Using the same data as for Question 9,what would be the consolidation entry required for the next financial year (assuming S sold all the inventory during the next year)?
A) $\begin{array} { l l }
\text { Dr. Sales } & \$ 20,000 \
\text { Cr. Cost of Sales } & \$ 20,000
\end{array}$
B) Dr. Opening Retained Earnings $\quad\$ 20,000$
Cr. Cost of Goods Sold $\quad\quad \$ 20,000$
C) as for $B$ plus
Dr. Income Tax Expense $\$ 6000$
Cr. Retained Earnings $\quad \$ 6000$
D) None of the above

Question

Using the same data as for Question 9,what would be the consolidation entry required for the next financial year (assuming S sold all the inventory during the next year)? 
A) $\begin{array} { l l } 
\text { Dr. Sales } & \$ 20,000 \
\text { Cr. Cost of Sales } & \$ 20,000
\end{array}$
B) Dr. Opening Retained Earnings $\quad\$ 20,000$
Cr. Cost of Goods Sold $\quad\quad \$ 20,000$
C) as for $B$ plus
Dr. Income Tax Expense $\$ 6000$
Cr. Retained Earnings $\quad \$ 6000$
D) None of the above

Quizplus · Accepted Answer

The Answer is C

Using the Same Data as for Question 9,what Would Be Dr. Sales $20,000 Cr. Cost of Sales $20,000\begin{array} { l l } \text { Dr. Sales } & \$ 20,000 \\\text { Cr. Cost of Sales } & \$ 20,000\end{array} Dr. Sales Cr. Cost of Sales ​$20,000$20,000​

Using the Same Data as for Question 9,what Would Be $\begin{array} { l l } \text { Dr. Sales } & \$ 20,000 \\\text { Cr. Cost of Sales } & \$ 20,000\end{array}$