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Which ONE of the following would appear in the closing entries for the year? Accounts Payable $1,700 Accounts Receivable 2,700 Cash 900 Common Stock 1,500
Which ONE of the following would appear in the closing entries for the year?
Accounts Payable | $1,700 |
Accounts Receivable | 2,700 |
Cash | 900 |
Common Stock | 1,500 |
Cost of Goods Sold | 12,500 |
Dividends | 750 |
Inventory | 5,600 |
Insurance Expense | 3,000 |
Land | 17,000 |
Prepaid Rent Expense | 2,700 |
Retained Earnings (beginning) | 2,300 |
Sales Revenue | 21,000 |
Unearned Revenue | 3,200 |
Wage Expense | 6,500 |
Group of answer choices
DEBIT to Common Stock for $1,500
CREDIT to Cost of Goods Sold for $12,500
DEBIT to Dividends for $750
CREDIT to Retained Earnings for $6,500
DEBIT to Insurance Expense for $3,000
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