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For the year ended December 31, a company had revenues of $197,000 and expenses of $118,200. $39,400 in dividends were paid during the year. Which
For the year ended December 31, a company had revenues of $197,000 and expenses of $118,200. $39,400 in dividends were paid during the year. Which of the following entries could NOT be a closing entry?
A. Debit Income Summary $78,800; credit Retained earnings $78,800.
B. Debit Retained earnings $39,400; credit Dividends $39,400.
C. Debit Revenues $197,000; credit Income Summary $197,000
D. Debit Income Summary $118,200, Credit expenses $118,200.
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