Novelty Toys Limited Trial Balance December 31, 20 $ 7,750 6,375 11,250 $3,000 3,875 11,250 Cash Accounts receivable Office equipment Accumulated Depreciation Accounts payable Share Capital Retained earnings Dividends Fees Eamed Salaries expense Advertising expense Depreciation expense 3,750 22,750 8,000 1,625 2,125 $40.875 S40.875 11. Refer to the above data. The entry to close the Fees Earned account will: A. Produce a zero balance in that account when posted. B. Include a debit to Income Summary. C. Include a credit to Fees Earned. D. Include a debit to Share Capital. 12. Refer to the above data. Profit for the period equals: A. $18,375. B. $11,000 C. $5,800 D. Some other amount. 13. Refer to the above data. After closing the accounts, Retained earnings at December 31 equals: A. $11,000 B. $7,250. C. Zero D. Some other amount 14. Refer to the above data. The total debits in the After-Closing Trial Balance will equal: A. $25,375. B. $29,125. C. $40,875. D. Some other amount. 15. Refer to the above data. Income Summary will have what balance before it is closed? A. Zero. B. $11,750. C. $7,250. D. Some other amount