Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

1 pa A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350 The company returned $275 worth of merchandise and then paid

image text in transcribed
image text in transcribed
1 pa A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350 The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period The total cost of this merchandises O A 53.725.00 B. 53.925.00 OC. 53.995.00 OD. 54.000.50 E $4.075.00 Atter preparng and posting the dog entries for revenues and experts, the como summary account has a dobit balance of $33.000 The entry to close the income imary account will be O A Debit Dividends 533,000 credit Income Summary $33,000 OB. Debit income Summary 533,000 Credit Dividends $33,000 Debit Income Summary 533.000, credit Retained earnings $33,000, OD,Debit Retained earnings 533,000 credit Income Summary $33,000 E. Credit Retained earnings $33.000 debt Dividends $33,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions