34. Closing entries are journalized and posted

Select one:

a. before the financial statements are prepared.

b. after the financial statements are prepared.

c. at management's discretion.

d. at the end of each interim accounting period.

35. Using the following income statement for the month of June, 2018 of Delgado Enterprises to answer questions 35 and 36: Revenues $7,000 Expenses: Wages Expense $2,000 Rent Expense 1,000 Supplies Expense 300 Advertising Expense 200 Insurance Expense 100 Total expenses 3,600 ______ Net income $3,400 The entry to close the revenue account includes a

Select one:

a. debit to Retained Earnings for $7,000.

b. credit to Dividend for $7,000.

c. debit to Income Summary for $7,000.

d. credit to Income Summary for $7,000.