Question 1: The "behind the scene" closing entry to close all the Revenue accounts is a credit to Retained earnings for what amount?

Question 2: The "behind the scene" closing entry to close all the Expense accounts is a debit to retained earnings for what amount?

Question 3: the entry to close the owner's Draw account is (A)Debit to retained earnings (B) Debit to Owner draw (C) credit to cash (D) credit to retained earnings (E) none of the above

Question 4: the entry to close the sales revenue account will include a: (A) Debit to owner capital (B) Debit to sales revenue (C) Credit to sales revenue (D) Credit to owner capital (E) None of the above

Problem # 4: The randomly arranged Trial Balance of Therese Marie Drug Store as of Dec. 31, (yr) is shown below. Prepare the "behind the scene" closing entries for the end of the accounting year. THERESE MARIE DRUG STORE TRIAL BALANCE AS OF DEC. 31, (yr) Normal Balances Accounts Receivable 35,817.25 Accounts Payable 25,522.50 Accumulated Depr. , Furniture Accumulated Depr.. Med. Eqpt 520.00 8,667.67 Accumulated Depr., Off. Eqpt 625.00 Bank Service Charges 158.64 Cash 170,145.02 Cost of Goods Sold 9,515.00 Depreciation Expense 9,080.00 Fees Earned 400.00 Furniture & Fixture 7,490.00 Insurance Expense: Liability Insurance Interest Income 12,000.00 22.60 Interest Payable 300.00 Inventory Asset 16,138.60 Licenses and Permits 1,465.00 42,000.00 Medical Supplies 2,508.80 Medical Supplies Expense 3,475.90 Notes Payable 41,160.00 4,500.00 972.10 Office Supplies Expense 823.40 229,522.88 Owner's Draw Payroll Expenses 10,802.69 Petty Cash 300.00 Prepaid Insurance 2,500.00 Rent Expense 3,000.00 Sales Revenue 45,570.41 Sales Tax Payable Uncollectible Accounts Expense Unearned Revenue 2,793.38 974.36 3,000.00 Utilities Expense: Gas and Electric 437.68