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 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19.000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 3,042 3,042 Dividends 1,000 1,000 Fees Earned 49,391 49,391 Wages Expense 21,250 21,250 Rent Expense 6,161 6,161 Depreciation Expense 4,022 4,022 Totals 75,433 75,436 31,453 49,391 44,000 26,042 Net Income (Loss) 17 958 17,958 49,391 49,391 44,000 44,000 The journal entry to close revenues and expenses would involve: Oa. debits to the expense accounts and credits to Retained Earnings and Fees Earned b. debits to the expense accounts and Retained Earnings and a credit to Fees Earned 6. a debit to Fees Earned and credits to the expense accounts and Retained Earnings d. debits to Fees Earned and Retained Earnings and credits to the expense accounts