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The following end-of-year account balance information is from the accounting records of Salvador Company: Dividends 100 Retained Earnings (beginning) 300 Inventory 1,000 Interest Expense 200
The following end-of-year account balance information is from the accounting records of Salvador Company: Dividends 100 Retained Earnings (beginning) 300 Inventory 1,000 Interest Expense 200 Cost of Goods Sold 6,000 Cash 1,400 Sales Revenue 12,000 Accounts Payable 5,000 Accounts Receivable 500 Prepaid Rent Expense 600 Which ONE of the following would appear in the closing entries for the year? O A CREDIT to INVENTORY for $1,000. O A CREDIT to SALES REVENUE for $12,000. A DEBIT to ACCOUNTS RECEIVABLE for $500. O A CREDIT to DIVIDENDS for $100. O A CREDIT to CASH for $1,400. O A CREDIT to PREPAID RENT EXPENSE for $600
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