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| For the Year Ended December 31 |
| | Adjusted Trial Balance | Income Statement | Balance Sheet |
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | 16,000 | | | | 16,000 | |
| Accounts Receivable | 6,000 | | | | 6,000 | |
| Supplies | 2,000 | | | | 2,000 | |
| Equipment | 19,000 | | | | 19,000 | |
| Accumulated Depr. | | 6,000 | | | | 6,000 |
| Accounts Payable | | 10,000 | | | | 10,000 |
| Wages Payable | | 2,000 | | | | 2,000 |
| Common Stock | | 5,000 | | | | 5,000 |
| Retained Earnings | | 8,004 | | | | 8,004 |
| Dividends | 1,000 | | | | 1,000 | |
| Fees Earned | | 44,669 | | 44,669 | | |
| Wages Expense | 21,425 | | 21,425 | | | |
| Rent Expense | 6,067 | | 6,067 | | | |
| Depreciation Expense | 4,181 | | 4,181 | | | |
| Totals | 75,673 | 75,673 | 31,673 | 44,669 | 44,000 | 31,004 |
| Net Income (Loss) | | | 12,996 | | | 12,996 |
| | | | 44,669 | 44,669 | 44,000 | 44,000 |
The journal entry to close revenues and expenses would involve:
a.debits to the expense accounts and credits to Retained Earnings and Fees Earned
b.a debit to Fees Earned and credits to the expense accounts and Retained Earnings
c.debits to Fees Earned and Retained Earnings and credits to the expense accounts
d.debits to the expense accounts and Retained Earnings and a credit to Fees Earned
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