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If Telephone Expenses for the Year Are $7900, Made Up

Question 22

Multiple Choice

If telephone expenses for the year are $7900, made up of cash payments of $7400 and accrued telephone expense of $500 what is the amount of telephone expense that is closed to the profit and loss summary account?


A) Nil
B) $500
C) $7900
D) $8400

Correct Answer:

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