Please answer all questions with explanations. Thank you! 2 points QUESTION 21 1. Closing entries should be made: Every year. Only if there is a profit. Only when an entity goes out of business. Only if there is a loss. 2 points QUESTION 22 1. Refer to the information below Q23. After closing the accounts, Retained Earnings at December 31 equals: Shown below is a trial balance for Cornell Products Inc., on December 31, after adjusting entries: zero. $14,500. $22,000. C $22,500. 2 points QUESTION 23 1. Refer to the information below. The total debits in the After-Closing Trial Balance will Cornell Products, Inc. equal: Trial Balance December 31, 2014 Cash $ 15,500 $23,500. Accounts Receivable 12.750 Office Equipment 22,500 C $31,000. Accumulated Depreciation $ 6,000 Accounts Payable 7,750 C $50,750. Capital Stock 22.500 C $58,250. Retained Earnings -0- Dividends 7,500 Service Fees Earned 45,500 Salaries Expense 16,000 Advertising Expense 3.250 Depreciation Expense 4.250 $81.750 $81.750 2 points QUESTION 24 1. Which account will appear on an After-Closing Trial Balance? Dividends. C Prepaid Expenses. Retained Earnings, at the beginning of the period. Sales