Q3-56. For 20X6, Martin Company had revenues in excess of expenses. Which statement describes Martins closing entries
Question:
Q3-56. For 20X6, Martin Company had revenues in excess of expenses. Which statement describes Martin’s closing entries at the end of 20X6?
a. Revenues will be debited, expenses will be credited, and retained earnings will be debited.
b. Revenues will be credited, expenses will be debited, and retained earnings will be debited.
c. Revenues will be debited, expenses will be credited, and retained earnings will be credited.
d. Revenues will be credited, expenses will be debited, and retained earnings will be credited.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
Question Posted: