End of year records for April's Floristshow:$Inventory 100Electricity payable 20Rent expense 55Sales 250Discount allowed 15Purchases returns and allowances 8Interest income 33Discount received 11Selling expenses 42During the closing process the creditto the Profit or Loss Summary accountwould be:a.$112b.$250C.$261d.$302e.

Closing process is made by the company so that the entries of the accounts which are required to be…

Answered: During the closing process the credit…

Business

Accounting

During the closing process the credit to the Profit or Loss Summary account would be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

End of year records for April's Florist
show:
$
Inventory 100
Electricity payable 20
Rent expense 55
Sales 250
Discount allowed 15
Purchases returns and allowances 8
Interest income 33
Discount received 11
Selling expenses 42
During the closing process the credit
to the Profit or Loss Summary account
would be:
a.
$112
b.
$250
C.
$261
d.
$302
e.

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