l, Jose out the Expense Accounts to Income Summary Dr, Income 24. At January 1, 2011, Poole reported Retained Earnings of s50,000. Dividends for the year totalled S10,000. At December 31, 2011, the company will report Retained Earnings of A) $13,500. B) $36,500. C) $40,000 D) $43,500. 25. Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is A) B) C) D) debit Cash, $940; credit Accounts Receivable, $940. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490. 26. On May 25, Carlin Company received a $550 check from Andy Jeter for services to be performed in the future. The bookkeeper for Carlin Company incorrectly debited Cash for $550 and credited Accounts Receivable for $550. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should A) debit Cash $550 and credit Unearned Service Revenue $550 B) debit Accounts Receivable $550 and credit Service Revenue $550. C) debit Accounts Receivable $550 and credit Cash $550. D) debit Accounts Receivable $550 and credit Unearned Service Revenue $550 27. Income Summary has a credit balance of $12,000 in J. Wenger Co. after closing revenues and expenses. The entry to close Income Summary is A) credit Income Summary $12,000, debit Retained Earnings $12,000. B) credit Income Summary $12,000, debit Dividends$12,000. C) debit Income Summary $12,000, credit Dividends$12,000. D) debit Income Summary $12,000, credit Retained Earnings$12,000. 28. On September 23, Riley Company received a $350 check from Jack Colaw for services to be performed in the future. The bookkeeper for Riley Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should A) debit Cash $350 and credit U B) C) D) Service Revenue $350. debit Accounts Receivable $350 and credit Unearned Service Revenue $350. debit Accounts Receivable $350 and credit Cash $350. debit Accounts Receivable $350 and credit Service Revenue $350