A company had revenues of $45,000; expenses of $22,000 and dividends of $8,000. During the closing process, what was the net impact of all the closing entries on Retained Earnings?

Increased by $45,000

Increased by $13,000

Decreased by $8,000

Increased by $15,000

Which of the following accounts is not included in the post-closing trial balance?

Accounts Receivable

Service Revenue

Retained Earnings

Equipment

Closing the Income Summary account includes _______________.

closing Dividends into Retained Earnings

closing Income Summary into Retained Earnings

closing Revenues into Income Summary

closing Expenses into Income Summary