https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&etakeAssignmentSessionLocator-assignment-take&unprogrespurnal entry to close the Fees EarnedNo resultsOptionsFinley CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31Adjusted Trial BalanceIncome StatementBalance SheetAccount TitleDebitCreditCreditDebitDebitCreditCash16,00016,000Accounts Receivable6,0006,000Supplies2,0002,000Equipment19,00019,000Accumulated Depr.6,0006,000Accounts Payable10,00010,000Wages Payable2,0002,000Common Stock5,0005,000Retained Earnings8,7538,753Dividends1,0001,000Fees Earned44,31844,31821,155Wages Expense21,155Rent Expense5,8105,810Depreciation Expense5,1065,10676.0711121Pre140 items12:39here to search10/6/2hp entMain.do?invoker=assignments& takeAssignmentSessionLocator=assignment-take&unprogresentry to close the Fees EarnedOptionsNo resultsAccounts Payable10,00010,000Wages Payable2,0002,000Cormmon Stock5,0005,000Retained Earnings8,7538,753Dividends1,0001,000Fees Earned44,31844,318Wages Expense21,15521,155Rent Expense5,8105,810Depreciation Expense5,1065,106<Totals76,07176,07132,07144,00044,31831,753Net Income (Loss)12,24712,24744,00044,31844,31844,000The journal entry to close revenues and expenses would involve:a. debits to Fees Earned and Retained Earnings and credits to the expense accountsb. debits to the expense accounts and credits to Retained Earnings and Fees EarnedOcC. debits to the expense accounts and Retained Earnings and a credit to Fees Earnedd. a debit to Fees Earned and credits to the expense accounts and Retained EarningsPreviousAll work saved.erchWi8hp

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Asked Oct 6, 2019
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The journal entry to close revenues and expenses would involved:

https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&etakeAssignmentSessionLocator-assignment-take&unprogres
purnal entry to close the Fees Earned
No results
Options
Finley Company
End-of-Period Spreadsheet
For the Year Ended December 31
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Credit
Debit
Debit
Credit
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
Supplies
2,000
2,000
Equipment
19,000
19,000
Accumulated Depr.
6,000
6,000
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Common Stock
5,000
5,000
Retained Earnings
8,753
8,753
Dividends
1,000
1,000
Fees Earned
44,318
44,318
21,155
Wages Expense
21,155
Rent Expense
5,810
5,810
Depreciation Expense
5,106
5,106
76.071
1121
Pre
140 items
12:39
here to search
10/6/2
hp
help_outline

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https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&etakeAssignmentSessionLocator-assignment-take&unprogres purnal entry to close the Fees Earned No results Options Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Credit Debit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,753 8,753 Dividends 1,000 1,000 Fees Earned 44,318 44,318 21,155 Wages Expense 21,155 Rent Expense 5,810 5,810 Depreciation Expense 5,106 5,106 76.071 1121 Pre 140 items 12:39 here to search 10/6/2 hp

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entMain.do?invoker=assignments& takeAssignmentSessionLocator=assignment-take&unprogres
entry to close the Fees Earned
Options
No results
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Cormmon Stock
5,000
5,000
Retained Earnings
8,753
8,753
Dividends
1,000
1,000
Fees Earned
44,318
44,318
Wages Expense
21,155
21,155
Rent Expense
5,810
5,810
Depreciation Expense
5,106
5,106
<
Totals
76,071
76,071
32,071
44,000
44,318
31,753
Net Income (Loss)
12,247
12,247
44,000
44,318
44,318
44,000
The journal entry to close revenues and expenses would involve:
a. debits to Fees Earned and Retained Earnings and credits to the expense accounts
b. debits to the expense accounts and credits to Retained Earnings and Fees Earned
Oc
C. debits to the expense accounts and Retained Earnings and a credit to Fees Earned
d. a debit to Fees Earned and credits to the expense accounts and Retained Earnings
Previous
All work saved.
e
rch
Wi
8
hp
help_outline

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entMain.do?invoker=assignments& takeAssignmentSessionLocator=assignment-take&unprogres entry to close the Fees Earned Options No results Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Cormmon Stock 5,000 5,000 Retained Earnings 8,753 8,753 Dividends 1,000 1,000 Fees Earned 44,318 44,318 Wages Expense 21,155 21,155 Rent Expense 5,810 5,810 Depreciation Expense 5,106 5,106 < Totals 76,071 76,071 32,071 44,000 44,318 31,753 Net Income (Loss) 12,247 12,247 44,000 44,318 44,318 44,000 The journal entry to close revenues and expenses would involve: a. debits to Fees Earned and Retained Earnings and credits to the expense accounts b. debits to the expense accounts and credits to Retained Earnings and Fees Earned Oc C. debits to the expense accounts and Retained Earnings and a credit to Fees Earned d. a debit to Fees Earned and credits to the expense accounts and Retained Earnings Previous All work saved. e rch Wi 8 hp

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Expert Answer

Step 1

Definition of Closing Entries:

Closing Entries are refer as a journal entry which are made at the end of an accounting period to transfer the temporary account balance to the permanent accounts. Closing entry zero out the temporary account balance.

Step 2
  1. Close Revenue Accounts: Close means to make the balance zero. In the Trial balance all the revenue accounts have a credit balance. To make them zero want to decrease the balance or to do the opposite. We will debit the revenue account and credit the income summary. The Credit to income summary should equal the total revenue from the income statement.

 

  1. Close Expense Accounts: All expenses account have a debit balance so to get rid of their balance we will do opposite or credit the a...

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