Multiple Choice
[The following information applies to the questions displayed below.]
Shown below is a trial balance for Novelty Toys,Inc. ,on December 31,after adjusting entries:
![[The following information applies to the questions displayed below.] Shown below is a trial balance for Novelty Toys,Inc. ,on December 31,after adjusting entries: -The entry to close Salaries Expense account will: A) Transfer the total of Salaries Expense directly to Retained Earnings. B) Include a debit to Income Summary. C) Include a debit to Salaries Expense. D) Include a credit to Capital Stock.](https://d2lvgg3v3hfg70.cloudfront.net/TB1009/11eaae1a_a368_100c_b09f_c9cb5a5a3f40_TB1009_00_TB1009_00.jpg)
-The entry to close Salaries Expense account will:
A) Transfer the total of Salaries Expense directly to Retained Earnings.
B) Include a debit to Income Summary.
C) Include a debit to Salaries Expense.
D) Include a credit to Capital Stock.
Correct Answer:
Verified
Correct Answer:
Verified
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