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A company had revenues of $57,000 and expenses of $44,750 for the accounting period. Dividends of $6,275 were paid in cash during the same period.

A company had revenues of $57,000 and expenses of $44,750 for the accounting period. Dividends of $6,275 were paid in cash during the same period. Which of the following entries could not be a closing entry?

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  • Debit Income Summary $44,750, credit Expenses $44,750.

  • Debit Income Summary $12,250; credit Retained earnings $12,250.

  • Debit Revenues $57,000; credit Income Summary $57,000.

  • Debit Retained earnings $6,275, credit Dividends $6,275.

  • Debit Income Summary $57,000; credit Revenues $57,000.

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