If the following balances are exist in the adjusted trial balance: Service revenues $ 45,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Rent Revenues $ 4,000 Depreciation Expense $ 7,000 Drawings $ 3,000 The closing entry for the Expense Accounts should affect the Income summary account as: Income summary account should be Credited (Cr.) by $ 47,000. O b. Income summary account should be Debited (Dr.) by $ 47,000o. O C Income summary account should be Debited (Dr.) by $ 50,000. Od. Income summary account should be Credited (Cr.) by $ 50,000.

If the following balances are exist in the adjusted trial balance: Service revenues $ 45,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Rent Revenues $ 4,000 Depreciation Expense $ 7,000 Drawings $ 3,000 The closing entry for the Expense Accounts should affect the Income summary account as: Income summary account should be Credited (Cr.) by $ 47,000. O b. Income summary account should be Debited (Dr.) by $ 47,000o. O C Income summary account should be Debited (Dr.) by $ 50,000. Od. Income summary account should be Credited (Cr.) by $ 50,000.

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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