28) Journal entries recorded at the end of cach accounting penod to prepare the revenue, expense, and dividends accounts for the upcoming period and to update the retained earnings account for the events of the period just finished are referred to as: A) Updating entries. B) Work sheet entries C) Final entries D) Adjusting entries. E Closing entries. 29) The closing process is necessary in order to: A) Ensure that net income or net loss and dividends for the period are closed into the retained earnings account 8) Ensure that management is aware of how well the company is operating. C) Calculate net income or net loss for an accounting period. D) Ensure that the company complies with state laws. E) Ensure that all permanent accounts are closed to zero at the end of each accounting period. 30) Tiptoe Shoes had annual revenues of S185,000, expenses of S103,700, and dividends of 30 S18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: A) Debit Retained earnings $81,300; credit Income Summary $81,300 B) Debit Retained earnings $63,300: credit Income Summary $63,300 C) Debit Retained earnings $297,000; credit Income Summary $297,000 D) Debit Income Summary S63,300; credit Retained earnings $63,300 E) Debit Income Summary $81,300, credit Retained earnings $81,300