Reference no: EM132711500

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