Multiple ChoiceDebit Income Summary $51,500; credit Revenues $51,500.Debit Income Summary $42,250; credit Expenses $42,250.Debit Revenues $51,500; credit Income Summary $51,500.Debit Income Summary $9,250; credit Retained earnings $9,250.Debit Retained earnings $5,650; credit Dividends $5,650.Prex8 of 10Next > HélpSave & ExitA company had revenues of $51,500 and expenses of $42,250 for the accounting period. Dividends of $5,650 were paid in cash during the sameperiod. Which of the following entries could not be a closing entry?Multiple ChoiceDebit Income Summary $51,500; credit Revenues $51,500.Debit Income Summary $42,250; credit Expenses $42,250.Debit Revenues $51,500; credit Income Summary $51,500.Dohit Income Summan ta 250 crodit Rotained earninne ta 250< Prev8 of 10Next >9:38 PMe here to searchWPo99%2/21/2022

Answered: Help Save & Exit A company had revenues…

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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Multiple Choice
Debit Income Summary $51,500; credit Revenues $51,500.
Debit Income Summary $42,250; credit Expenses $42,250.
Debit Revenues $51,500; credit Income Summary $51,500.
Debit Income Summary $9,250; credit Retained earnings $9,250.
Debit Retained earnings $5,650; credit Dividends $5,650.
Prex
8 of 10
Next >

Hélp
Save & Exit
A company had revenues of $51,500 and expenses of $42,250 for the accounting period. Dividends of $5,650 were paid in cash during the same
period. Which of the following entries could not be a closing entry?
Multiple Choice
Debit Income Summary $51,500; credit Revenues $51,500.
Debit Income Summary $42,250; credit Expenses $42,250.
Debit Revenues $51,500; credit Income Summary $51,500.
Dohit Income Summan ta 250 crodit Rotained earninne ta 250
< Prev
8 of 10
Next >
9:38 PM
e here to search
W
Po
99%
2/21/2022

Expert Solution

Step 1

Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting and crediting the respective accounts.

Closing entry: Closing entries are those journal entries which are passed at the end of accounting period in order to close all temporary accounts like revenues, expenses and dividend accounts.

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