Bearskin Inc.has recorded all the year-end adjustments.Its revenue accounts total $190,000 and its expense accounts total $130,000.The closing entry to close the income statement accounts for the year will debit the various:
A) expense accounts for a total of $130,000, debit Retained Earnings for $60,000, and credit the various revenue accounts for a total of $190,000. .
B) revenue accounts for a total of $190,000, credit the various expense accounts for a total of $130,000, and credit Retained Earnings for $60,000.
C) expense accounts for a total of $130,000, credit the various revenue accounts for a total of $190,000, and credit Retained Earnings for $60,000.
D) revenue accounts for a total of $190,000, debit Retained Earnings for $60,000, and credit the various expense accounts for a total of $130,000.
Correct Answer:
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