1. Which of these accounts would not be present in the closing entries?

a. Dividends Payable

b. Utilities Expense

c. Fees Earned Revenue

d. Insurance Expense

2. Which account would be credited when closing the account for fees earned for the year?

a. Income Summary

b. Accounts Receivable

c. Fees Earned Revenue

d. Unearned Fee Revenue

3. Which of the following accounts is considered a temporary or nominal account?

a. Fees Earned Revenue

b. Prepaid Advertising

c. Unearned Service Revenue

d. Prepaid Insurance

4. If current assets are $100,000 and current liabilities are $42,000, what is the working capital?

a. $58,000

b. 200 percent

c. 50 percent

d. 2.0

5. If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following?

a. a closing entry

b. an adjusting entry

c. an ordinary transaction entry

d. outside of the accounting cycle