Question
Under the periodic inventory system, which of the following is a correct closing entry? 1 point 1)Income Summary, debit; Sales, credit 2)Income Summary, credit; Sales
Under the periodic inventory system, which of the following is a correct closing entry?
1 point
1)Income Summary, debit; Sales, credit
2)Income Summary, credit; Sales Returns and Allowances, debit
3)Income Summary, debit; Merchandise Inventory (beginning), credit
4)Purchases, debit; Income Summary, credit
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Financial Accounting The Basics
Authors: Ilias Basioudis
1st Edition
1138605514, 9781138605510
