Question: The closing journal entry for sales is to debit ANSWER account and credit ANSWER account. Is it debit SALES and credit TRADING or the other

The closing journal entry for sales is to debit "ANSWER" account and credit "ANSWER" account.

Is it debit "SALES" and credit "TRADING" or the other way around?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!