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The journal entry to close revenues would be: credit Fees Earned, $48,962; credit Common Stock, $48,962 debit Fees Earned, $48,962; credit Income Summary, $48,962 debit
The journal entry to close revenues would be:
credit Fees Earned, $48,962; credit Common Stock, $48,962
debit Fees Earned, $48,962; credit Income Summary, $48,962
debit Common Stock, $48,962, credit Fees Earned, $48,962
debit Income Summary, $48,962; credit Fees Earned, $48,962
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit 16,000 16,000 Cash Accounts Receivable 6,000 6,000 2,000 2,000 Supplies Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 2,000 2,000 Wages Payable Common Stock 5,000 5,000 Retained Earnings 3,642 3,642 1,000 1,000 Dividends 48,962 Fees Earned 48,962 19,875 Wages Expense 19,875 Rent Expense 6,030 6,030 Depreciation Expense 5,699 5,699 Totals 75,604 75,604 48,962 31,604 44,000 26,642Step by Step Solution
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