Use the following end-of-period spreadsheet below to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 ? ? ?

Adjusted Trial Balance Income Statement Balance Sheet Account Title

Transcribed Image Text:

Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Debit Credit Debit Credit Debit Credit Debit 16,000 16,000 2,000 2,000 6,000 6,000 2,000 2,000 1,000 1,000 20,346 20,346 Depreciation Expense 5,450 5,450 Totals 75,350 75,350 Net Income (Loss) 11,097 11,097 The entry to close income summary would be: 6,000 6,000 19,000 19,000 10,000 10,000 14,903 14,903 42,447 42,447 5,554 5,554 31,350 42,447 44,000 32,903 42,447 42,447 44,000 44,000 Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Debit Credit Debit Credit Debit Credit Debit 16,000 16,000 2,000 2,000 6,000 6,000 2,000 2,000 1,000 1,000 20,346 20,346 Depreciation Expense 5,450 5,450 Totals 75,350 75,350 Net Income (Loss) 11,097 11,097 The entry to close income summary would be: 6,000 6,000 19,000 19,000 10,000 10,000 14,903 14,903 42,447 42,447 5,554 5,554 31,350 42,447 44,000 32,903 42,447 42,447 44,000 44,000

Answer rating: 100% (QA)

Particulars Amount Fees 42477 Less Expenses Wages 20346 Rent 5554 Depreciation 5450 ... View the full answer