Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 pts The following end-of-year account balance information is from the accounting records of Sam Company: Interest Expense 1,200 Cost of Goods Sold 8.000 Accounts

image text in transcribed
1 pts The following end-of-year account balance information is from the accounting records of Sam Company: Interest Expense 1,200 Cost of Goods Sold 8.000 Accounts Payable 3,000 Accounts Receivable 7,500 Prepaid Rent Expense 3,600 Cash 700 Sales Revenue 11,000 Dividends 900 Retained Earnings (beginning) 2,300 Inventory 4,500 Which ONE of the following would appear in the closing entries for the year? A CREDIT to Sales Revenue form $8,000. A DEBIT to Dividends for $900. A DEBIT to Interest Expense for $1.200. A CREDIT to Prepaid Rent Expense for $3,600 A DEBIT to Sales Revenue for $11,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Wiley CPAexcel Exam Review April Study Guide Regulation 2017

Authors: Wiley

2nd Edition

1119369436, 978-1119369431

More Books

Students also viewed these Accounting questions

Question

How is triple-Des backward compatible?

Answered: 1 week ago