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Unformatted text preview: originally cost Tracey $15,000. What is the correct entry to record this transaction? A. Cash $10,000 Gain on Sale of Land $ 5,000 Land $15,000 B. Cash $15,000 Revenue $15,000 C. Cash $10,000 Revenue $10,000 D. Cash $10,000 Land $10,000 E. Cash $10,000 Loss on the Sale of Land $ 5,000 Land $15,000 7. Which of the following statements are true? A. Closing entries bring all revenue accounts to zero balance. B. Closing entries bring all expense account to zero balance. C. Revenue and expense accounts are also called nominal accounts. D. The closing process is consistent with the periodic measurement of income. E. All of the above statements are true. 1...
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This note was uploaded on 03/19/2008 for the course ACCT 201 taught by Professor Anothony during the Fall '07 term at Michigan State University.
- Fall '07