At the end of 20D,the following data were taken from the accounts of Timberline Company: The 20D closing entries would include which of the following?
A)$10,000 net credit to retained earnings.
B)$10,000 net debit to retained earnings.
C)$190,000 debit to retained earnings.
D)$180,000 credit to retained earnings.

Question

Quizplus · Accepted Answer

The closing entries would include a net credit to retained earnings if the company had a net income of $10,000 for the year.

At the End of 20D,the Following Data Were Taken from the Accounts