After Preparing and Posting the Closing Entries for Revenues and Expenses

question 107

Multiple Choice

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:

• A)Debit Dividends $33,000; credit Income Summary $33,000.
• B)Debit Income Summary $33,000; credit Dividends $33,000.
• C)Debit Income Summary $33,000; credit Retained Earnings $33,000.
• D)Debit Retained Earnings $33,000; credit Income Summary $33,000.
• E)Credit Retained Earnings $33,000; debit Dividends $33,000.

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Definitions:

Airport Exchange Kiosk

An airport exchange kiosk is a physical location within an airport where travelers can exchange their home currency for that of their destination country.

Currency P

A placeholder reference for a specific currency being discussed or analyzed, with "P" standing for the particular currency in question.

Exchange Rate

The exchange rate of one currency in terms of another.

Units

Refers to individual items or components of a product, or measures of quantity in mathematics, science, and commerce.