After Preparing and Posting the Closing Entries for Revenues and Expenses,the

question 150

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.

---

Definitions:

Reception

The act or process of receiving, such as how an audience receives and interprets a message.

Communication Process

The series of steps taken to convey messages effectively from sender to receiver.

Well-informed Sense

The state of having comprehensive knowledge or understanding about a particular subject or situation.

Informal Network

Unofficial channels of communication within an organization, not defined by the organizational structure.