Closing Entries Included Debits to Revenues for a Total of $5,100

question 131

Multiple Choice

Closing entries included debits to revenues for a total of $5,100, credits to expenses for a total of $3,200, and a credit to dividends for $700. The net change in Retained Earnings for the month was:

• A)$1,200.
• B)$1,900.
• C)$3,200.
• D)$4,400.

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Definitions:

Lifetime Subscription

A one-time payment plan for a product or service that grants the subscriber access for the lifetime of the product or service.

Annually

Occurring once every year.

Renewal Rate

The percentage of customers or subscribers who choose to renew their contracts or agreements over a specified period.

Constant Dollar Withdrawals

A method of withdrawing funds from an investment account where the amount adjusted for inflation remains the same over time.