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Central Company has sales of $10,000 and expenses of $4,000. Which of the following is the correct closing entry? Debit retained earnings, debit expenses and
Central Company has sales of $10,000 and expenses of $4,000. Which of the following is the correct closing entry?
Debit retained earnings, debit expenses and credit sales. | ||
Credit retained earnings, credit expenses and debit sales. | ||
Debit expenses and credit sales. | ||
Credit retained earnings, debit expenses and credit sales.
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