Please also explain why. Thanks!

Which of the following accounts increases retained earnings when closing entries are prepared? Dividends Sales revenue Loss of sale of land Rent expense Which of the following is the sequence of the accounting process? Analyze, Record, Adjust, Report Record, Report, Adjust, Analyze Adjust, Report, Record, Analyze Report, Analyze, Record, Adjust On September 1, Year Three, the LaToya Corporation paid $42,000 for insurance for the next six months. The appropriate journal entry was made at that time. On December 31, LaToya's accountant forgot to make the adjusting entry that was needed. Which of the following is true about the Year Three financial statements? Assets are understated by $42,000. Net income is understated by $14,000. Expenses are overstated by $42,000. Net income is overstated by $28,000