Question
44.Which of the following is a closing entry?Required to answer. Single choice. (3 Points) Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance
44.Which of the following is a closing entry?Required to answer. Single choice.
(3 Points)
Debit unearned revenue; credit revenue
Debit insurance expense; credit pre-paid insurance
Debit cash; credit unearned revenue
Debit wages expense; credit wages payable
Debit P&L: credit wages payable
Debit P&L: credit Wages
46. Which of the following item is not included in the Cash Book?Required to answer. Single choice.
(2 Points)
Purchases of Rs. 10,000 on cash
Sales of Rs.5,000 on cash
Received cash for Salman Rs. 2,000
Credit sales of Rs. 22,000
47.You owed MR.X 50,000 at end of March, on 1st May you decided to settle your account with MR.X and paid him cash, he allowed you discount of 1000. the correct Journal entry for the transaction should be:Required to answer. Single choice.
(3 Points)
DEBIT MR.X 50000, CREDIT Cash 49000, CREDIT Discount received 1000
DEBIT MR.X 49000, CREDIT Cash 49000,
DEBIT MR.X 51000, CREDIT Cash 50000, CREDIT Discount received 1000
DEBIT MR.X 50000, CREDIT Cash 50000
JUST THE ANSWERS NO EXPLANATION IS NEEDED THANKYOU.
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