The journal entry to close the Fees Earned, $275, and Rent Revenue, $200, accounts on December 31st during the closing process would be
A) Dec. 31 Fees Earned 275 Rent Revenue 200
Income Summary 475
B) Dec. 31 Income Summary 475 Fees Earned 275
Rent Revenue 200
C) Dec. 31 Revenues 475 Income Summary 475
D) Dec. 31 Income Summary 475 Revenues 475
Correct Answer:
Verified
Q88: Current liabilities are those liabilities that
A) will
Q98: Use the information in the adjusted trial
Q99: Use the information in the adjusted trial
Q100: The classified balance sheet will have liabilities
Q101: The entry to close the appropriate insurance
Q102: There are four closing entries. The first
Q107: The following accounts were taken from the
Q109: Which of the accounts below would be
Q112: Which of the following accounts will be
Q113: What is the last account that should
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents