The final end of financial year 30th June, 2022 records extracted from the books of the firm Black & White Pty Ltd show the following figures:GST CollectionsGST OutlaysSalaries PayableRent ExpenseInterest ExpensePrepaid RentSalary Expense$1080$1890$540$5400$9720$1620$4320Prepaid Interest$1080During the closing process the total Debit to the Profit and Loss Summary account would be:a. $22680b. $ 2970c. $25650d. $19440e. $17820

Under closing process, all temporary accounts like all incomes and expenses accounts are closed with…

Answered: The final end of financial year 30th…

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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25
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