Question
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 | ||||||
Adjusted Trial Balance | Income Statement | Balance Sheet | ||||
Account Title | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 48,000 |
|
|
| 48,000 |
|
Accounts Receivable | 18,000 |
|
|
| 18,000 |
|
Supplies | 6,000 |
|
|
| 6,000 |
|
Equipment | 57,000 |
|
|
| 57,000 |
|
Accumulated Depreciation |
| 18,000 |
|
|
| 18,000 |
Accounts Payable |
| 25,000 |
|
|
| 25,000 |
Wages Payable |
| 6,000 |
|
|
| 6,000 |
C. Finley, Capital |
| 33,000 |
|
|
| 33,000 |
C. Finley, Drawing | 3,000 |
|
|
| 3,000 |
|
Fees Earned |
| 155,000 |
| 155,000 |
|
|
Wages Expense | 63,000 |
| 63,000 |
|
|
|
Rent Expense | 27,000 |
| 27,000 |
|
|
|
Depreciation Expense | 15,000 |
| 15,000 |
|
|
|
Totals | 237,000 | 237,000 | 105,000 | 155,000 | 132,000 | 82,000 |
Net Income (Loss) |
|
| 50,000 |
|
| 50,000 |
|
|
| 155,000 | 155,000 | 132,000 | 132,000 |
The entry to close expenses would be:
Select one:
a. Income Summary 105,000
Wages Expense | 63,000 |
Rent Expense | 27,000 |
Depreciation Expense | 15,000 |
b. Wages Expense 63,000 Rent Expense 27,000 Depreciation Expense 15,000 C. Finley, Drawing 105,000
c. Expenses 105,000 Income Summary 105,000
d. Wages Expense 63,000 Rent Expense 27,000 Depreciation Expense 15,000 Income Summary 105,000
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