choose the correct letter of answer Entity A’s income statement shows a line item described as “Cost of goods sold.” Entity A is most likely a A. service business. B. merchandising business. C. sole proprietorship business. D. partnership business.
choose the correct letter of answer Entity A’s income statement shows a line item described as “Cost of goods sold.” Entity A is most likely a A. service business. B. merchandising business. C. sole proprietorship business. D. partnership business.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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choose the correct letter of answer
Entity A’s income statement shows a line item described as “Cost of goods sold.” Entity A is most likely a
A. service business.
B. merchandising business.
C. sole proprietorship business.
D. partnership business.
Which of the following accounts is increased by a credit?
A. Cash
B. Accounts receivable
C. Accounts payable
D. Owner’s drawings
At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account?
A. 230,000
B. 210,000
C. 350,000
D. 90,000
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