Queston 48 Not yet answered IF X Company has the following balances Cash 10,000 Equipment 50,000 inventory 5,000 Long term investment 3,000 Franchise 4,000 Accounts receivable 7,000 Supplies 3,000 the total current assets shown in the classified balance sheet is Marked out of 1.00 F Flag question O a. 22,000 b. other amount O c 29,000 O d. 25,000 Previous page Next page FIC CILJ Question 47 Not yet answered Marked out of 1.00 If the following balances are exist in the adjusted trial balance Service revenues $ 45,000Interest expense $ 10,000Salaries Expense $ 30,000Rent Revenues $ 4.000Depreciation Expense $ 7,000Drawings $3,000 The closing entry for the Expense Accounts should affect the Income summary account as: O a. Income summary account should be Credited (Cr) by $ 47,000. O b.Income summary account should be Debited (Dr.) by $ 50,000 OcIncome summary account should be Debited (Dr) by $ 47,000. Od Income summary account should be credited (c) by S 50,000, P Flag question Previous page Next page