Moda, Capital account has a credit balance of $56,300 before closing entries are made. Total revenues...

   

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Moda, Capital account has a credit balance of $56,300 before closing entries are made. Total revenues for the period are $73,100, total expenses are $41,800, and withdrawals are $12,600. What is the correct closing entry for the revenue accounts? OA. Debit Revenue accounts $56,300, credit Moda, Capital $56,300 OB. Debit Income Summary $56,300; credit Moda, Capital $56,300. OC. Debit Revenue accounts $73,100, credit Income Summary $73,100. O D. Debit Revenue accounts $73,100, credit Moda, Capital $56,300. QUESTION 2 Transactions are entered in the ledger accounts and then transferred to journals. O True False QUESTION 11 When preparing Post-Closing Trial Balance, total debits must always be greater than total credits. O True O False QUESTION 12 The following transactions occurred during July: i. Received $2,200 cash investment from Barbara Hanson, the owner of the business. ii. Provided services to a customer on credit, $375. iii. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? A. $375 B. $3.825 C. $2,575 D. $1,625 Moda, Capital account has a credit balance of $56,300 before closing entries are made. Total revenues for the period are $73,100, total expenses are $41,800, and withdrawals are $12,600. What is the correct closing entry for the revenue accounts? OA. Debit Revenue accounts $56,300, credit Moda, Capital $56,300 OB. Debit Income Summary $56,300; credit Moda, Capital $56,300. OC. Debit Revenue accounts $73,100, credit Income Summary $73,100. O D. Debit Revenue accounts $73,100, credit Moda, Capital $56,300. QUESTION 2 Transactions are entered in the ledger accounts and then transferred to journals. O True False QUESTION 11 When preparing Post-Closing Trial Balance, total debits must always be greater than total credits. O True O False QUESTION 12 The following transactions occurred during July: i. Received $2,200 cash investment from Barbara Hanson, the owner of the business. ii. Provided services to a customer on credit, $375. iii. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? A. $375 B. $3.825 C. $2,575 D. $1,625

Answer rating: 100% (QA)

1 The closing entry for Revenue is Debit Revenue Accounts 73100 Credit Income Summary 73100 Option C ... View the full answer