Adjusted Trial Balance Income Statement Balance Sheet
Accumulated Depr-Equip 18,000 18,000
Ac...
Business, 21.06.2020 02:57 BeverlyFarmer
Adjusted Trial Balance Income Statement Balance Sheet
Accumulated Depr-Equip 18,000 18,000
Accounts Payable 25,000 25,000
Wages Payable 6,000 6,000
C. Finley, Capital 33,000 33,000
C. Finley, Drawing 3,000 3,000
Fees Earned 155,000 155,000
Wages Expense 63,000 63,000
Rent Expense 27,000 27,000
Depreciation Expense 15,000 15,000
Totals 237,000 237,000 105,000 155,000 132,000 82,000
Net Income (loss) 50,000 50,000
155,000 155,000 132,000 132,000
The journal entry to close revenues would be:
a. debit C. Finley, capital $155,000, credit Fees Earned $155,000
b. debit Fees Earned $155,000; credit Income Summary$155,000
c. credit Fees Earned $155,000 credit C. Finley, Capital $155,000
d. debit Income Summary $155,000, credit Fees Earned $155,000
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