In order to close the dividends account, the A. income summary account should be debited B. income summary account should be credited C. retained earnings account should be credited D. retained earnings account should be debited

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Question

Asked 2/29/2012 7:33:23 PM

Updated 11/11/2015 6:34:13 AM

2 Answers/Comments

Edited by Andrew. [11/11/2015 6:33:27 AM], Flagged by Andrew. [11/11/2015 6:33:28 AM]

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User: In order to close the dividends account, the A. income summary account should be debited B. income summary account should be credited C. retained earnings account should be credited D. retained earnings account should be debited

User: Profit margin is a measure of A. liquidity B. profitability C. solvency D. risk

Question

Asked 2/29/2012 7:33:23 PM

Updated 11/11/2015 6:34:13 AM

2 Answers/Comments

Edited by Andrew. [11/11/2015 6:33:27 AM], Flagged by Andrew. [11/11/2015 6:33:28 AM]

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Andrew.

In order to close the dividends account, the retained Earnings account should be debited.

Added 11/11/2015 6:33:25 AM

This answer has been confirmed as correct and helpful.

Andrew.

Profit margin is a measure of profitability.

Added 11/11/2015 6:34:13 AM

This answer has been confirmed as correct and helpful.

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A $2,000 advance payment for a 1-year insurance is recorded as A. Insurance expense $2,000 Cash $2,000 B. Cash $2,000 Insurance expense $2,000 C. Prepaid insurance $2,000 Cash $2,000 D. Prepaid insurance $2,000 Insurance expense $2,000

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Question

Updated 2/29/2012 7:44:44 PM

1 Answer/Comment

debnjerry

A $2,000 advance payment for a 1-year insurance is recorded as: C. Prepaid insurance $2,000 Cash $2,000

Added 2/29/2012 7:44:44 PM

This answer has been confirmed as correct and helpful.

Confirmed by jeifunk [1/15/2014 5:09:32 AM]

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