Use the following account balances from the adjusted trial balance of ABC Consulting: Account Debit Balance Credit
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Question:
Use the following account balances from the adjusted trial balance of ABC Consulting:
Account | Debit Balance | Credit Balance | |||||
Cash | 20,500 | ||||||
Accounts Payable | 2,000 | ||||||
B. Conway, Drawing | 600 | ||||||
B. Conway, Capital | 13,000 | ||||||
Fees Revenue | 18,000 | ||||||
Salary Expense | 2,600 | ||||||
Rent Expense | 3,000 | ||||||
Supplies Expense | 1,900 | ||||||
Advertising Expense | 800 | ||||||
Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period.
Multiple Choice
(A) debit B. Conway, Capital $9,700 and credit Income Summary for $9,700.
(B) debit B. Conway, Capital $600 credit B. Conway, Drawing for $600.
(C) debit Income Summary $9,700 and credit B. Conway, Capital for $9,700.
(D) debit B. Conway, Capital $18,000 and credit Income Summary for $18,000.
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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