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PLEASE HELP ASAP! Question 14 4 pts Use the following adjusted trial balance compiled for our company on December 31 of the current year to
PLEASE HELP ASAP!
Question 14 4 pts Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit Cash $2,000 Accounts receivable $3,000 $5,000 Equipment Accounts payable $3,500 Common stock $2,000 Retained earnings $350 Dividends Service revenue $8,000 Salaries expense $2,000 Advertising expense $1,150 [Select ] Select the correct closing entry for revenues from the table below: Debit Credit A Service revenue $6,000 $6,000 Income summary $8.000 Income summary Service revenue $8,000 $6,000 Income summary Service revenue $6,000 D Service revenue $8,000 Income summary $8,000 [Select Select the correct closing entry for expenses from the table below: Credit Debit A Salaries expense $2,000 Advertising expense $1,150 $3,150 Income summary B Income summary $3,150 Salaries expense $2,000 Advertising expense $1,150 C Expenses $3,150 $3,150 Income summary D Income summary $3,150 $3,150 Expenses [Select ] Select the correct entry to close income summary from the table below: Debit Credit A Retained earnings $4,850 $4,850 Income summary B Income summary $4,850 Retained earnings $4,850 C Income summary $8,000 $8,000 Revenue $6,850 D Net income Retained earnings $6,850 [Select Select the correct closing entry for dividends from the table below: Debit Credit $350 A Dividends Income summary $350 B Dividends $350 Retained earnings $350 C Income summary $350 Dividends $350 D Retained earnings $350 $350 DividendsStep by Step Solution
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