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Albert Einstein, Inc. had the following normal account balances for its fiscal year ending December 31, 2010: Service Revenue - $20,000; Rent Expense $12,000;

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Albert Einstein, Inc. had the following normal account balances for its fiscal year ending December 31, 2010: Service Revenue - $20,000; Rent Expense $12,000; Utilities Expense - $6,000; Dividends $1,000. Only one of the following entries is a correct closing entry for Albert Einstein, Inc.'s fiscal year ending December 31, 2010. Which of the following is the correct closing entry? A. Debit Retained Earnings for $1,000; Credit Dividends Payable for $1,000 B. Debit Rent Expense for $12,000, Debit Utilities Expense for $6,000; Credit Retained Earnings for $18,000 C. Debit Service Revenue for $20,000; Credit Retained Earnings for $20,000 D. Debit Dividends for $1,000; Credit Retained Earnings for $1,000 Select one: Oa. A. O b. B. O c. C. d. D. Clear my choice

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