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The following are income and expense items on the adjusted trial balance of NW Company: Fees Earned $18,944 Rent Expense 4,500 Wages Expense 5,678 Miscellaneous Expense 340 Which of the following will be included in the entry to close revenue and expenses? a.Debit to Owner Capital for $8,426 b.Credit to Owner Capital for $4,500 c.Debit to Owner Capital for $340 d.Credit to Owner Capital for $8,426

The following are income and expense items on the adjusted trial balance of NW Company: Fees Earned $18,944 Rent Expense 4,500 Wages Expense 5,678 Miscellaneous Expense 340 Which of the following will be included in the entry to close revenue and expenses? a.Debit to Owner Capital for $8,426 b.Credit to Owner Capital for $4,500 c.Debit to Owner Capital for $340 d.Credit to Owner Capital for $8,426

FINANCIAL ACCOUNTING
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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The following are income and expense items on the adjusted trial balance of NW Company:

Fees Earned $18,944
Rent Expense 4,500
Wages Expense 5,678
Miscellaneous Expense 340

Which of the following will be included in the entry to close revenue and expenses?
a.Debit to Owner Capital for $8,426
b.Credit to Owner Capital for $4,500
c.Debit to Owner Capital for $340
d.Credit to Owner Capital for $8,426
 
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