On July 1, a company paid the $1,800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?

Beckenworth had cost of goods sold of $10,921 million, ending inventory of $3,589 million, and average inventory of $2,115 million. Its days' sales in inventory equals:

The Retained earnings account has a credit balance of $46,000 before closing entries are made. Total revenues for the period are $64,200, total expenses are $44,300, and dividends are $12,600. What is the correct closing entry for the revenue accounts?