Accounts Payable QUESTION 3
For the year ended December 31, a company had revenues of $205,000 and expenses of $123,00
were paid during the year. Which of the following entries could not be a closing entry?
O Debit Income Summary $205,000; credit Revenues $205,000.
Debit Retained earnings $41,000; credit Dividends $41,000.
Debit Revenues $205,000; credit Income Summary $205,000.
Debit Income Summary $82,000; credit Retained earnings $82,000.
O Debit Income Summary $123,000; credit Expenses $123,000.
QUESTION 4
Harrod Company paid $6500 for a 4-month insurance premium in advance on November 1, with c
+
Biant at the end of the year