A company's ledger accounts and their end-of-perlod balances before closing entries are posted are shown below. What amount will be pr Wilson Peters, Capital In the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue Rent expense Salaries expense Insurance expense Depreciation Expense-equipment lated depreciation-equipment $ 8,000 11,200 32,000 3,200 7,500 360 540 1,620

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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$9,200 credit.
$20,400 credit.
$22,020 credit.
$20,400 debit.
Transcribed Image Text:$9,200 credit. $20,400 credit. $22,020 credit. $20,400 debit.
A company's ledger accounts and their end-of-perlod balances before closing entries are posted are shown below. What amount will be posted to
Wilson Peters, Capital In the process of closing the Income Summary account? (Assume all accounts have normal balances.)
Wilson Peters,
Capital
Wilson Peters, Withdrawals
Revenue
Rent expense
Salaries expense
Insurance expense
Depreciation Expense-equipment
Accumulated depreciation-equipment
$ 8,000
11,200
32,000
3,200
7,500
360
540
1,620
Transcribed Image Text:A company's ledger accounts and their end-of-perlod balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital In the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue Rent expense Salaries expense Insurance expense Depreciation Expense-equipment Accumulated depreciation-equipment $ 8,000 11,200 32,000 3,200 7,500 360 540 1,620
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