Question
The F. Mercury, Capital account has a credit balance of $46,000 before closing entries are made. Total revenues for the period are $64,200, total expenses
The F. Mercury, Capital account has a credit balance of $46,000 before closing entries are made. Total revenues for the period are $64,200, total expenses are $44,300, and withdrawals are $12,600. What is the correct closing entry for the revenue accounts?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
10th Canadian Edition Volume 2
1118300858, 978-1118300855
