Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following account balances from the adjusted trial balance of Gees Catering Debit Balance 10,000 Credit Balance 2,000 18,000 Account Cash Accounts payable R.

image text in transcribed

image text in transcribed

Use the following account balances from the adjusted trial balance of Gees Catering Debit Balance 10,000 Credit Balance 2,000 18,000 Account Cash Accounts payable R. Gees, Capital R. Gees, Drawing Fees revenue Salary expense Rent expense Supplies expense 1,000 10,000 7,000 6,000 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Credit Account Name Income Summary R. Gees, Capital Debit $19,000 $19,000 Credit Account Name R. Gees, Capital Income Summary Debit $19,000 $19,000 Credit Account Name R. Gees, Capital Income Summary Debit $9,000 $9,000 Credit Account Name Income Summary R. Gees, Capital Debit $9,000 $9,000

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

Accounting The Basis For Business Decisions

Authors: Robert F. Meigs, Mary A. Meigs, Mark Bettner, Ray Whittington

10th Edition

0070433607, 978-0070433601

More Books

Students also viewed these Accounting questions

Question

What are the maximum sum-of-the-angles for a triangle on a sphere?

Answered: 1 week ago

Question

Define line and staff authority

Answered: 1 week ago

Question

Define the process of communication

Answered: 1 week ago

Question

Explain the importance of effective communication

Answered: 1 week ago

Question

* What is the importance of soil testing in civil engineering?

Answered: 1 week ago