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There are two closing entries. The first one is to close ____ and ____ to ______; second, close ____ to ____. a. expenses, assets, retained earnings, capital stock, dividends b. revenues, expenses, retained earnings; dividends, retained earnings c. dividends, retained earnings, expenses; revenues, retained earnings d. retained earnings, dividends, revenue; assets, liabilities

Respuesta :

Answer: B. revenues, expenses, retained earnings; dividends, retained earnings

Explanation:

Closing entries simply refers to the journal entries that are made by an economic entity at the end of a particular accounting period which is then moved from the temporary accounts with regards to the income statement to the permanent accounts which are on the balance sheet.

There are two closing entries which includes closing revenues, and expenses, to retained earnings and secondly, close the dividends, to the retained earnings .

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