Beaded Company has made all the year-end adjustments. Its expense accounts total $130,000, and its revenue accounts total $190,000. The closing journal entry to close the Income Statement accounts for the year should be: Multiple Choice debit its various expense accounts for a total of $130,000, debit retained earnings for $60,000, and credit its various revenue accounts for a total of $190,000. debit its various revenue accounts for a total of $190,000, credit retained earnings for $60,000, and credit its various expense acc nts for a total of $130,000. debit its various expense accounts for a total of $130,000, credit its various revenue accounts for a total of $190,000, and credit retained earnings for $60,000. debit its various revenue accounts for a total of $190,000, debit retained earnings for $60,000, and credit its various expense accounts for a total of $130,000. < Prev 23 of 50 Next >

FINANCIAL ACCOUNTING
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Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beaded Company has made all the year-end adjustments. Its expense accounts total $130,000, and its revenue accounts total
$190,000. The closing journal entry to close the Income Statement accounts for the year should be:
Multiple Choice
debit its various expense accounts for a total of $130,000, debit retained earnings for $60,000, and credit its various
revenue accounts for a total of $190,000.
debit its various revenue accounts for a total of $190,000, credit retained earnings for $60,000, and credit its various
expense accounts for a total of $130,000.
debit its various expense accounts for a total of $130,000, credit its various revenue accounts for a total of $190,000,
and credit retained earnings for $60,000.
debit its various revenue accounts for a total of $190,000, debit retained earnings for $60,000, and credit its various
expense accounts for a total of $130,000
< Prev
23 of 50
Next >
Transcribed Image Text:Beaded Company has made all the year-end adjustments. Its expense accounts total $130,000, and its revenue accounts total $190,000. The closing journal entry to close the Income Statement accounts for the year should be: Multiple Choice debit its various expense accounts for a total of $130,000, debit retained earnings for $60,000, and credit its various revenue accounts for a total of $190,000. debit its various revenue accounts for a total of $190,000, credit retained earnings for $60,000, and credit its various expense accounts for a total of $130,000. debit its various expense accounts for a total of $130,000, credit its various revenue accounts for a total of $190,000, and credit retained earnings for $60,000. debit its various revenue accounts for a total of $190,000, debit retained earnings for $60,000, and credit its various expense accounts for a total of $130,000 < Prev 23 of 50 Next >
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