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1)The entry to close the revenue accounts includes a * Debit to Revenues $19,100 Credit to income summary $33,000 Credit to income summary $14,100 Credit
1)The entry to close the revenue accounts includes a *
Debit to Revenues $19,100
Credit to income summary $33,000
Credit to income summary $14,100
Credit to Revenues for $33,000
2)The entry to close the expenses accounts includes a *
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $11,700
Credit to total expenses for $9,900
3)After the revenue and expense accounts have been closed, the balance of Income Summary will be *
Credit balance of $7,400
Debit balance of $2,400
Credit balance of $2,400
Credit to total expenses for $9,900
4)When closing owners drawings and income summary to owners capital we should *
Debit owners drawings for $1,000 and credit income summary for $2,400
Credit owners drawings for $1,000 and debit income summary for $2,400
Debit owners drawings for $2,000 and debit income summary for $7,400
None of the above
5)At December 31, 2018 after all closing entries have been posted the company will report owners capital of *
$9,700
$27,800
$18,100
$16,400
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