After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken fromthe ledger of Zuhoor Muscat Company: Share capital: RO 800,500; Dividends: RO 30,000; Fees Revenue: RO 779,000;Salaries Expense: RO 402,000; Rent Expense: RO 59,000; Supplies Expense: RO 4,200; Miscellaneous Expense RO 10,400.To close off the expense accounts will require a debit to Income Summary of:O a. RO 475,600O b. RO 405,136O c. RO 521,000O d. None of the options are correctO e. RO 467,600

It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…

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

After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from
the ledger of Zuhoor Muscat Company: Share capital: RO 800,500; Dividends: RO 30,000; Fees Revenue: RO 779,000;
Salaries Expense: RO 402,000; Rent Expense: RO 59,000; Supplies Expense: RO 4,200; Miscellaneous Expense RO 10,400.
To close off the expense accounts will require a debit to Income Summary of:
O a. RO 475,600
O b. RO 405,136
O c. RO 521,000
O d. None of the options are correct
O e. RO 467,600

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