In order to close the dividends account, the
A) income summary account should be debited.
B) income summary account should be credited.
C) retained earnings account should be credited.
D) retained earnings account should be debited.
Correct Answer:
Verified
Q62: Closing entries are journalized and posted
A) before
Q74: In preparing closing entries
A) each revenue account
Q75: The balance in the income summary account
Q76: The income statement for the month
Q77: An error has occurred in the closing
Q78: The income statement for the month
Q82: The income statement for the year
Q83: The income statement for the year
Q92: The step in the accounting cycle that
Q93: A post-closing trial balance will show
A) zero
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