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Which would not appear in the closing entries for the year

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Reference no: EM132731312

Problem 1: Which ONE of the following would NOT appear in the closing entries for the year?

Accounts Payable $3,000

Accounts Receivable 5,400

Cash1,700

Common Stock 1,800

Cost of Goods Sold16,700

Dividends 900

Inventory 5,600

Insurance Expense2,400

Land 19,000

Prepaid Rent Expense 2,700

Retained Earnings (beginning)1,750

Sales Revenue 24,300

Unearned Revenue 4,800

Wage Expense3,600

Utilities Expense2,750

Group of answer choices

Option 1: DEBIT to Retained Earnings for $2,700

Option 2: DEBIT to Retained Earnings for $3,600

Option 3: CREDIT to Retained Earnings for $24,300

Option 4: CREDIT to Insurance Expense for $2,400

Option 5: CREDIT to Dividends for $900

Reference no: EM132731312

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