Question: The first closing entry for a retail business will include which of the following? a . Owner's Drawing b . Accounts Payable c . Inventory

The first closing entry for a retail business will include which of the following?
a. Owner's Drawing
b. Accounts Payable
c. Inventory
d. Sales
The first closing entry for a retail business

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!

Q:

Required information Problem 7-48 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] During the current year, Ron and Anne sold the following assets: (Use the...

Q:

1. When using the asset turnover ratio, which of the following is false? a. Using this ratio compared to suppliers may be beneficial in interpreting the business' use of assets. b. A high ratio...

Q:

The first closing entry for a merchandising business will include which of the following? a. Drawing b. Capital c. Sales d. Sales Returns and Allowances

Q:

Gross profit is sales a.less cost of merchandise sold. b.plus cost of merchandise sold. c.less inventory. d.less operating expenses. Gross profit is a.profit after deducting other expenses. b.profit...

Q:

I dont understand whymy trial balance doesn't addup on my Myob.can someone please help GENERAL JOURNAL Date Description July 26 Accounts Payable - Hit the road Inventory GST Paid June Post Ref. Debit...

Q:

Top Co received cash of $5,000 in advance for services that will be provided later. The cash receipt entry debited cash and unearned revenue of $5,000. At the end of the period, $2,300 is still...

Q:

So sent in my unadjusted trail balance sheet in and had some things wrong the FUTA/SUTA need to be added from form27. Then when I went thought the check figures, non of the answers are correct. Its...

Q:

I need the following Answered. E3-3B E3-5B E3-8B E3-14B P3-8B P3-11B c03BExercises.qxd 12/7/12 10:30 AM Page 1 B EXERCISES 4 E3-1B (Transaction AnalysisService Company) Brown is a licensed CPA....

Q:

I need assistance with Section 2, question 5 and forward please? I have been stuck on this for days. This is the adjusted trial balance my jou en me what you want to do . . .5 - 700 Presented below...

Q:

I've attached the question as a word file as well as the class text to help with the assignment. Thanks! c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page 226...

Q:

I've attached the question as a word file as well as the class text to help with the assignment. Thanks! c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page 226...

Q:

Jack Pinno, Vice President of Production at Greco Corporation, is considering changing the companys capital acquisition and use policy. Grecos policy has been to use equipment through its useful life...

Q:

The most probably distribution of a large number of particles among cells of equal energy is a uniform distribution. Let Wo represent the thermodynamic probability of the most probable distribution....

Q:

Which of the following is a warranty of the transferor? Group of answer choices Transferor has no knowledge of any insolvency proceedings. Transferor warrants that all signatures are authentic and...

Q:

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...