Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If the following balances are exist in the adjusted trial balance:Service revenues $ 35,000Interest exper 10,000Salaries Expense $ 30,000 Rent Revenues $4,000Depreciation Expense $

image text in transcribedimage text in transcribed

If the following balances are exist in the adjusted trial balance:Service revenues $ 35,000Interest exper 10,000Salaries Expense $ 30,000 Rent Revenues $4,000Depreciation Expense $ 7,000Drawings $ 3,000 entry for the Income summary would include: a. Income summary account should be Debited (Dr.) by $ 8,000. b. Capital account should be Debited (Dr.) by $ 8,000. O c. Capital account should be Credited (Cr.) by $ 11,000. Od. Income summary account should be Credited (Cr.) by $ 11,000. Clear my choice

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What the Numbers Mean

Authors: David Marshall, Wayne McManus, Daniel Viele

11th edition

1259535312, 978-1259535314

More Books

Students also viewed these Accounting questions