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The journal entry to close the Fees Earned, $120, and Rent Revenue, $22, accounts during the year-end closing process would involve: a. debits to the two revenue accounts b. a debit to a general revenue account C. credits to the two revenue accounts d. a credit to a general revenue account The unearned rent account has a balance of $47,596. If $3,323 of the $47,596 is unearned at the end of the accounting period, the amount of the adjusting entry is a $1,121 b. 547,596 SC 550.919 d. 544.273 The Dayton Corporation began the current year with a retained earnings balance of $14,327. During the year, the company corrected an error made in the prior year which was a failure to record a depreciation expense of $3,168 on equipment. Also, during the current year, the company earned net income of $12,083 and declared cash dividends of $5,878. Compute the year-end retained earnings balance a $14.122 b. $35.456 OC 512.164 d. 520,532 Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,930. The retailer receives a 40% trade discount and credit terms of 2/10, 1/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar a 57,758 b. 57.603 Cc. $12.930 d. $17.947