Question
If the merchandising enterprise earns a profit during the period, the closing entries will include A. a debit to Retained Earnings for the amount of
If the merchandising enterprise earns a profit during the period, the closing entries will include
A. a debit to Retained Earnings for the amount of the profit. B. a credit to Retained Earnings for the amount of the profit.
C. a debit to Income Summary for the total of sales revenue.
D. a credit to Cost of Goods Sold for the amount of gross margin
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Authors: Awesome Auditor
1st Edition
1659112699, 978-1659112696
