For 2020, Monterrey Company had revenues in excess of expenses. Which statement describes Monterrey's closing entries at

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For 2020, Monterrey Company had revenues in excess of expenses. Which statement describes Monterrey's closing entries at the end of 2020 ?

a. Revenues will be debited, expenses will be credited, and retained earnings will be debited.

b. Revenues will be credited, expenses will be debited, and retained earnings will be debited.

c. Revenues will be debited, expenses will be credited, and retained earnings will be credited.

d. Revenues will be credited, expenses will be debited, and retained earnings will be credited.

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Financial Accounting

ISBN: 9780135433065

7th Canadian Edition

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

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Question Posted: May 08, 2024 01:01 PM

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For 2020, Monterrey Company had revenues in excess of expenses. Which statement describes Monterrey's closing entries at

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Financial Accounting

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