Closing Entries Included Debits to Revenues for a Total of $5,000,credits

question 99

Multiple Choice

Closing entries included debits to revenues for a total of $5,000,credits to expenses for a total of $3,000,and a credit to dividends for $1,000.The net change in Retained Earnings for the month was:

• A)$1,000.
• B)$2,000.
• C)$3,000.
• D)$4,000.

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Definitions:

Team Successes

these are accomplishments or achievements attained by a team as a result of its collective effort and cooperation.

Contract Acquisition

The process of obtaining a contract through various means such as negotiation, competitive bidding, or purchase in order to procure goods, services, or works.

Old-Timer Resistance

The reluctance or opposition often exhibited by long-standing members within an organization to changes or new ideas.

Newcomer

A Newcomer is an individual who has recently joined an organization, group, or community, and is in the process of learning and adjusting to its norms and practices.