After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Zuhoor Muscat Company: Share capital: RO 778,500; Dividends: RO 63,000; Fees Revenue: RO 899,000; Wages Expense: RO 350,000; Rent Expense: RO 50,000; Supplies Expense: RO 7,0003; Miscellaneous Expense RO 8,000. After closing off all the revenue and expense accounts, the Income Summary account will show a balance of: O a. None of the options are correct O b. RO 467,000 O c. RO 467,300 O d. RO 484,000 O e. RO 567,000

After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Zuhoor Muscat Company: Share capital: RO 778,500; Dividends: RO 63,000; Fees Revenue: RO 899,000; Wages Expense: RO 350,000; Rent Expense: RO 50,000; Supplies Expense: RO 7,0003; Miscellaneous Expense RO 8,000. After closing off all the revenue and expense accounts, the Income Summary account will show a balance of: O a. None of the options are correct O b. RO 467,000 O c. RO 467,300 O d. RO 484,000 O e. RO 567,000

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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