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1) Complete Problem # 4, the “Behind the Scene” closing entry to close all the Revenue accounts is a credit to Retained Earnings for the amount of ___________________ .2) Complete Problem # 4, the
1) Complete Problem # 4, the “Behind the Scene” closing entry to close all the Revenue accounts is a credit to Retained Earnings for the amount of ___________________ .
2) Complete Problem # 4, the “Behind the Scene” closing entry to close all the Expense accounts is a debit to Retained Earnings for the amount of ___________________ .
3) Complete Problem # 4, The entry to close the Owner’s Drawing account will include :
a) Debit to Retained Earnings
b) Debit to Owner, Draw
c ) Credit to Cash
d) Credit to Retained Earnings
e) None of the above
4) Complete Problem # 4, the entry to close the Sales Revenue account will include :
a) Debit to Owner, Capital
b) Debit to Sales Revenue
c) Credit to Sales Revenue
d) Credit to Owner, Capital
e) None of the above
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