MyLab Accounting with Pearson eText -- Access Card -- for Financial Accounting

12th Edition

ISBN: 9780134727677

Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

Publisher: PEARSON

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Textbook Question

Chapter 3, Problem 3.52Q

For 2018. Broadview company had revenues in excess of expenses. Which statement describes Broadview’s closing entries at die end of 2018? (Assume there is only one dosing entry for both revenue and expenses.)

a. Revenues will be credited, expenses will be debited, and retained earnings will be credited.
b. Revenues will be debited, expenses will be credited, and retained earnings will be debited.
c. Revenues will be credited, expenses will be debited, and retained earnings will be debited.
d. Revenues will be debited, expenses will be credited, and retained earnings will be credited.

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Chapter 3, Problem 3.51Q

Chapter 3, Problem 3.53Q

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Chapter 3 Solutions

MyLab Accounting with Pearson eText -- Access Card -- for Financial Accounting

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Solution Summary: The author explains the statement for closing entries at the end of 2018. Option 'd' is the correct answer.

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