J.Brown (sole trader) had a profit of $110 000 for the year.The closing general journal entry for the profit is which of the following?
Debit Credit
$ $
A) Cash 110 000 Capital 110 000
B) Profit or loss summary 110 000 Capital 110 000
C) Capital 110 000 Cash 110 000
D) Capital 110 000 Profit or loss summary 110 000
Correct Answer:
Verified
Q23: Closing which of these accounts results in
Q24: The post-closing trial balance contains only:
A) income
Q25: The balance of the salaries expense account
Q25: Closing entries are made:
A) in the ledger
Q26: Which of these accounts should be closed
Q27: Which of these accounts is closed to
Q30: Which of the following is the correct
Q31: On a worksheet if the opening balance
Q32: End of year records from Abbi's Boutique
Q33: Which of these is not recorded on
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