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Use the following end-of-period spreadsheet below to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance
Use the following end-of-period spreadsheet below to answer the question that follow.
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 |
Cash | 48,000 | 48,000 | ||||
Accounts Receivable | 18,000 | 18,000 | ||||
Supplies | 6,000 | 6,000 | ||||
Equipment | 57,000 | 57,000 | ||||
Accumulated Depreciation | 18,000 | 18,000 | ||||
Accounts Payable | 25,000 | 25,000 | ||||
Wages Payable | 6,000 | 6,000 | ||||
C. Finley, Capital | 33,000 | 33,000 | ||||
C. Finley, Drawing | 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 | ||||
Totals | 237,000 | 237,000 | 105,000 | 155,000 | 132,000 | 82,000 |
Net Income (Loss) | 50,000 | 50,000 | ||||
155,000 | 155,000 | 132,000 | 132,000 |
The journal entry to close revenues would be:
: a.debit C. Finley, Capital, $155,000; credit Fees Earned, $155,000
: b.debit Income Summary, $155,000; credit Fees Earned, $155,000
: c.credit Fees Earned, $155,000; credit C. Finley, Capital, $155,000
: d.debit Fees Earned, $155,000; credit Income Summary, $155,000
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