Question
A Company had the following information in its adjusted trial balance. Revenues were $100,000; Expenses were $60,000 and Dividends were $10,000. Which of the following
A Company had the following information in its adjusted trial balance. Revenues were $100,000; Expenses were $60,000 and Dividends were $10,000. Which of the following is a valid closing entry for revenues?
Dr. Income Summary 60,000; Cr. Expenses 60,000
Dr. Income Summary 40,000; Cr. Net Income 40,000
Dr. Dividends 10,000; Cr. Income Summary 10,000
Dr. Revenues 100,000; Cr. Income Summary 100,000
Dr. Income Summary 100,000; Cr. Revenue 100,000
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Payroll Accounting
Authors: Bernard J. Bieg, Judith A. Toland
2013 edition
113396253X, 978-1133962533
