The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Services revenue for the period is $55,200, wages expense is $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts? O Debit Services revenue $55,200; credit Income Summary $55,200. Debit Services revenue $37,000; credit F. Mercury, Capital $37,000. Debit Income Summary $37,000; credit F. Mercury Capital $37,000.

The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Services revenue for the period is $55,200, wages expense is $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts? O Debit Services revenue $55,200; credit Income Summary $55,200. Debit Services revenue $37,000; credit F. Mercury, Capital $37,000. Debit Income Summary $37,000; credit F. Mercury Capital $37,000.

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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