Use the Following Account Balances from the Adjusted Trial Balance

question 78

Multiple Choice

Use the following account balances from the adjusted trial balance columns of RB Auto's
Worksheet to answer below question.

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Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.

• A)debit Income Summary for $15,000 and credit Sales for $15,000.
• B)debit Sales for $15,000; debit R Holloway, Capital for $13,000 and credit Income Summary For $28,000.
• C)debit Sales $15,000; debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200.
• D)debit Sales and credit Income Summary for $15,000.

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Definitions:

Comparative Approach

A method that involves comparing different entities or situations to analyze similarities, differences, and outcomes.

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The inability or unwillingness to accept and respect differing views, beliefs, or practices.