Multiple Choice
The correct closing entry for sales income of $60 000 is:
A) DR Sales income $60 000; CR Capital $60 000
B) DR Capital $60 000; CR Sales income $60 000
C) DR Sales income $60 000; CR Profit or loss summary account $60 000
D) DR Profit or loss summary account $60 000; CR Sales income $60 000
Correct Answer:
Verified
Correct Answer:
Verified
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
Q15: Telephone expenses for the year are $13
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
Q21: The retained earnings balance of The Jackman