QUESTION 1 Moda, Capital account has a credit balance of $56,300 before closing entries are...
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QUESTION 1 Moda, Capital account has a credit balance of $56,300 before closing entries are made. Total revenues for the period are 573 100, total expenses are $41,800, and withdrawals are $12,600. What is the correct closing entry for the revenue accounts? O A. Debit Revenue accounts 556,300, credit Moda, Capital 556,300 OB. Debit Income Summary 556,300; credit Moda, Capital $56,300 O Debit Revenue accounts $73,100, credit Income Summary $73,100. O D. Debit Revenue accounts $73,100, credit Moda, Capital 556,300 QUESTION 2 Transactions are entered in the ledger accounts and then transferred to journals True False QUESTION 11 When preparing Post-Closing Trial Balance, total debits must always be greater than total credits True O False QUESTION 12 The following transactions occurred during July 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business 11. Provided services to a customer on credit, $375, ili . Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? O A $375 O B. $3.825 O C. $2,575 D. $1,625
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