1. Entries that transfer the balances of revenues, expenses and dividends declared

accounts to the retained earnings account are called:

a.opening entries.

b. adjusting entries.

c.closing entries.

d. correcting entries

e. none of the other answers.

2.

The Deena Company's records were partially destroyed in a fire at the end of its fiscal

year. The company knows that 60 percent of all sales made during the year were on

account. Furthermore, it was able to determine that accounts receivable has a balance

of $46,000 at the beginning of the year and $55,000 at the end of the year. Cash

collections from credit customers were $477,000 during the year based on the deposits

made in the company's account with the bank. Wht was the amount of sales revenue

for the year?

0 a.

$810.000

O b.

$468.000

O c.

$486,000

O d. $780,000