Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. 
The entry required to close the revenue and expense accounts at the end of the period includes a
A) debit to Retained Earnings for $4,780
B) credit to Retained Earnings for $4,780
C) debit to Retained Earnings for $38,300
D) credit to Retained Earnings for $38,300
Correct Answer:
Verified
Q93: Use the adjusted trial balance for Stockton
Q99: What is the goal of the closing
Q100: Use the adjusted trial balance for Stockton
Q102: Closing entries are dated in the journal
Q102: Diane's Designs purchased a one-year liability insurance
Q104: The journal entry to close the Fees
Q106: Which of the following accounts will not
Q108: The ending balance of retained earnings is
A)
Q109: Which of the accounts below would be
Q116: Closing entries
A) need not be journalized if
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents