Cash $5,300 Accounts Receivables $10,800 Supplies $1,500 Prepaid Insurance $1,500 Equipment $2,000 Accumulated Depreciation - Equipment $5,600 Notes Payable $15,000 Accounts Payable $6,100 Salaries and Wages Payable $2,400 Common Stock $13,000 Dividends $13,000 Service Revenue $61,000 Advertising Expense $8,400 Supplies Expense $4,000 Depreciation Expense $5,600 Insurance Expense $3,500 Salaries and Wages Expense $28,000 Which of the following is true? Notes Payable is debited for $15,000 in the closing process Cash is credited for $5,300 in the closing process Service Revenue is debited for $61,000 in the closing process Insurance Expense is debited for $3,500 in the closing process

Cash $5,300 Accounts Receivables $10,800 Supplies $1,500 Prepaid Insurance $1,500 Equipment $2,000 Accumulated Depreciation - Equipment $5,600 Notes Payable $15,000 Accounts Payable $6,100 Salaries and Wages Payable $2,400 Common Stock $13,000 Dividends $13,000 Service Revenue $61,000 Advertising Expense $8,400 Supplies Expense $4,000 Depreciation Expense $5,600 Insurance Expense $3,500 Salaries and Wages Expense $28,000 Which of the following is true? Notes Payable is debited for $15,000 in the closing process Cash is credited for $5,300 in the closing process Service Revenue is debited for $61,000 in the closing process Insurance Expense is debited for $3,500 in the closing process