End of year records from Abbi's Boutique show:
$
Cash 20
GST outlays 35
Salaries payable 10
Rent expense 100
Interest expense 50
Prepaid rent 30
Salary expense 20
Rent collected in advance 20
During the closing process the total debit to the profit or loss summary account would be:

Question

Quizplus · Accepted Answer

The total debit to the profit or loss summary account includes all expenses: Rent expense ($100), Interest expense ($50), and Salary expense ($20), totaling $170.

End of Year Records from Abbi's Boutique Show