1. In preparing closing entries A. each revenue account will be credited. B. each expense account will be credited. C. the retained earnings account will be debited if there is net income for the period, D. the dividends account will be debited. 2. The balance in the income summary account before it is closed will be equal to A. the netincome or loss on the income statement. B. the beginning balance in the retained earnings account. C. the ending balance in the retained earnings account. D. zero The entry to close income Summary would be A. Dr. Dividends Dr. Income Summary Cr. CommonStock B. Dr. Income Summary Cr. Retained Earnings C. Dr. Retained Earnings Cr. Income Summary D. Dr. Commonstock Cr. Dividends Cr. Income Summary 4. The post-closing trial balance will contain A. only temporary accounts. B. some of the temporary and alf of the permanent accounts. C. only permanent accounts. D. some of the permanent accounts and all of the temporary accounts. 5. If a check correctly written and paid by the bank for $525 is incorrectly recorded on the company's books for $425, the appropriate treatment on the bank reconciliation wouid be to A. add $100 to the bank's balance. B. deduct $100 from the bank's balance C. deduct $100 from the book's balance D. add $100 to the book's balance 6. After closingentries are posted, the balance in the retained earnings account in the ledger will be equal to A. the beginning retained earnings reported on the retained earnings statement. B. the amount of the retained earnings reported on the balance sheet. C. zero. D. the net income for the period. 7. Which one of the following is notan objective of asystem of internal controls? A. Safeguard company assets B. Overstate liabilities in orderto be conservative C. Enhance the accuracy and reliability of accountingrecords D. Reduce the risks of errors