Reference no: EM132465077

The closing entry for Service Revenue includes:

Point 1: A debit to Service Revenue and a credit to Retained Earnings.

Point 2: A debit to Retained Earnings and a credit to Service Revenue.

Point 3: A debit to Service Revenue and a credit to Common Stock.

Point 4: A debit to Common Stock and a credit to Service Revenue.

The closing entry for Salaries Expense includes:

Point 1: A debit to Retained Earnings.

Point 2: A credit to Retained Earnings.

Point 3: A debit to Salaries Expense.

Point 4: A credit to Salaries Payable.

Question 1: Which of the following accounts are listed in a post-closing trial balance? (Select all that apply.)

1. Salaries Expense
2. Supplies
3. Retained Earnings
4. Dividends
5. Service Revenue
6. Deferred Revenue

Question 2: The post-closing trial balance does not include any revenues, expenses, or dividends, because these accounts are permanent accounts.

True or False

Question 3: The balance of the Retained Earnings account in the post-closing trial balance will be different from that of the adjusted trial balance.

True or False