Use the adjusted trial balance for Stockton Company to answer the question that follows.

Line Item Description	Amount	Amount
Cash	6,476
Accounts Receivable	2,815
Prepaid Expenses	620
Equipment	13,291
Accumulated Depreciation		9,363
Accounts Payable		1,766
Notes Payable		5,270
Common Stock		1,000
Retained Earnings		3,971
Dividends	690
Fees Earned		7,576
Wages Expense	3,436
Rent Expense	767
Utilities Expense	497
Depreciation Expense	258
Miscellaneous Expense	96
Total	28,946	28,946

Determine the total liabilities for the period.

a. $16,399

b. $7,036

c. $4,971

d. $13,839

2. Use this end-of-period spreadsheet to answer the question that follow.

Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	48,000				48,000
Accounts Receivable	18,000				18,000
Supplies	6,000				6,000
Equipment	57,000				57,000
Accumulated Depr.		18,000				18,000
Accounts Payable		25,000				25,000
Wages Payable		6,000				6,000
Common Stock		30,000				30,000
Retained Earnings		3,000				3,000
Dividends	3,000				3,000
Fees Earned		155,000		155,000
Wages Expense	63,000		63,000
Rent Expense	27,000		27,000
Depreciation Expense	15,000		15,000
Sub Total	237,000	237,000	105,000	155,000	132,000	82,000
Net income			50,000			50,000
Total			155,000	155,000	132,000	132,000

The journal entry to close revenues and expenses would involve

a. a debit to Fees Earned and credits to the expense accounts and Retained Earnings

b. debits to the expense accounts and Retained Earnings and a credit to Fees Earned

c. debits to the expense accounts and credits to Retained Earnings and Fees Earned

d. debits to Fees Earned and Retained Earnings and credits to the expense accounts