9. Revenues and expenses are closed to: Income Summary A. Yes B. Yes C. No D. No Retained Earnings No Yes Yes No 10. To close revenue accounts we should: Debit A. Revenues B. Revenues C. Income Summary D. Income Summary Credit Revenues Income Summary Income Summary Revenues 11. To close expense accounts we should: Debit A. Income Summary B. Income Summary c. Expenses D. Expenses Credit Expenses Income Summary Income Summary Expenses 12. If the Income Summary account has a credit balance, the entry to close the Income Summary account for a corporation is: Debit Credit A. Income Summary Retained Earnings B. Income Summary Income Summary C. Retained Earnings Retained Earnings D. Retained Earnings Income Summary 13. The entry to close the Dividends account is: Debit Credit A. Retained Earnings Retained Earnings B. Retained Earnings Dividends C. Dividends Dividends D. Dividends Retained Earnings 14. After the closing process, which accounts will have zero balances? Retained Revenues Expenses Earnings A. Yes Yes Yes B. Yes Yes No c. Yes No No D. No No Yes 15. Karen's Kennels has revenues of $6,600, expenses of $2,700, and paid dividends of $1,500. The entry to close revenues is: Income Summary Revenues A. 6,600 debit B. 6,600 debit c. 6,600 credit D. 6,600 credit 6,600 debit 6,600 credit 6,600 credit 6,600 debit 16. Karen's Kennel has revenues of $6,600, expenses of $2,700, and paid dividends of $1,500. The entry to close expenses is: Income Summary 2,700 credit 2,700 credit 2,700 debit 2,700 debit Expenses 2,700 credit 2,700 debit 2,700 debit 2,700 credit D. 17. Karen's Kennel has revenues of S6,600, expenses of $2,700, and paid dividends of $1,500. The entry to close the Income Summary account is: A. B. c. Income Summary 3,900 credit 3,900 credit 3,900 debit 3,900 debit Retained Earnings 3,900 credit 3,900 debit 3,900 debit 3,900 credit 18. Karen's Kennels has revenues of $6,600, expenses of $2,700, and paid dividends of $1,500. The entry to close the Dividends account is: A. B. C. D. Dividends 1,500 debit 1,500 debit 1,500 credit 1,500 credit Retained Earnings 1,500 debit 1,500 credit 1,500 credit 1,500 debit 19. Karen's Kennel has revenues of $6,600, expenses of $2,700, and paid dividends of $1,500. After the closing process, what is the ending balance in the Retained Earnings account, assuming the beginning balance in Retained Earnings was zero? A. 2,400 credit B. 2,400 debit C. 3,900 credit D. 3,900 debit 20. A post-closing trial balance includes: Balance sheet accounts Yes Income statement accounts Yes No No Yes No No Yes