Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance Credit Balance Cash 10,000 Accounts payable 2,000 R. Gees, Capital 18,000 R. Gees, Drawing 1,000 Fees revenue 10,000 Salary expense 7,000 Rent expense 6,000 Supplies expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000
Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance Credit Balance Cash 10,000 Accounts payable 2,000 R. Gees, Capital 18,000 R. Gees, Drawing 1,000 Fees revenue 10,000 Salary expense 7,000 Rent expense 6,000 Supplies expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following account balances from the adjusted
| Account | Debit Balance | Credit Balance |
|---|---|---|
| Cash | 10,000 | |
| Accounts payable | 2,000 | |
| R. Gees, Capital | 18,000 | |
| R. Gees, Drawing | 1,000 | |
| Fees revenue | 10,000 | |
| Salary expense | 7,000 | |
| Rent expense | 6,000 | |
| Supplies expense | 6,000 |
Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.
Multiple Choice
-
Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 -
Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 -
Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 -
Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000
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