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