16. Barken Company's records show the following for the month of January Total Retained Earnings at January 1 $400,000 Total Retained Earnings at January 31 500,000 Total Revenues 670,000 Total Dividends Declared 40,000 Total expenses for January were a $740.000 b. $770,000 c. $570,000 d. $530,000 Closing Process 17. A post-closing trial balance contains a real and nominal accounts. b. permanent and temporary accounts c. balance sheet or permanent accounts d. balance sheet and retained earnings statement accounts. 18. What type of accounts can be found on a post-closing trial balance? a. All accounts that have balances after the closing process is complete b. Permanent and temporary accounts C. Assets, expenses, revenues, and liabilities d. Accounts that have been closed during the period 19. Which one of the following accounts is not closed at the end of an accounting period? a. Retained Earnings account b. Dividends account c. Service Revenue account d. Insurance Expense account 20. The preparation of closing entries a is an optional step in the accounting cycle. b. results in zero balances in all accounts at the end of the period so that they are ready for the following period's transactions c is necessary before financial statements can be prepared. d results in transferring the balances in all temporary accounts to Retained Earnings 3 of 3