Which of the following is the correct closing entry for sales income of $30 000?
A) Debit sales income $30 000; credit equity $30 000
B) Debit profit or loss summary account $30 000; credit sales income $30 000
C) Debit equity $30 000; credit sales income $30 000
D) Debit sales income $30 000; credit profit or loss summary account $30 000
Correct Answer:
Verified
Q28: The major purpose of a post-closing trial
Q32: The major purpose of a post-closing trial
Q33: Which of these is not recorded on
Q34: Q35: Which statement relating to closing entries is Q36: Which statement relating to the profit or
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