13.

The F. Mercury, Capital account has a credit balance of $57,000 before closing entries are made. Total revenues for the period are $75,200, total expenses are $49,800, and withdrawals are $17,000. What is the correct closing entry for the expense accounts?

• Debit Income Summary $49,800; credit Expense accounts $49,800.

• Debit Expense accounts $57,000; credit F. Mercury, Capital $57,000.

• Credit Expense accounts $49,800; debit F. Mercury, Capital $49,800.

• Debit Expense accounts $49,800; credit Income Summary $49,800.

• Debit Income Summary $49,800; credit F. Mercury Capital $49,800.

15.

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

Wilson Peters, Capital	$	5,000
Wilson Peters, Withdrawals		7,000
Revenue		20,000
Rent expense		2,000
Salaries expense		4,800
Insurance expense		225
Depr. Expense-equipment		300
Accum depr.-equipment		900

rev: 10_20_2017_QC_CS-106276

• $12,675 debit.

• $5,675 credit.

• $12,675 credit.

• $13,575 credit.

• $5,675 debit.