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1. The following balances are stated below: Cash $1,170 Supplies 1,930 Prepaid Insurance 600 Equipment 20,600 Accumulated depreciation 5,400 Accounts Payable 500 Unearned Revenue 700 Capital 13,925 Withdrawal 4,800 Revenue-Fees Earned 21,700 Salary Expense 6,900 Depreciation Expense 2,000 Supplies Expense 800 Insurance Expense 400 Using this information for questions 16-20 answer the following questions as they relate to closing entries 16. Which answer would best represent the closing entry for a revenue type account? 1. debit to income summary for $22,400 2. credit to income summary for $21,700 3. credit to revenue for $21,700 4. debit to income summary for $21,700 17. Which answer would represent the closing entry for expense type account? 1. debit income summary for $10,100 2. debit income summary for $15,500 3. debit accumulated depreciation $5,400 4. credit depreciation expense $2,000 18. Which answer would represent the proper closing out of profit or loss for the period? 1. debit income summary for $11,600 2. debit capital for $11,600 3. credit income summary for $12,300 4. credit capital $12,300 19. Which answer would represent the proper entry for closing out the withdrawals? 1. debit withdrawals for $4,800 2. debit capital for $4,800 3. credit income summary for $4,800 4. none of the above are correct 20. After recording the proper closing entries what is the Capital account balance at the end of the period? 1. $20,725 2. $13,925 3. $20,600 4. $15,500

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