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Use the following account balances from the adjusted trial balance columns of Stanleys Snacks worksheet to answer below question. Account Debit Balance Credit Balance Cash
Use the following account balances from the adjusted trial balance columns of Stanleys Snacks worksheet to answer below question. Account Debit Balance Credit Balance Cash 10,000 Merchandise Inventory 4,000 Accounts Payable 2,200 L. Stanley, Drawing 1,000 L. Stanley, Capital 6,000 Sales 24,000 Sales Discounts 200 Purchases 12,000 Salaries Expense 7,500 Income Summary 1,500 4,000 Using the adjusted trial balance above, select the correct closing entry that Stanleys Snacks would make to close the expense accounts (and cost of goods sold accounts with debit balances) at the end of the accounting period. Multiple Choice Account Name Debit Credit Purchases 12,000 Salaries Expense 7,500 Income Summary 19,500 Account Name Debit Credit
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