Use the following end-of-period spreadsheet to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31   Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 48,000       48,000   Accounts Receivable 18,000       18,000   Supplies 6,000       6,000   Equipment 57,000       57,000   Accumulated Depreciation   18,000       18,000 Accounts Payable   25,000       25,000 Wages Payable   6,000       6,000 C. Finley, Capital   33,000       33,000 C. Finley, Drawing 3,000       3,000   Fees Earned   155,000   155,000     Wages Expense 63,000   63,000       Rent Expense 27,000   27,000       Depreciation Expense 15,000             15,000                                       237,000 237,000 105,000 155,000 132,000 82,000 Net income     50,000                         50,000       155,000 155,000 132,000 132,000             Use the end-of-period spreadsheet for Finley Company. The entry to close C. Finley, Drawing would be a.debit C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000 b.debit C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000 c.debit C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000 d.debit C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. Use the following end-of-period spreadsheet to answer the question that follow.

    Finley Company
    End-of-Period Spreadsheet
    For the Year Ended December 31
      Adjusted Trial Balance Income Statement Balance Sheet
    Account Title Dr. Cr. Dr. Cr. Dr. Cr.
    Cash 48,000       48,000  
    Accounts Receivable 18,000       18,000  
    Supplies 6,000       6,000  
    Equipment 57,000       57,000  
    Accumulated Depreciation   18,000       18,000
    Accounts Payable   25,000       25,000
    Wages Payable   6,000       6,000
    C. Finley, Capital   33,000       33,000
    C. Finley, Drawing 3,000       3,000  
    Fees Earned   155,000   155,000    
    Wages Expense 63,000   63,000      
    Rent Expense 27,000   27,000      
    Depreciation Expense 15,000             15,000                                    
      237,000 237,000 105,000 155,000 132,000 82,000
    Net income     50,000                         50,000
          155,000 155,000 132,000 132,000
               

    Use the end-of-period spreadsheet for Finley Company. The entry to close C. Finley, Drawing would be
    a.debit C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000
    b.debit C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000
    c.debit C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000
    d.debit C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000
 

 

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