The journal entry to close revenues and expenses would involve: Alabama A&M AppsAnywhere* CengageNOWv2 | Online teachin xG how to screenshot on hp laptop xContentA v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailO YouTube Maps a NewsE Reading list2.Accounts Payable10,00010,0003.Wages Payable2,0002.000Common Stock5,0005,0004.Retained Earnings10,96610,9665.Dividends1,0001,000Fees Earned41,97041,9706.Wages Expense19,88219,8827.Rent Expense6,5986,598Depreciation Expense5,4565,4568.Totals75,93675,93631,93641,97044,00033,9669.Net Income (Loss)10,03410,03441,97041,97044,00044,00010.The journal entry to close revenues and expenses would involve:11.Oa. debits to the expense accounts and Retained Earnings and a credit to Fees EarnedOb. a debit to Fees Earned and credits to the expense accounts and Retained Earnings12.Oc. debits to the expense accounts and credits to Retained Earnings and Fees EarnedOd. debits to Fees Earned and Retained Earnings and credits to the expense accounts13.14.Next>PreviousProgress: 4/32 itemsCengageNOWv2.h.tmlShow all1:08 PMP Type here to search99+aへg ロ伝)6/19/2021近 Alabama A&M AppsAnywhere* CengageNOWv2 | Online teachin xG how to screenshot on hp laptop x +ContentA v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailO YouTubeA Maps a NewsE Reading listExam 2 (CH4, 7,10)Finley Company1.End-of-Period SpreadsheetFor the Year Ended December 31Adjusted Trial BalanceIncome StatementBalance Sheet3.Account TitleDebitCreditDebitCreditDebitCredit4Cash16,00016,000Accounts Receivable6,0006,0005.Supplies2,0002,0006.Equipment19,00019,000Accumulated Depr.6,0006,0007.Accounts Payable10,00010,0008.Wages Payable2,0002,000Common Stock5,0005,0009.Retained Earnings10,96610,96610.Dividends1,0001,000Fees Earned41,97041,97011.Wages Expense19,88219,88212.Rent Expense6,5986,598Depreciation Expense5,4565,45613.CengageNOWv2.htmlShow all1:08 PMP Type here to search99+aへg ロ6 )6/19/2021近

Journal entry refers to recording and classifying the business transaction into books of accounts…

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The journal entry to close revenues and expenses would involve:

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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Question

The journal entry to close revenues and expenses would involve:

Alabama A&M AppsAnywhere
* CengageNOWv2 | Online teachin x
G how to screenshot on hp laptop x
Content
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
E Apps M Gmail
O YouTube Maps a News
E Reading list
2.
Accounts Payable
10,000
10,000
3.
Wages Payable
2,000
2.000
Common Stock
5,000
5,000
4.
Retained Earnings
10,966
10,966
5.
Dividends
1,000
1,000
Fees Earned
41,970
41,970
6.
Wages Expense
19,882
19,882
7.
Rent Expense
6,598
6,598
Depreciation Expense
5,456
5,456
8.
Totals
75,936
75,936
31,936
41,970
44,000
33,966
9.
Net Income (Loss)
10,034
10,034
41,970
41,970
44,000
44,000
10.
The journal entry to close revenues and expenses would involve:
11.
Oa. debits to the expense accounts and Retained Earnings and a credit to Fees Earned
Ob. a debit to Fees Earned and credits to the expense accounts and Retained Earnings
12.
Oc. debits to the expense accounts and credits to Retained Earnings and Fees Earned
Od. debits to Fees Earned and Retained Earnings and credits to the expense accounts
13.
14.
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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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