At end of the year, a company prepares closing entries, which include(s):

• increasing the balance of retained earnings by the amount of total revenues.

• closing entries include all of these choices.

• reducing the balances of all revenue accounts and expense accounts to zero.

At end of the year, a company prepares closing entries, which include(s):

• debit Deferred Revenue; credit Retained Earnings.

• debit Retained Earnings; credit Service Revenue.

• debit Service Revenue; credit Retained Earnings.

• debit Retained Earnings; credit Deferred Revenue

• decreasing the balance of retained earnings by the amount of total expenses.

A primary benefit of internal controls over cash is to improve:

• the amounts reported in the statement of cash flows.

• managements ability to assess which of its companys products is most profitable.

• creditors understanding of a companys total obligations.