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| 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:
Select one:
a. debit Fees Earned, $155,000; credit Income Summary, $155,000
b. debit C. Finley, Capital, $155,000; credit Fees Earned, $155,000
c. credit Fees Earned, $155,000; credit C. Finley, Capital, $155,000
d. debit Income Summary, $155,000; credit Fees Earned, $155,000
Answer & Explanation
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