In the first closing entry for Elliptical Consulting (owned by Jayson Neese) if the revenue (fees earned) for the year is $60,000 and the total expenses incurred for the year are $37.975, what does the credit to Neese's Capital account for $22.025 represent or accomplish? JOURNAL Date p.ref. Debit Credit Description Adjusting Entries June 30 Fees Earned 60,000 Expenses 37.975 Jayson Neese, Capital 22,025 The closing entry is incorrect. The $22,025 should be debited in the closing process, not credited The $22,025 represents Neese's ending Capital account for the period or Neese's total net worth The $22.025 represents the Net Income for the period. A credit to Neese's Capital account sint in the Question 46 2 pts On the Balance Sheet for Davis Consulting, what amounts should be recorded for Total Assets and the Total Liabilities and Owner's Equity sections $126,000 Total Assets: $105,900 Total Liabilities and Owner's Equity $126,000 Total Assets: $126,000 Total Liabilities and Owner's Equity $105,900 Total Assets: $105.900 Total Liabilities and Owner's Equity $111.900 Total Assets: $111.900 Total Liabilities and Owner's Equity In the first closing entry for Elliptical Consulting (owned by Jayson Neese) if the revenue (fees earned) for the year is $60,000 and the total expenses incurred for the year are $37.975, what does the credit to Neese's Capital account for $22.025 represent or accomplish? JOURNAL Date p.ref. Debit Credit Description Adjusting Entries June 30 Fees Earned 60,000 Expenses 37.975 Jayson Neese, Capital 22,025 The closing entry is incorrect. The $22,025 should be debited in the closing process, not credited The $22,025 represents Neese's ending Capital account for the period or Neese's total net worth The $22.025 represents the Net Income for the period. A credit to Neese's Capital account sint in the Question 46 2 pts On the Balance Sheet for Davis Consulting, what amounts should be recorded for Total Assets and the Total Liabilities and Owner's Equity sections $126,000 Total Assets: $105,900 Total Liabilities and Owner's Equity $126,000 Total Assets: $126,000 Total Liabilities and Owner's Equity $105,900 Total Assets: $105.900 Total Liabilities and Owner's Equity $111.900 Total Assets: $111.900 Total Liabilities and Owner's Equity