Finley compnay End-of-Periods Sepreadsheep for the year ended December 31

The entry to close C. Finley, Drawing would be:

a) Debit C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000

b) Debit C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000

c) Debit C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000

d) Debit C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000

Transcribed Image Text:

Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital Adjusted Trial Balance Debit 48,000 18,000 6,000 57,000 Credit 18,000 25,000 6,000 33,000 Income Statement Debit Credit Balance Sheet Debit Credit 48,000 18,000 6,000 57,000 18,000 25,000 6,000 33,000 C. Finley, Drawing 3,000 Fees Earned Wages Expense Rent Expense Totals 63,000 Depreciation Expense 15,000 Net Income (Loss) 27,000 155,000 63,000 27,000 15,000 155,000 50,000 3,000 237,000 237,000 105,000 155,000 132,000 82,000 50,000 155,000 155,000 132,000 132,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital Adjusted Trial Balance Debit 48,000 18,000 6,000 57,000 Credit 18,000 25,000 6,000 33,000 Income Statement Debit Credit Balance Sheet Debit Credit 48,000 18,000 6,000 57,000 18,000 25,000 6,000 33,000 C. Finley, Drawing 3,000 Fees Earned Wages Expense Rent Expense Totals 63,000 Depreciation Expense 15,000 Net Income (Loss) 27,000 155,000 63,000 27,000 15,000 155,000 50,000 3,000 237,000 237,000 105,000 155,000 132,000 82,000 50,000 155,000 155,000 132,000 132,000

Answer rating: 100% (QA)

a Debit C F... View the full answer