A company had revenues of $58,500 and expenses of $45,500 for the accounting period. The owner withdrew $6,450 In cash during the sam period. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $45,500, credit Expenses $45,500. Debit Income Summary $58,500; credit Revenues $58,500. Debit Income Summary $13,000; credit Owner's, Capital $13,000. Debit Owner's, Capital $6,450, credit Owner's, Withdrawals $6,450. Help Save & Debit Revenues $58,500; credit Income Summary $58,500.
A company had revenues of $58,500 and expenses of $45,500 for the accounting period. The owner withdrew $6,450 In cash during the sam period. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $45,500, credit Expenses $45,500. Debit Income Summary $58,500; credit Revenues $58,500. Debit Income Summary $13,000; credit Owner's, Capital $13,000. Debit Owner's, Capital $6,450, credit Owner's, Withdrawals $6,450. Help Save & Debit Revenues $58,500; credit Income Summary $58,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![A company had revenues of $58,500 and expenses of $45,500 for the accounting period. The owner withdrew $6,450 in cash during the same
period. Which of the following entries could not be a closing entry?
Multiple Choice
Debit Income Summary $45,500, credit Expenses $45,500.
Debit Income Summary $58,500; credit Revenues $58,500.
Debit Income Summary $13,000; credit Owner's, Capital $13,000.
Debit Owner's, Capital $6,450, credit Owner's, Withdrawals $6,450.
Help Save & Exit
Debit Revenues $58,500; credit Income Summary $58,500.
SE](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30087330-3f61-40cc-b404-55ea18b96426%2F4b26b5d7-6ce6-4af9-96e0-913a7b730b53%2F1rru54u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A company had revenues of $58,500 and expenses of $45,500 for the accounting period. The owner withdrew $6,450 in cash during the same
period. Which of the following entries could not be a closing entry?
Multiple Choice
Debit Income Summary $45,500, credit Expenses $45,500.
Debit Income Summary $58,500; credit Revenues $58,500.
Debit Income Summary $13,000; credit Owner's, Capital $13,000.
Debit Owner's, Capital $6,450, credit Owner's, Withdrawals $6,450.
Help Save & Exit
Debit Revenues $58,500; credit Income Summary $58,500.
SE
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