22) The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? A) $28,000. B) $37,000. C) $43,400 D) $35,400. E) $52.400. 23) The Income Summary account is used to: A) Determine the appropriate withdrawal amount. B) Close the revenue and expense accounts. C) Replace the income statement under certain circum D) Adjust and update asset and liability accounts. E) Replace the capital account in some businesses. 24) Jen Rogers withdrew a total of $35.000 from her business during the current year. The entry needed to close the withdrawals account is: A) Debit Income Summary and credit Jen Rogers, Withdrawals for $35,000. B) Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $35,000. C) Debit Income Summary and credit Cash for $35,000. D) Debit Jen Rogers. Withdrawals and credit Jen Rogers, Capital for $35,000. E) Debit Jen Rogers. Withdrawals and credit Cash for $35,000, 25) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33.000; credit Income Summary $33,000, B) Credit Owner Capital $33,000: debit Owner Withdrawals $33,000 C) Debit Income Summary $33.000; credit Owner Withdrawals $33,000, D) Debit Owner Withdrawals $33.000; credit Income Summary $33,000. E) Debit Income Summary $33.000; credit Owner Capital $33,000