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Which of the following accounts would be closed at year-end as a part of the closing entries process? O Accounts Payable Retained Earnings Cash Dividends
Which of the following accounts would be closed at year-end as a part of the closing entries process? O Accounts Payable Retained Earnings Cash Dividends 567 Sun Shine Inc. bills a customer for $500 in service revenue on April 1. On April 15, Sun Shine receives the $500 payment from the customer. Sun Shine records the recent of the payment as a debit to Cash for $50 and a credit to Service Revenue for $50. Assuming no reversal of the incorrect entry, the entry to correct this mistake is debit Cash $500.credit Accounts Receivable $500. debit Cash $450, debit Service Revenue $50, credit Accounts Receivable $500, debit Cash $450, credit Service Revenue $450. debit Service Revenue $500, credit Cash $450, credit Accounts Receivable $50
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