Revenue has a credit balance of OMR 15,000 in Muscat Co. if the closing entry will made at the year end. The entry to close Revenue is: Select one: O a. debit Income Summary OMR20,000, credit Revenue OMR20,000 O b. debit Revenue OMR15,000, credit Ahmad, Capital OMR15,000 O c debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000

Revenue has a credit balance of OMR 15,000 in Muscat Co. if the closing entry will made at the year end. The entry to close Revenue is: Select one: O a. debit Income Summary OMR20,000, credit Revenue OMR20,000 O b. debit Revenue OMR15,000, credit Ahmad, Capital OMR15,000 O c debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 3MCQ

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