Using the Same Data as for Question 9,what Would Be $\begin{array} { l l } \text { Dr. Sales } & \$ 20,000 \\\text { Cr. Cost of Sales } & \$ 20,000\end{array}$

question 35

Multiple Choice

Using the same data as for Question 9,what would be the consolidation entry required for the next financial year (assuming S sold all the inventory during the next year) ?

• A) \(\begin{array} { l l }
• \text { Dr. Sales } & \$ 20,000 \\
• \text { Cr. Cost of Sales } & \$ 20,000
• \end{array}\)
• B) Dr. Opening Retained Earnings \(\quad\$ 20,000\)
• Cr. Cost of Goods Sold \(\quad\quad \$ 20,000\)
• C) as for \(B\) plus
• Dr. Income Tax Expense \(\$ 6000\)
• Cr. Retained Earnings \(\quad \$ 6000\)
• D) None of the above

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