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

LEA Company has the following adjusted trial balances as of December 31, 2018: LEA Company Trial Balance December 31, 2018 Debit $8,800 Account Credit Cash 2,000 Account Receivable Supplies 3,400 Land 10,000 15,000 $7,000 10,800 5,000 15,000 1,000 Building Accumulated depreciation Building Account Payable Uneamed Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Supplies Expense Salaries Expense Depreciation Expense Total 11,100 3,000 3,200 5,000 3,500 $51.900 $51.900