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End of year records for Ashley's Florist show: $
Inventory 100
Electricity payable 20
Rent expense 55
Sales 250
Discount allowed 15
Purchases returns and allowances 8
Interest income 33
Discount received 11
Selling expenses 42
Problem 1: During the closing process the credit to the Profit or Loss Summary account would be:
Select one:
a. $112
b. $250
c. $261
d. $302
e. None of the above
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