1- Expense accounts:
Are closed at the end of the accounting period
Ultimately decrease retained earnings
Increase with a debit
Are income statement accounts
All of the above are correct
2- The beginning balance in retained earnings is $50,000. Ending balance is $75,000. Dividends during the year were $40,000. Net income for the year:
$25,000
$40,000
$65,000
$75,000
Indeterminable from the data given