Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10. A company has Revenue of 62,000 and total expenses of 26,000. What would the third closing entry be? (2) a. Income Summary 36,000 Retained
10. A company has Revenue of 62,000 and total expenses of 26,000. What would the third closing entry be? (2) a. Income Summary 36,000 Retained Earnings 36,000 b. Expenses 26,000 Income Summary 26,000 I 62000 c. Income Summary Revenue 62,000 d. Income Summary Expenses Revenue 36,000 26,000 62,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds
8th edition
978-1259569197
