The balance of the rent expense account is $1800. The correct closing entry ... The balance of the rent expense account is $1800. The correct closing entry recorded in the general journal is: Select one: a. DR Rent expense $1800, CR Profit or loss summary $1800 b. DR Rent expense $1800, CR Owner's capital account $1800 C. DR Owner's capital account $1800, CR Rent expense $1800 d. DR Profit or loss summary $1800, CR Rent expense $1800 James Ltd sold goods to Cameron Ltd on credit for $2 500. Ignoring GST and... James Ltd sold goods to Cameron Ltd on credit for $2 500. Ignoring GST and Cost of Sales, the correct accounting entry to record this transaction in James Ltd's books is: Select one: a. DR Bank $2500, CR Sales $ 2500 b. DR Accounts receivable $2500, CR Sales $2500 C. DR Sales $2500, CR Cost of sales $2500 d. DR Sales $2500, CR Accounts receivable $2500 Which of the following is not true of the periodic inventory system? Which of the following is not true of the periodic inventory system? Select one: O a. It is the simplest system O b. It uses a purchases account CA O c. Cost of sales can be calculated only after a physical stocktake O d. It identifies inventory variances If beginning inventory was $16 000, purchases during the period totalled $38... If beginning inventory was $16 000, purchases during the period totalled $38 000, purchase returns and allowances was $2000, freight-in was $1,200 and ending inventory was $12 300, how much is the cost of sales? Select one: a. $40 900 b. $42 900 c. $44 900 d. $65 500 What is the general journal entries to record the purchase of inventory on .... What is the general journal entries to record the purchase of inventory on credit for $6500 with terms 3/15, n/30, DDP Assume the business use a periodic inventory system and ignore GST). Select one: a. Debit inventory, credit accounts payable b. Debit purchases $6500, credit accounts payable c. Debit sales, credit cost of sales d. Debit accounts payable, credit sales The correct closing entry for sales income of $60 000 is: The correct closing entry for sales income of $60 000 is: Select one: a. DR Sales income $60 000, CR Profit or loss summary account $60 000 O b. DR Profit or loss summary account $60 000, CR Sales income $60 000 OC. DR Capital $60 000, CR Sales income $60 000 O d. DR Sales income $60 000, CR Capital $60 000