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Multiple Choice Question 255 The following information is from the Income Statement of Vaughn's Lawn Service for the quarter ending September 2022: Service Revenue
Multiple Choice Question 255 The following information is from the Income Statement of Vaughn's Lawn Service for the quarter ending September 2022: Service Revenue $4000 Expenses Salaries and Wages expense $2100 Supplies expense 410 Insurance expense Total expenses 170 Net Income 2680 $1320 A The balance in Retained Earnings at July 1 was $3900. Vaughn's distributed dividends of $3300 during the period. Which of the following is not one of the closing entries that the company will make? Debit Retained Earnings for $3300, Credit Dividends for $3300 Debit Service Revenue $4000, Credit Income Summary for $4000 Debit Income Summary for $4000, Credit Retained Earnings for $4000 Debit Income Summary for $1320, Credit Retained Earnings for $1320
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