Which of the following is the closing entry for Salaries Expense with a balance of P300,000? debit Salaries Expense P300,000, and credit Salaries Payable P300,000 debit Salaries Payable P300,000, and credit Salaries Expense P300,000 debit Income Summary P300,000, and credit Salaries Expense P300,000 debit Salaries Expense P300,000, and credit Income Summary P300,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Which of the following is the closing entry for Salaries Expense with a balance of
P300,000?
debit Salaries Expense P300,000, and credit Salaries Payable P300,000
debit Salaries Payable P300,000, and credit Salaries Expense P300,000
debit Income Summary P300,000, and credit Salaries Expense P300,000
debit Salaries Expense P300,000, and credit Income Summary P300,000
Transcribed Image Text:Which of the following is the closing entry for Salaries Expense with a balance of P300,000? debit Salaries Expense P300,000, and credit Salaries Payable P300,000 debit Salaries Payable P300,000, and credit Salaries Expense P300,000 debit Income Summary P300,000, and credit Salaries Expense P300,000 debit Salaries Expense P300,000, and credit Income Summary P300,000
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