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Where does the Profit go when closing entries? A. Retained Earnings B. Revenue C. The Income Summary D. Cash

Where does the Profit go when closing entries? A. Retained Earnings B. Revenue C. The Income Summary D. Cash
asked 99.0k views
5 votes
Where does the Profit go when

closing entries?
A. Retained Earnings
B. Revenue
C. The Income Summary
D. Cash

asked
User Dimitar K
by
7.6k points

2 Answers

6 votes
The answer Is A
Retained Earning
answered
User Ahmadali Shafiee
by
7.9k points
5 votes

Answer:

The profit goes to the Retained Earnings account when closing entries are made.

Step-by-step explanation:

answered
User Nikhil Redij
by
8.7k points
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