Use the following account balances from the adjusted trial balance of Gees Catering:AccountDebitBalance10,000CreditBalanceCash TIMEAccounts payable.R. Gees, Capital.R. Gees, DrawingFees revenueSalary expenseRent expenseSupplies expense7,0006,0006,000Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.1,0002,00018,00010,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.Multiple ChoiceOAccount NameIncome SummaryR. Gees, CapitalAccount NameR. Gees, CapitalIncome SummaryAccount NameR. Gees, CapitalIncome SummaryAccount NameIncome SummaryR. Gees, CapitalDebit$19,000Debit$19,000Debit$9,000Debit$9,000Credit$19,000Credit$19,000Credit$9,000Credit$9,000b

The process of recording business transactions in the books of accounts for the first time is known…

Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance 10,000 Credit Balance: Cash Accounts payable R. Gees, Capital R. Gees, Drawing Fees revenue 7,000 Salary expense Rent expense Supplies expense 6,000 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. 1,000 2,000 18,000 10,000

Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance 10,000 Credit Balance: Cash Accounts payable R. Gees, Capital R. Gees, Drawing Fees revenue 7,000 Salary expense Rent expense Supplies expense 6,000 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. 1,000 2,000 18,000 10,000

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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