Telephone expenses for the year are $13 200. This amount is made up of cash payments of $12 500 and accrued telephone expenses of $700. What is the amount of telephone expenses that is closed to the profit and loss summary account?

Select one:

a.

$13 200

a. $13 200

b.

$700

b. $700

c.

Nil

c. Nil

d.

$12 500