The reason we make closing entries it to: a. Correct any errors made during the

Question

The reason we make closing entries it to: a. Correct any errors made during the period. b. Ensure that expenses are in the period in which they are incurred. c. Bring to zero the balance of the temporary accounts to prepare them to accumulate new information in the next period. d. Bring to zero the balance in the owner's capital account. 12. On July 2, We purchased merchandise inventory on july 10, we paid the amount due. the journal entry to reflect the payment will include: a. A debit to accounts payable of $14,850 b. A credit to cash of $ 11,880 c. A credit to cash of $12,000 d. A debit to sales discounts of $150. 13. Based on the following data, the amount of net income reported on a multi-step income statement would be:

Explanation / Answer

11. Answer is c.

12. Answer is b. credit to cash $ 11880. ( $ 15000-$3000- 1%X $ 12000)

13.Answer is a $ 17000. (50000-2000-25000-6000)

14. answer is a.

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