The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Brendon, Capital? J. Brendon, Capital J. Brendon, Withdrawals Services revenue Depreciation Expense-Equipment Wages expense Interest expense Insurance expense Rent expense Multiple Choice $35,000. $49,500. $89,500. $101,500. $ 156,000 54,500 260,000 16,900 98,800 4,800 16,200 33,800

The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Brendon, Capital? J. Brendon, Capital J. Brendon, Withdrawals Services revenue Depreciation Expense-Equipment Wages expense Interest expense Insurance expense Rent expense Multiple Choice $35,000. $49,500. $89,500. $101,500. $ 156,000 54,500 260,000 16,900 98,800 4,800 16,200 33,800

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Summary account
that should be closed to Brendon, Capital?
J. Brendon, Capital
J. Brendon, Withdrawals
Services revenue
Depreciation Expense-Equipment
Wages expense
Interest expense
Insurance expense
Rent expense
Multiple Choice
$35,000.
$49,500.
$89,500.
$101,500.
$ 156,000
54,500
260,000
16,900
98,800
4,800
16,200
33,800

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