Multiple Choice
J.Brown (sole trader) had a profit of $110 000 for the year.The closing general journal entry for the profit is which of the following?
Debit Credit
$ $
A) Cash 110 000 Capital 110 000
B) Profit or loss summary 110 000 Capital 110 000
C) Capital 110 000 Cash 110 000
D) Capital 110 000 Profit or loss summary 110 000
Correct Answer:
Verified
Correct Answer:
Verified
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