Time left 0:06:2After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from theledger of Zuhoor Muscat Company: Share capital: RO 778,500; Dividends: RO 63,000; Fees Revenue: RO 999,00%3;Wages Expense: RO 400,000; Rent Expense: RO 50,000; Supplies Expense: RO 7,000; Miscellaneous Expense RO10,000. To close off the expense accounts will require a debit to Income Summary of:a.RO 467,000O b. None of the options are correctO c. RO 467,300O d. RO 567,200O e.RO 567,000NEXT PAGE2025B.here to search- 10 S

It is pertinent to note that incomes and expenses at the end of the year are closed by transferring…

Answered: debit to Income Summary of:

Business

Accounting

debit to Income Summary of:

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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Question

Time left 0:06:2
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 999,00%3;
Wages Expense: RO 400,000; Rent Expense: RO 50,000; Supplies Expense: RO 7,000; Miscellaneous Expense RO
10,000. To close off the expense accounts will require a debit to Income Summary of:
a.
RO 467,000
O b. None of the options are correct
O c. RO 467,300
O d. RO 567,200
O e.
RO 567,000
NEXT PAGE
2025
B.
here to search
- 10 S

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