Use the following end-of-period spreadsheet to answer the question that follow.

 

The expenses would be closed by
a. debiting Expenses for $105,000
b. crediting Expenses for $105,000

c. debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000
d. crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

Transcribed Image Text:

Account Title Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Net income Dr. 48,000 18,000 6,000 57,000 3,000 Cr. 18,000 25,000 6,000 33,000 155,000 63,000 27,000 15,000 237,000 237,000 Income Statement Balance Sheet Dr. 63,000 27,000 15,000 Cr. 155,000 Dr. 48,000 18,000 6,000 57,000 3,000 Cr. 18,000 25,000 6,000 33,000 105,000 155,000 132,000 $2,000 50,000 50,000 155.000 155 909 132.000 132.000 Account Title Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Net income Dr. 48,000 18,000 6,000 57,000 3,000 Cr. 18,000 25,000 6,000 33,000 155,000 63,000 27,000 15,000 237,000 237,000 Income Statement Balance Sheet Dr. 63,000 27,000 15,000 Cr. 155,000 Dr. 48,000 18,000 6,000 57,000 3,000 Cr. 18,000 25,000 6,000 33,000 105,000 155,000 132,000 $2,000 50,000 50,000 155.000 155 909 132.000 132.000

Answer rating: 100% (QA)

Answer The correct answer in the given question is d crediting wages expenses for 63000 Rent Expense ... View the full answer