Business, 24.02.2022 06:30 kennyduong04
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current year:
Debit Credit
Cash $ 15,000 Buildings and Equipment 85,000 Accumulated Depreciation $ 5,000 Accounts Payable 10,000 Common Stock 59,000 Retained Earnings 18,000 Sales Revenue 56,000 Depreciation Expense 25,000 Loss on Disposal of Assets 23,000 Totals $ 148,000 $ 148,000
Which of the following will be included in the closing entry prepared at the end of the current year?
A. Credit to Retained earnings for $8,000
B. Debit to Retained earnings for $8,000
C. Credit to Retained earnings for $31,000
D. None of the answer choices are correct.
Answers: 1
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