What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018? Account Cash Accounts Receivable Trucks Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Credit to Income Summary of $130,000 Debit to Income Summary of $130,000 O Credit to K. Wilson, Capital of $130,000 O Credit to Trucking Fees Earned of $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018? Account Cash Accounts Receivable Trucks Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Credit to Income Summary of $130,000 Debit to Income Summary of $130,000 O Credit to K. Wilson, Capital of $130,000 O Credit to Trucking Fees Earned of $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018?
Account
Cash
Accounts Receivable
Trucks
Accumulated Depreciation
Accounts Payable
Wages Payable
K. Wilson, Capital
K. Wilson, Withdrawals
Trucking Fees Earned
Wages Expense
Depreciation Expense
Other Expenses
Credit to Income Summary of $130,000
Debit to Income Summary of $130,000
O Credit to K. Wilson, Capital of $130,000
O Credit to Trucking Fees Earned of $130,000
Debit
$
96,000
17,500
172,000
Credit
$ 36,000
65,000
4,000
175,000
20,000
130,000
61,000
23,500
20,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22b03bfe-fab8-4fd2-b3b5-1611464c1834%2Fe2f3ed45-cd27-4753-89bb-02a508131e28%2Fte70oe_processed.png&w=3840&q=75)
Transcribed Image Text:What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018?
Account
Cash
Accounts Receivable
Trucks
Accumulated Depreciation
Accounts Payable
Wages Payable
K. Wilson, Capital
K. Wilson, Withdrawals
Trucking Fees Earned
Wages Expense
Depreciation Expense
Other Expenses
Credit to Income Summary of $130,000
Debit to Income Summary of $130,000
O Credit to K. Wilson, Capital of $130,000
O Credit to Trucking Fees Earned of $130,000
Debit
$
96,000
17,500
172,000
Credit
$ 36,000
65,000
4,000
175,000
20,000
130,000
61,000
23,500
20,000
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