Multiple Choice
Telephone expenses for the year are $13 200. This amount is made up of cash payments of $12 500 and accrued telephone expenses of $700. What is the amount of telephone expenses that is closed to the profit and loss summary account?
A) Nil
B) $700
C) $12 500
D) $13 200
Correct Answer:
Verified
Correct Answer:
Verified
Q10: Income and expense accounts can be referred
Q11: Which accounts are closed in the closing
Q12: Which of the following categories of adjusting
Q13: Which statement relating to the profit or
Q14: Which of the following is not a
Q16: The correct closing entry for sales income
Q17: The Profit or Loss Summary account is
Q18: The drawings account has a normal balance
Q19: Which of the following statements is correct
Q20: Which of the following statements about closing