary $201,000. 400; credit Retained earnings $80,400.

edit Income Summary $201,000. 400; credit Retained earnings $80,400.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the year ended December 31, a company had revenues of $201,000 and expenses of $120,600. $40,200 in dividends were paid during the year. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $120,600; credit Expenses $120,600. Debit Revenues $201,000; credit Income Summary $201,000. Debit Income Summary $80,400; credit Retained earnings $80,400. Debit Income Summary $201,000; credit Revenues $201,000. Debit Retained earnings $40,200; credit Dividends $40,200. < Prev 24 of 30 Next > MacBook Air
Transcribed Image Text:For the year ended December 31, a company had revenues of $201,000 and expenses of $120,600. $40,200 in dividends were paid during the year. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $120,600; credit Expenses $120,600. Debit Revenues $201,000; credit Income Summary $201,000. Debit Income Summary $80,400; credit Retained earnings $80,400. Debit Income Summary $201,000; credit Revenues $201,000. Debit Retained earnings $40,200; credit Dividends $40,200. < Prev 24 of 30 Next > MacBook Air
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