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QUESTION 6 For the year ended December 31, 20x9, XYZ Co. had total revenues of $1,842,000 and total expenses of $1,610,000. Dividends declared during 20x9
QUESTION 6 For the year ended December 31, 20x9, XYZ Co. had total revenues of $1,842,000 and total expenses of $1,610,000. Dividends declared during 20x9 totaled $150,000. Which of the following entries was not a closing entry? Debit: Revenues..... .1,842,000 Credit: Income summary........... a. ..1,842,000 Debit: Income summary...................1,610,000 Credit: Expenses. ..1,610,000 Debit: Income summary.. ..232,000 Credit: Retained earnings........... C. 232,000 Debit: Retained earnings..... ..............150,000 d. Credit: Dividends payable..... ..150,000 ourTION 7
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