Part 1:

Which of the following options would decrease Retained Earnings?

Net Income

Profits

Net losses

Revenues

Part 2 :

Which of the following options includes only permanent accounts?

Retained Earnings, Income Summary, Dividends

Retained Earnings, Accounts Payable, Supplies

Retained Earnings, Revenues, Expenses

Cash, Liabilities, Revenues

Part 3:

Assume a company had dividends of $2,000 for the period. Which of the following options will close the dividends account?

Dr. Retained Earnings; Cr. Dividends

Dr. Dividends; Cr. Retained Earnings

Dr. Net Income; Cr. Dividends

Dr. Dividends; Cr. Income Summary

Part 4:

Cigma Insurance Company received $4,300 of insurance premiums in advance and appropriately set up an Unearned Revenue account. Of this amount, $1,200 was earned at the end of the period. What is the balance in the Unearned Revenue account after the adjusting entry is made at the end of the period?

$1,200

$5,500

$3,100

$0