Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 48,000 48,000 Accounts Receivable 18,000 18,000 Supplies 6,000 6,000 Equipment 57,000 57,000 Accumulated Depreciation 18,000 18,000 Accounts Payable 25,000 25,000 Wages Payable 6,000 6,000 C. Finley, Capital 33,000 33,000 C. Finley, Drawing 3,000 3,000 Fees Earned 155,000 155,000 Wages Expense 63,000 63,000 Rent Expense 27,000 27,000 Depreciation Expense 15,000 15,000 237,000 237,000 105,000 155,000 132,000 82,000 Net income 50,000 50,000 155,000 155,000 132,000 132,000 The first closing entry would include a Oa. debit to C. Finley, Capital for $155,000 Ob. credit to C. Finley, Capital for $50,000 Oc. debit to C. Finley, Capital for $50,000 Od. credit to C. Finley, Capital for $155,000
Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 48,000 48,000 Accounts Receivable 18,000 18,000 Supplies 6,000 6,000 Equipment 57,000 57,000 Accumulated Depreciation 18,000 18,000 Accounts Payable 25,000 25,000 Wages Payable 6,000 6,000 C. Finley, Capital 33,000 33,000 C. Finley, Drawing 3,000 3,000 Fees Earned 155,000 155,000 Wages Expense 63,000 63,000 Rent Expense 27,000 27,000 Depreciation Expense 15,000 15,000 237,000 237,000 105,000 155,000 132,000 82,000 Net income 50,000 50,000 155,000 155,000 132,000 132,000 The first closing entry would include a Oa. debit to C. Finley, Capital for $155,000 Ob. credit to C. Finley, Capital for $50,000 Oc. debit to C. Finley, Capital for $50,000 Od. credit to C. Finley, Capital for $155,000
Chapter10: Financial Statements And Reports
Section: Chapter Questions
Problem 3.3C
Related questions
Question
The first closing entry would include a
a. Debit to c Finley capital for $155,000
B. Credit to c Finley capital for $50,000
c. Debit to c Finley capital for $50,000
D. Credit to c Finley capital for $155,000
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Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
000's
Accounts Receivable
000'
000'
Supplies
000'9
000'9
Equipment
000'
000'
Accumulated Depreciation
000'
000
Accounts Payable
000sn
Wages Payable
000'9
000'
I
C. Finley, Capital
000s
000'se
C. Finley, Drawing
000'
000'
Fees Earned
<>
Wages Expense
000s,
000's
000'9
000'£9
Rent Expense
000'2
000ʻ2
000s
237,000 237,000
Depreciation Expense
000s
105,000
155,000 132,000 82,000
000'os
155,000 132,000 132,000
000's
Net income
000'0s
The first closing entry would include a
Oa. debit to C. Finley, Capital for $155,000
Ob. credit to C. Finley, Capital for $50,000
Oc. debit to C. Finley, Capital for $50,000
Od. credit to C. Finley, Capital for $155,000
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