Use This Information to Answer the Following Question.
Use this information to answer the following question. The Retained Earnings,Dividends,and Income Summary accounts for Gula's Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:
The ending balance of Retained Earnings is
Which of the following accounts is not closed?
B) Common Stock
C) Interest Income
D) Income Summary
When there is a net loss,the entry to close the Income Summary account is debit
A) Retained Earnings and credit Income Summary.
B) Income Summary and credit Retained Earnings.
C) Net Loss and credit Income Summary.
D) Income Summary and credit Net Loss.
The entry to close the Dividends account is debit
A) Income Summary and credit Dividends.
B) Retained Earnings and credit Dividends.
C) Dividends and credit Income Summary.
D) Dividends and credit Retained Earnings.