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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 income summary would be

Select one:

a. debit Income Summary, $155,000; credit C. Finley, Capital, $155,000

b. debit Income Summary, $50,000; credit C. Finley, Capital, $50,000

c. debit C. Finley, Capital, $9,000; credit Income Summary, $9,000

d. debit C. Finley, Capital, $50,000; credit Income Summary, $50,000

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