Question: The sales revenue account has a credit balance of $367,200 at year end. After closing entries are made, the account shoulc a. still have a

The sales revenue account has a credit balance of $367,200 at

The sales revenue account has a credit balance of $367,200 at year end. After closing entries are made, the account shoulc a. still have a credit balance of $367,200. b. have a zero balance. c. be removed entirely from the general ledger. d. have a debit balance of $367,200

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!

The treasury bank corporation had retained earning at the end of December 31, 2005 of $450,000. During 2006, the company had net income of $170,000 and declared dividends of $20,000. Retained...

The sales revenue account has a credit balance of $367,200 at year end. After closing entries are made, the account should: a. still have a credit balance of $367,200. b. have a zero balance. c. be...

Total assets for our company are $500,000, and total liabilities are $250,000. The company paid $50,000 in dividends during the year. What does the total owner's equity equal? Group of answer choices...

I reviewed all questions from pictures and they are not missing anything! they are exactly as they are supposed to be. But if you can't understand something please let me know 2020. 10. 12. $45:...

TRUE/FALSE. Write T if the statement is true and F if the statement is false. 1) The cost of razing a building on a parcel of land to build a new building is added to the cost of the land. 1) 2)...

I had to copy all the information from the site. I don't know how else to do it. Can you please provide any information before flagging this one too? I need help and this is due tomorro at 11.59....

The following transactions occurred during the 2023 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary...

Question 11 1 pts Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during...

e) Your Co. had sales of $108000, an ending A/R balance of $19440. Record the year end adjusting entry if Your Co. uses the direct writeoff method and estimates 1% of sales are uncollectible. General...

If the curve y = In x between x = 1 and x = e is revolved about the y-axis, which integral below gives the surface area? Use dS = 2mxdl. where L = dx. A. 2m , Inx Vx? + 1 dx C. 2m V +1 dx B. 2m xVx2...

Constructs a DC BJT circuit base on the following requirement; -A 15V Vcc is connected with (Rc = 1.5kQ) and then directly goes to collector terminal. - A VBB Voltage is connected with (R3 = 610k92)...

How do you set out your reference list?

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

(Appendices) AGING RECEIVABLES AND UNCOLLECTIBLE ACCOUNT EXPENSE. Perkinson Corporation sells paper products to a large number of retailers. Perkinsons accountant has prepared the following aging...

(Appendices) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED: 1. Prepare the entries to record this sale in Nevadas journal. 2. Prepare the...

(Appendices) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million...