2 pts In the first closing entry for Elliptical Consulting (owned by Jayson Neese) if the revenue (fees earned) for the year is $60,000 and the total expenses incurred for the year are $37,975, what does the credit to Neese's Capital account for $22,025 represent or accomplish? JOURNAL Date Description p.ref. Debit Credit Adjusting Entries June 30 Fees Earned 60,000 Expenses 37.975 Jayson Neese, Capital 22,025 JOURNAL Date p.ref. Debit Credit Description Adjusting Entries June 30 Fees Earned 60,000 Expenses 37,975 Jayson Neese, Capital 22,025 The closing entry is incorrect. The $22,025 should be debited in the closing process, not credited The $22.025 represents Neese's ending Capital account for the period or Neese's total net worth The $22.025 represents the Not Income for the period. A credit to Neese's Capital account transfers the amount of Net Income to Neese's Capital account for the period. The credit of $22.025 represents the total amount of revenue earned for the accounting period and increases Neese's Capital account