1. Which of the following accounts would NOT be reported in the income statement as an expense?

Group of answer choices:

A) Dividends expense

B) Depreciation expense

C) Interest expense

D) Income taxes expense

2. Which of the following journal entries would be used to close the Income Summary account of a profitable company?

A) Debit Income summary; Credit Capital stock

B) Credit Income summary; Debit Retained earnings

C) Credit Income summary; Debit Capital stock

D) Debit Income summary; Credit Retained earnings

3. Which of the following accounts would not appear on an after-closing trial balance?

A) Unearned revenue

B) Cash

C) Accumulated depreciation

D) Income taxes expense

4) Omega Corp. reported total revenues of $200,000, total expenses of $155,000 and declared dividends of $5,000 during the current year. Which entry will close revenues?

Group of answer choices

A) Debit Revenue; Credit Retained earnings

B) Debit Income summary; Credit Revenue

C) Debit Revenue; Credit Income summary

D) Debit Expenses; Credit Revenues

5) Omega Corp. reported total revenues of $200,000, total expenses of $155,000 and declared dividends of $5,000 during the current year. Which entry will close expenses?

A) Debit Expenses; Credit Revenues

B) Debit Income summary; Credit Expenses

C) Debit Expenses; Credit Income summary

D) Debit Retained earnings; Credit Expenses

6) Omega Corp. reported total revenues of $200,000, total expenses of $155,000 and declared dividends of $5,000 during the current year. Which entry will close dividends?

A) Debit Dividends; Credit Retained earnings

B) Debit Income summary; Credit Dividends

C) Debit Dividends; Credit Income summary

D) Debit Retained earnings; Credit Dividends

7) Omega Corp. reported total revenues of $200,000, total expenses of $155,000 and declared dividends of $5,000 during the current year. Which entry will close income summary?

A) Debit Income summary; Credit Retained earnings

B) Debit Income summary; Credit Dividends

C) Income summary does not need to be closed

D) Debit Retained earnings; Credit Income summary