The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.Which of the following is not one of the closing entries that the company will make?
A)Credit Income Summary for $4,500, Debit Retained Earnings for $4,500
B)Debit Retained Earnings for $2,200, Credit Dividends for $2,200
C)Debit Service Revenue $4,500, Credit Income Summary for $4,500
D)Debit Income Summary for $2,000, Credit Retained Earnings for $2,000

Question

The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022:  The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.Which of the following is not one of the closing entries that the company will make?
A)Credit Income Summary for $4,500, Debit Retained Earnings for $4,500 
B)Debit Retained Earnings for $2,200, Credit Dividends for $2,200 
C)Debit Service Revenue $4,500, Credit Income Summary for $4,500 
D)Debit Income Summary for $2,000, Credit Retained Earnings for $2,000

Quizplus · Accepted Answer

The Answer of The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022:  The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.Which of the following is not one of the closing entries that the company will make?
A)Credit Income Summary for $4,500, Debit Retained Earnings for $4,500 
B)Debit Retained Earnings for $2,200, Credit Dividends for $2,200 
C)Debit Service Revenue $4,500, Credit Income Summary for $4,500 
D)Debit Income Summary for $2,000, Credit Retained Earnings for $2,000

The Following Information Is from the Income Statement of Ike's