Use the following account balances from the adjusted trial balance of ABC Consulting: AccountDebit BalanceCredit BalanceCash24,100 Accounts Payable 2,000B. Conway, Capital 13,000B. Conway, Drawing600 Fees Revenue 18,000Salary Expense2,600 Rent Expense3,000 Supplies Expense1,900 Advertising Expense800 Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period. Multiple Choice debit Salary Expense $2,600; debit Rent Expense $3,000; debit Supplies Expense $1,900; debit Advertising Expense $800; and credit Income Summary $8,300 debit B. Conway, Capital $8,300; credit Salary Expense $2,600; credit Rent Expense $3,000; credit Supplies Expense $1,900; and credit Advertising Expense $800 debit Income Summary $8,300 and credit B. Conway, Capital for $8,300 debit Income Summary $8,300; credit Salary Expense $2,600; credit Rent Expense $3,000; credit Supplies Expense $1,900; and credit Advertising Expense $800

SOLUTION- CLOSING ENTRY IS A JOURNAL ENTRY IS PASSED AT THE END OF THE ACCOUNTING YEAR TO TRANSFER…

Answered: Use the following account balances from…

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1CP: The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the...

Related questions

Question

Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period.

Multiple Choice

debit Salary Expense $2,600; debit Rent Expense $3,000; debit Supplies Expense $1,900; debit Advertising Expense $800; and credit Income Summary $8,300
debit B. Conway, Capital $8,300; credit Salary Expense $2,600; credit Rent Expense $3,000; credit Supplies Expense $1,900; and credit Advertising Expense $800
debit Income Summary $8,300 and credit B. Conway, Capital for $8,300
debit Income Summary $8,300; credit Salary Expense $2,600; credit Rent Expense $3,000; credit Supplies Expense $1,900; and credit Advertising Expense $800