Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet
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Question:
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 | ||||||
Adjusted Trial Balance | Income Statement | Balance Sheet | ||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
Cash | 16,000 | 16,000 | ||||
Accounts Receivable | 6,000 | 6,000 | ||||
Supplies | 2,000 | 2,000 | ||||
Equipment | 19,000 | 19,000 | ||||
Accumulated Depreciation | 6,000 | 6,000 | ||||
Accounts Payable | 10,000 | 10,000 | ||||
Wages Payable | 2,000 | 2,000 | ||||
C. Finley, Capital | 14,377 | 14,377 | ||||
C. Finley, Drawing | 1,000 | 1,000 | ||||
Fees Earned | 45,491 | 45,491 | ||||
Wages Expense | 21,720 | 21,720 | ||||
Rent Expense | 6,867 | 6,867 | ||||
Depreciation Expense | 5,281 | 5,281 | ||||
77,868 | 77,868 | 33,868 | 45,491 | 44,000 | 32,377 | |
Net Income | 11,623 | 11,623 | ||||
45,491 | 45,491 | 44,000 | 44,000 |
The expenses would be closed by
A: crediting Expenses for $21,720
B: debiting Expenses for $33,868
C: crediting Wages Expense for $21,720, Rent Expense for $6,867, and Depreciation Expense for $5,281
D: debiting Wages Expense for $21,720, Rent Expense for $6,867, and Depreciation Expense for $5,281
Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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