Which of the following represents one of the journal entries firms must make during the closing process (note: the organization had more revenue than expenses) Debit Revenues, Debit Expenses, Credit Retained Earnings Debit Expenses, Credit Retained Earnings, and Credit Revenues Debit Expenses, Debit Retained Earnings, and Credit Revenues Debit Revenues, Credit Expenses, and Credit Retained Earnings When an organization declares and pays a dividend, they would debit Dividends Declared and credit cash. Dividends Declared represents a(n) Expense Deferred Expense Decrease in Equity Increase in Equity On Jan 3rd,Wal-Mart purchased 10 refrigerators for $100 each. Wal-Mart will sell these to customers in order to make a profit. Orn Jan 3d Wal-Mart should record which of the following journal entries? Jan 3rd, Wal-Mart should record which of the following journal entries? Debit Equipment for $1,000 and Credit Cash for $1,000 Debit Inventory for $1,000 and Credit Cash for $1,000 Debit Equipment Expense for $1,000 and Credit Cash for $1,000 Debit Cost of Goods Sold for $1,000 and Credit Sales Revenue for $1,000