Make the closing entry (or entries) necessary to close the following accounts: Cost of Goods Sold ........
Question:
Cost of Goods Sold ........ $ 7,000
Accounts Payable .......... 900
Paid-In Capital ........... 1,500
Cash ............... 3,200
Sales .............. 11,000
Dividends ............ 900
Retained Earnings (beginning) ... 1,200
Inventory ............ 3,500
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Sales 11000 Retained Earnings 1100...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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