The merchandise business had earned sales revenue of OMR 50,000 and Interest revenue of OMR 25,000 for the year 2019. Which of the following closing entry will be correct at the end of the year 2019? а. Debit Sales revenue OMR 75,000 Credit Income summary OMR 75,000 b. Debit Sales revenue OMR 50,000 Debit Interest revenue OMR 25,000 Credit Income Summary OMR 75,000 С. Debit Sales revenue OMR 50,000 Credit Interest revenue OMR 25,000 d. Debit Income Summary OMR 75,000 Credit Sales revenue OMR 50,000 Credit Interest revenue OMR 25,000 10:10 am

The merchandise business had earned sales revenue of OMR 50,000 and Interest revenue of OMR 25,000 for the year 2019. Which of the following closing entry will be correct at the end of the year 2019? а. Debit Sales revenue OMR 75,000 Credit Income summary OMR 75,000 b. Debit Sales revenue OMR 50,000 Debit Interest revenue OMR 25,000 Credit Income Summary OMR 75,000 С. Debit Sales revenue OMR 50,000 Credit Interest revenue OMR 25,000 d. Debit Income Summary OMR 75,000 Credit Sales revenue OMR 50,000 Credit Interest revenue OMR 25,000 10:10 am

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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Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?
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