B. Benson's worksheet showed the revenue account, Rental Fees, $1,250. The journal entry to close the account is
A) Rental Fees 1,250 Income Summary 1,250
B) Benson, Capital 1,250 Rental Fees 1,250
C) Rental Fees 1,250 Benson, Capital 1,250
D) Income Summary 1,250 Rental Fees 1,250
Correct Answer:
Verified
Q24: The balance in the J. Higgins, Withdrawals
Q25: After closing the revenue, expense, and withdrawal
Q26: The following normal account balances were
Q27: The balance in the Rent Expense account
Q28: The Rent Expense account had a normal
Q30: The Income Summary account shows debits of
Q31: How do you close the expense accounts?
A)
Q32: The entry to close the expense account(s)
Q33: Closing entries will
A) increase the Owner's Capital.
B)
Q49: The entry to close the revenue account(s)
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