Question
End of year records for a business show: Sale 50,000 Cost of sales 20,000 Selling expenses 4,000 Revenue received in advance 7,000 Depreciation expense 8,000
End of year records for a business show: Sale 50,000 Cost of sales 20,000 Selling expenses 4,000 Revenue received in advance 7,000 Depreciation expense 8,000 Discount received 2,500 Discount allowed 2,800 Rent revenue 6,500 Selling expenses 42
During the closing process the credit to the Profit or Loss Summary account would be: a.$59,000 b.$66,000 c.$39,000 d.$36,500 e.$50,000
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
20th Edition
1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870
