The closing entries show a debit to Retained Earnings of $350,and a credit to Retained Earnings of $750.There was also a credit to Dividends Payable of $100.This company had a:
A) net loss of $400.
B) net income of $400.
C) net loss of $500.
D) net income of $500.
Correct Answer:
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Q122: Dividend accounts are closed by crediting them
Q125: Preparing the post-closing trial balance is the
Q126: Respectively, Cash, Rent Expense and Accounts Payable
Q128: Dividends paid and net losses are:
A)additions to
Q128: Closing entries included debits to revenues for
Q130: The total revenues of $6,500,total expenses of
Q131: The account to which revenue and expenses
Q133: Revenues are:
A)additions to Retained Earnings.
B)subtractions from Retained
Q147: The post-closing accounting equation is:
A)assets = liabilities
Q152: Which of the following accounts are NOT
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