The correct closing entry for sales income of $60 000 is:
A) DR Sales income $60 000; CR Capital $60 000
B) DR Capital $60 000; CR Sales income $60 000
C) DR Sales income $60 000; CR Profit or loss summary account $60 000
D) DR Profit or loss summary account $60 000; CR Sales income $60 000
Correct Answer:
Verified
Q26: Which of the following is the correct
Q27: The correct closing entry for the bank
Q28: The salaries expense account on the worksheet
Q29: A trial balance produced after the completion
Q30: Which statement relating to the profit or
Q32: Which adjustment would never require a reversing
Q33: Telephone expenses for the year are $13
Q34: Closing which of the following accounts results
Q35: The balance of the rent expense account
Q36: Closing entries are recorded:
A) in the ledger
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