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A company had revenues of $62,000 and expenses of $47,500 for the accounting period. The owner withdrew $6,800 in cash during the same period. Which
A company had revenues of $62,000 and expenses of $47,500 for the accounting period. The owner withdrew $6,800 in cash during the same period. Which of the following entries could not be a closing entry?
Debit Income Summary $14,500; credit Owner's, Capital $14,500.
Debit Income Summary $62,000; credit Revenues $62,000.
Debit Revenues $62,000; credit Income Summary $62,000.
Debit Income Summary $47,500, credit Expenses $47,500.
Debit Owner's, Capital $6,800, credit Owner's, Withdrawals $6,800.
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