Solution-Which is likely to be an incorrect closing entry

Which is likely to be an incorrect closing entry

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Reference no: EM132765968

Problem 1: Which of the following is likely to be an incorrect closing entry?

a) debit dividends, credit retained earnings

b) debit sales revenue, credit income summary

c) debit income summary, credit rent expense

d) debit income summary, credit retained earnings

Problem 2: The depreciation period used by the lessee for a depreciable leased asset must be:

a) the same period that was used by the lessor.

b) the remaining life of the asset from the lease inception.

c) the term of the lease.

d) at least the term of the lease but possibly longer

Reference no: EM132765968

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Which is likely to be an incorrect closing entry

Reference no: EM132765968

Reference no: EM132765968

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