End of Year Records from Abbi's Boutique Show

question 45

Multiple Choice

End of year records from Abbi's Boutique show:
$
Cash 20
GST outlays 35
Salaries payable 10
Rent expense 100
Interest expense 50
Prepaid rent 30
Salary expense 20
Rent collected in advance 20
During the closing process the total debit to the profit or loss summary account would be:

• A)$90.
• B)$110.
• C)$80.
• D)$170.

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Definitions:

Socialist

Pertaining to a political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.

Political Systems

Political systems refer to the set of formal legal institutions that constitute a government or a state.

Individualistic Systems

Societal frameworks where personal independence and self-reliance are emphasized over collective goals, often leading to a strong sense of competition.

Partial State-Owned Enterprise

A business entity where the government owns a significant share but less than a majority, allowing for both public and private investment.