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For the year ended December 31, a company had revenues of $201,000 and expenses of $120,600. The owner withdrew $40,200 during the year. Which of
For the year ended December 31, a company had revenues of $201,000 and expenses of $120,600. The owner withdrew $40,200 during the year. Which of the following entries could not be a closing entry?
Multiple Choice
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Debit Income Summary $80,400; credit Owner's, Capital $80,400.
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Debit Owners Capital $40,200; credit Owner Withdrawals $40,200.
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Debit revenues $201,000; credit Income Summary $201,000.
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Debit Income Summary $120,600, credit expenses $120,600.
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Debit Income Summary $201,000; credit revenues $201,000.
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