ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300
ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter5: Closing Entries And The Post-closing Trial Balance
Section: Chapter Questions
Problem 7DQ: Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital...
Related questions
Question
![ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry?
A. Owner, Capital
6,200
Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
B. Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
Owner, Capital
6,200
C. Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
Income Summary
6,200
D. Income Summary
6,200
Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2096fe4-6a76-40ca-9b5d-47e4ab1a0bcf%2Ff871fd48-eadb-47d3-a993-9633a17ea7bc%2Fgalo9qk_processed.png&w=3840&q=75)
Transcribed Image Text:ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry?
A. Owner, Capital
6,200
Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
B. Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
Owner, Capital
6,200
C. Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
Income Summary
6,200
D. Income Summary
6,200
Rent Expense
3,100
Salaries Expense
2,800
Supplies Expense
300
AI-Generated Solution
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning