[The following information applies to the questions displayed below.]
Shown below is the adjusted Trial Balance for Simon Inc. ,on December 31,after the first year of operations,after adjusting entries:

-The entry to close the Service Fees Earned account will:
A)Produce a zero balance in that account when posted.
B)Include a debit to Income Summary.
C)Include a credit to Service Fees Earned.
D)Include a debit to Capital Stock.

Question

[The following information applies to the questions displayed below.]
Shown below is the adjusted Trial Balance for Simon Inc. ,on December 31,after the first year of operations,after adjusting entries:
 
-The entry to close the Service Fees Earned account will:
A)Produce a zero balance in that account when posted. 
B)Include a debit to Income Summary. 
C)Include a credit to Service Fees Earned. 
D)Include a debit to Capital Stock.

Quizplus · Accepted Answer

The Answer of [The following information applies to the questions displayed below.]
Shown below is the adjusted Trial Balance for Simon Inc. ,on December 31,after the first year of operations,after adjusting entries:
 
-The entry to close the Service Fees Earned account will:
A)Produce a zero balance in that account when posted. 
B)Include a debit to Income Summary. 
C)Include a credit to Service Fees Earned. 
D)Include a debit to Capital Stock.

[The Following Information Applies to the Questions Displayed Below