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

The journal entry to close revenues would be:

a. debit C. Finley, Capital, $155,000; credit Fees Earned, $155,000

b. debit Income Summary, $155,000; credit Fees Earned, $155,000

c. credit Fees Earned, $155,000; credit C. Finley, Capital, $155,000

d. debit Fees Earned, $155,000; credit Income Summary, $155,000

Transcribed Image Text:

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

Answer rating: 100% (QA)

Fee earned is the only revenue item reported in the income statement of Company F Locate the amount ... View the full answer