The entry to close Management Fee Revenue would be which of the following?
A. Retained Earnings Management Fee Revenue
B. Management Fee RevenueRetained Earnings
C. Management Fee RevenueService Revenue
D. Management Fee Revenue does not need to be closed.
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Which of the following accounts is not closed?
Accumulated Depreciation
B. Interest Revenue
C. Depreciation Expense
Dividends
For 2016, Nestor Company had revenues in excess of expenses. Which statement describes Nestor's closing entries at the end of 2016(assume there is only one closing entry for both revenue and expenses)?
A. Revenue will be debited, expenses will be credited, and retained earnings will be debited.
B. Revenue will be credited, expenses will be debited, and retained earnings will be debited.
C. Revenue will be credited, expenses will be debited, and retained earnings will be credited.
D. Revenue will be debited, expenses will be credited, and retained earnings will be credited.
Which of the following accounts would not be included in the closing entries?
Accumulated Depreciation
B. Depreciation Expense
C. Service Revenue
D. Retained Earnings
A major purpose of preparing closing entries is to
A. zero out the liability accounts
B. close out the Supplies account.
C. update the Retained Earnings account.
D. adjust the asset accounts to their correct current balances.
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