QUESTION 6 Which of the following accounts of Simon Company will not be closed to Retained Earnings at the end of the accounting period? a. Dividends. b. Service Revenue. c. Wages Payable. d. Rent Expense. QUESTION 7 On November 1, 2020, Schumacher Company paid $1,200 in advance for an insurance policy that covered the company for six months. Assuming that Schumacher recorded this purchase as an asset, the adjusting entry required on December 31, 2020 would include: a. a debit to Insurance Expense for $400. b. a credit to Insurance Expense for $400. c. a debit to Prepaid Insurance for $1,200. d. a credit to Prepaid Insurance for $1,200