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ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300

ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300
Transcribed Image Text:ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300
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