Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Retained earnings account has a credit balance of $51,000 before closing entries are made. Services revenue for the period is $69,200, wages expense is

The Retained earnings account has a credit balance of $51,000 before closing entries are made. Services revenue for the period is $69,200, wages expense is $46,800, and dividends are $14,600. What is the correct closing entry for the expense accounts? Multiple Choice Debit Wages Expense $46,800; credit Income Summary $46,800. Debit Income Summary $46,800; credit Wages Expense $46,800. Debit Wages Expense $51,000; credit Retained Earnings $51,000. Debit Income Summary $46,800; credit Retained

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Reporting Analysis And Decision Making

Authors: Shirley Carlon, Rosina Mcalpine, Chrisann Lee, Lorena Mitrione, Ngaire Kirk, Lily Wong

7th Edition

0730395294, 978-0730395294

More Books

Students also viewed these Accounting questions

Question

Able to describe variations in rewards practices.

Answered: 1 week ago