1) The entry to close the revenue accounts includes a * a- Debit to income summary $32,300 b-Debit to Revenues for $37,100 c- Credit to income summary $35,300 d- Credit to Revenues for $28,300

2) The entry to close the expenses accounts includes a * a- Debit to income summary $12,900 b- Credit to income summary $12,900 c- Debit to income summary for $24,000 d- Credit to total expenses for $16,000

3) After the revenue and expense accounts have been closed, the balance of Income Summary will be * a- Credit balance of $11,300 b- Debit balance of $20,100 c- Credit balance of $20,100 d- Credit to total expenses for $9,900

4) When closing owners drawings and income summary to owners capital we should * a) Debit owners drawings for $3,500 and Credit income summary for $11,300 b- Debit owners drawings for $3,500 and debit income summary for $11,300 c- Credit owners drawings for $3,500 and debit income summary for $11,300 d- None of the above

5) At December 31, 2019, after all closing entries have been posted, the company will report owners capital of * a- $9,700 b- $27,800 c- $18,100 d- $32,800

Lea Company has the following adjusted trial balances as of December 31, 2018: Lea Company Trial Balance December 31, 2018 Debit Account Credit Cash $800 Account Receivable 3,000 Supplies 7,400 Land 6,000 38,000 Building Accumulated depreciation Building Account Payable $8,500 9,800 Uneamed Revenue 4,100 Owner's Capital 25,000 Owner's Drawings 3,500 Service Revenue 25,300 Interest Revenue 3,000 Rent Revenue 7,000 Supplies Expense 4,000 Salaries Expense 12,000 8,000 Depreciation Expense Total $82,700 $82.700