The journal entry to close the revenue accounts is: a. Debit all revenue account

Question

The journal entry to close the revenue accounts is: a. Debit all revenue accounts, Credit Dividends b. Debit all revenue accounts, Credit Income Summary c. Debit Income Summary, Credit all revenue accounts d. Debit Income Summary, Credit Retained Earnings e. None of the above Refer to the previous question. The amount of the entry is: The journal entry to close the expense accounts is: a. Debit all expense accounts, Credit Dividends b. Debit all expense accounts, Credit Income Summary c. Debit Income Summary, Credit all expense accounts d. Debit Income Summary, Credit Retained Earnings e. None of the above Refer to the previous question. The amount of the entry is: The journal entry to close Income Summary is: a. Debit Cash, credit Retained Earnings b. Debit Income Summary, credit Cash c. Debit Income Summarycredit Retained Earnings d. Debit Retained Earnings, credit Income Summary e. None of the above Refer to the previous question. The amount of the entry is: The journal entry to close Dividends is: a. Debit Income Summary, credit Dividend:s b. Debit Dividends, credit Income Summary c. Debit Dividends, credit Retained Earnings d. Debit Retained Earnings, credit Dividends e. None of the above After all closing entries are made, the post-closing trial balance would have a credit balance of The purpose of closing entries is: a. To close the net income for the period to the Retained Earnings account. b. To close Dividends to the Retained Earmings account. c. To close all temporary accounts for the period d. Allnf the above e. None of the above

Explanation / Answer

Journal entry to close revenue accounts

b. Debit all revenue accounts, credit income summary

Journal entry to close expense accounts

c. Debit all income summary, credit expense accounts

Journal entry to close dividends

d. Debit all retained earnings, credit dividends.

the purpose of closing entries

d. All the above

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