Question
The income statement credit column of the worksheet showed the following revenues: Catering Fees Earned $640 Cleaning Fees Earned 860 The journal entry to close
The income statement credit column of the worksheet showed the following revenues:
| Catering Fees Earned | $640 |
| Cleaning Fees Earned | 860 |
The journal entry to close the revenue accounts is:
A.
| Capital | 1,500 |
| Income Summary | 1,500 |
B.
| Catering Fees Earned | 640 |
| Cleaning Fees Earned | 860 |
| Capital | 1,500 |
C.
| Income Summary | 1,500 |
| Catering Fees Earned | 640 |
| Cleaning Fees Earned | 860 |
D.
| Catering Fees Earned | 640 |
| Cleaning Fees Earned | 860 |
| Income Summary | 1,500 |
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Federal Tax Accounting 2022
Authors: Frank L. Brunetti
1st Edition
080805631X, 9780808056317
