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Financial Accounting

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Closing Process - complete set of entries

FINACT-X4LVIC

Which of the following occur during the closing process?

Select ALL answer(s) that may apply.

A

The balances in all revenue accounts are transferred to income summary.

B

The balances in all expense accounts are transferred to income summary.

C

The balance in the retained earnings account is transferred to income summary.

D

The balance in the dividends account is transferred to income summary.

E

The balance in the dividends account is transferred to retained earnings.

F

Tha balance in the income summary account is transferred to retained earnings.