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Business, 11.02.2021 02:00 emilyplays474

The following end-of-year account balance information is from the accounting records of June Company. Use these data to prepare the closing entries for the year. Cost of Goods Sold $9,000

Accounts Payable 1,100

Paid-in Capital 2,000

Cash 400

Sales 10,000

Dividends 700

Retained Earnings (beginning) 1,000

Inventory 4,000

Which ONE of the following would appear in the closing entries for the year?

DEBIT to Accounts Payable for $1,100
DEBIT to Paid-in Capital for $2,000
CREDIT to Cost of Goods Sold for $9,000
DEBIT to Dividends for $700
CREDIT to Sales for $10,000

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