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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
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:
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:
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
1285866304, 978-1285866307
