The closing entry for expenses is: Select one: a. expenses accounts debit and revenue accounts credit b. expenses accounts debit and income summary account credit c. none of the above d. Income summary debit and expenses accounts credit 19 on 16 On Jan 1, 2019 the balnce of retained earnings $80,000, the net loss of the year is $10,000 and dividends is $20,000, then the balance of retained earnings on Dec. 31, 2019 is: red out of Select one: a. 50,000 b. 70,000 c. none of the above d. 90,0000 In case of the ending inventory is $40,000 and cost of purchases is $120,000 and beginning inventory is $30,000, then the cost of goods sold i Select ones a 130,000 by none of the above 0.150.000 d. 110,000 The cost of equipment $500.000 and the balance of accumulated depreciation was 100,000. If the rate of depreciation is 10% annually, then the book value of the equipment (in the balance sheet)will be: Select one: a. none of the above b. 150,000 C. 400,000 d. 350,000