Answered: Jax the Max Construction had $288,000…

Name: Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100 in Depreciation Expense—Vehicles, $68,000 in Wages Expense, $1,700 i

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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Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100 in Depreciation Expense—Vehicles, $68,000 in Wages Expense, $1,700 in Phone Expense, and $14,000 in withdrawals. What entry would be needed to close the income summary account?

a.Debit Jax, Capital for $176,700 and credit Income Summary for $176,700

b.Debit Jax, Capital for $162,700 and credit Income Summary for $162,700

c.Debit Income Summary for $176,700 and credit Jax, Capital for $176,700

d.Debit Income Summary for $162,700 and credit Jax, Capital for $162,700

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