Closing Entries Video Lessons

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Problem: How would you close out Supplies Expense on 12/31/16 after the financial statements have been prepared? a. Debit to Supplies Expense and a Credit to Retained Earnings b. Debit to Retained Earnings and a Credit to Supplies Expense c. Debit to Supplies Expense and a Credit to Net Income d. Debit to Net Income and a Credit to Net Income

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How would you close out Supplies Expense on 12/31/16 after the financial statements have been prepared?

a. Debit to Supplies Expense and a Credit to Retained Earnings

b. Debit to Retained Earnings and a Credit to Supplies Expense

c. Debit to Supplies Expense and a Credit to Net Income

d. Debit to Net Income and a Credit to Net Income

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