If the following balances are exist in the adjusted trial balance: Service revenues $ 45,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Rent Revenues $ 4,000 Depreciation Expense $ 7,000 Drawings $ 3,000 The closing entry for the Expense Accounts should affect the Income summary account as: Income summary account should be Credited (Cr.) by $ 47,000. O b. Income summary account should be Debited (Dr.) by $ 47,000o. O C Income summary account should be Debited (Dr.) by $ 50,000. Od. Income summary account should be Credited (Cr.) by $ 50,000.

If the following balances are exist in the adjusted trial balance: Service revenues $ 45,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Rent Revenues $ 4,000 Depreciation Expense $ 7,000 Drawings $ 3,000 The closing entry for the Expense Accounts should affect the Income summary account as: Income summary account should be Credited (Cr.) by $ 47,000. O b. Income summary account should be Debited (Dr.) by $ 47,000o. O C Income summary account should be Debited (Dr.) by $ 50,000. Od. Income summary account should be Credited (Cr.) by $ 50,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned...

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Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Physical count of supplies inventory remaining at end of period, $2,150 Taxes payable at end of period, $3,850
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