The following end-of-year account balance information is from the accounting records of June Company. Use these data to prepare the closing entries for the year. Cost of Goods Sold $9,000 Accounts Payable 1,100 Paid-in Capital 2,000 Cash 400 Sales 10,000 Dividends 700 Retained Earnings (beginning) 1,000 Inventory 4,000 Which ONE of the following would appear in the closing entries for the year? CREDIT to Cost of Goods Sold for $9,000 DEBIT to Paid-in Capital for $2,000 CREDIT to Sales for $10,000 DEBIT to Accounts Payable for $1,100

The following end-of-year account balance information is from the accounting records of June Company. Use these data to prepare the closing entries for the year. Cost of Goods Sold $9,000 Accounts Payable 1,100 Paid-in Capital 2,000 Cash 400 Sales 10,000 Dividends 700 Retained Earnings (beginning) 1,000 Inventory 4,000 Which ONE of the following would appear in the closing entries for the year? CREDIT to Cost of Goods Sold for $9,000 DEBIT to Paid-in Capital for $2,000 CREDIT to Sales for $10,000 DEBIT to Accounts Payable for $1,100

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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