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The income statement debit column of the worksheet showed the following expenses: $1,000 Supplies Expense Depreciation Expense Salaries Expense 600 400 The journal entry to close the expense accounts is: O A. Income Summary 2,000 Capital 2,000 2,000 O B. Income Summary Supplies Expense Depreciation Expense Salaries Expense 1,000 600 400

The income statement debit column of the worksheet showed the following expenses: $1,000 Supplies Expense Depreciation Expense Salaries Expense 600 400 The journal entry to close the expense accounts is: O A. Income Summary 2,000 Capital 2,000 2,000 O B. Income Summary Supplies Expense Depreciation Expense Salaries Expense 1,000 600 400

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 income statement debit column of the worksheet showed the following expenses: $1,000 Supplies Expense Depreciation Expense Salaries Expense 600 400 The journal entry to close the expense accounts is: O A. Income Summary 2,000 Capital 2,000 O B. Income Summary 2,000 1,000 Supplies Expense 600 Depreciation Expense 400 Salaries Expense 1,000 O C. Supplies Expense
Transcribed Image Text:The income statement debit column of the worksheet showed the following expenses: $1,000 Supplies Expense Depreciation Expense Salaries Expense 600 400 The journal entry to close the expense accounts is: O A. Income Summary 2,000 Capital 2,000 O B. Income Summary 2,000 1,000 Supplies Expense 600 Depreciation Expense 400 Salaries Expense 1,000 O C. Supplies Expense
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