The income statement credit column of the worksheet showed the following revenues: Maintenance Fees $800
Professional Fees 700
The journal entry to close the revenue accounts is
A) $$\begin{array}{l}
\text { Income Summary } \quad 1,500\
\begin{array} { l l }
\text { Maintenance Fees } & 800 \
\text { Professional Fees } & 700
\end{array}
\end{array}$$
B) Maintenance Fees $\quad 800$
Professional Fees $\quad 700$
Income Summary$\quad 1,500$
C) Capital $\quad 1,500$
income summary $\quad 1,500$
D) $$\begin{array} { l l l }
\text { Maintenance Fees } & 800 & \
\text { Professional Fees } & 700 & \
\quad \text { Capital } & & 1,500
\end{array}$$

Question

The income statement credit column of the worksheet showed the following revenues: Maintenance Fees $800
Professional Fees 700
The journal entry to close the revenue accounts is
A) $$\begin{array}{l}
\text { Income Summary } \quad 1,500\
\begin{array} { l l } 
\text { Maintenance Fees } & 800 \
\text { Professional Fees } & 700
\end{array}
\end{array}$$
B) Maintenance Fees $\quad 800$
Professional Fees $\quad 700$
Income Summary$\quad 1,500$
C) Capital $\quad 1,500$
income summary $\quad 1,500$
D) $$\begin{array} { l l l } 
\text { Maintenance Fees } & 800 & \
\text { Professional Fees } & 700 & \
\quad \text { Capital } & & 1,500
\end{array}$$

Quizplus · Accepted Answer

The journal entry to close revenue accounts is to debit the revenue accounts (Maintenance Fees and Professional Fees) and credit the Income Summary account for the same amount. Therefore, the correct option is B, which shows the debits to Maintenance Fees and Professional Fees and a credit to Income Summary for $800 and $700, respectively, totaling $1,500.

The Income Statement Credit Column of the Worksheet Showed the Following