Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Armstrong Delivery Service had revenues of $98,900 and expenses of $51,600 for the accounting period. The entry to close the revenues account at the end

image text in transcribed

Armstrong Delivery Service had revenues of $98,900 and expenses of $51,600 for the accounting period. The entry to close the revenues account at the end of the year is: Select one: a. Debit Income Summary S98,900: credit Owner's, Capital 598,900. O b. Debit Income Summary S98.900, credit Revenues $98,900. O c. Debit Revenues $98,900; credit Income Summary $98,900. d. Debit Income Summary $98,900, credit Expenses $98,900. e. Debit Owner's, Capital $98,900, credit Owner's, Withdrawals $98,900 O Next page

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Technology Audit Handbook

Authors: Doug Dayton

1st Edition

0136143148, 978-0136143147

More Books

Students also viewed these Accounting questions

Question

What are some of the possible scenes from our future?

Answered: 1 week ago