1. Which account in question 6 would Dave Marshall close at the end of the year?
a. Cost of goods sold
b. Inventory
c. Accounts receivable
d. Accounts payable
2. The final closing entry for a corporation is
|
a. |
Sales revenue |
XXX |
|
|
|
Income summary |
|
XXX |
|
b. |
Retained earnings Dividends |
XXX |
XXX |
|
c. |
Dividends |
XXX |
|
|
|
Retained earnings |
|
XXX |
|
d. |
Income summary Expenses |
XXX |
XXX |