Magic Corporation has the following normal account balances in its general ledger at the end of a period: Sales revenue $ 1,060,000 Advertising expense 180,000 Which of the following gives the correct entry required to close only the accounts above? Group of answer choices Advertising Expense 180,000 Retained Earnings 880,000 Sales Revenue 1,060,000 Retained Earnings 880,000 Net Income 880,000 Sales Revenue 1,060, 000 Advertising Expense 180,000 Retained Earnings 880,000 None of the above. These accounts are not closed.

Magic Corporation has the following normal account balances in its general ledger at the end of a period: Sales revenue $ 1,060,000 Advertising expense 180,000 Which of the following gives the correct entry required to close only the accounts above? Group of answer choices Advertising Expense 180,000 Retained Earnings 880,000 Sales Revenue 1,060,000 Retained Earnings 880,000 Net Income 880,000 Sales Revenue 1,060, 000 Advertising Expense 180,000 Retained Earnings 880,000 None of the above. These accounts are not closed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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