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Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance Credit Balance Cash 10,000 Accounts payable 2,000 R. Gees, Capital 18,000 R. Gees, Drawing 1,000 Fees revenue 10,000 Salary expense 7,000 Rent expense 6,000 Supplies expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000

Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance Credit Balance Cash 10,000 Accounts payable 2,000 R. Gees, Capital 18,000 R. Gees, Drawing 1,000 Fees revenue 10,000 Salary expense 7,000 Rent expense 6,000 Supplies expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 4AP
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Question

 

Use the following account balances from the adjusted trial balance of Gees Catering:

 

Account Debit Balance Credit Balance
Cash 10,000  
Accounts payable   2,000
R. Gees, Capital   18,000
R. Gees, Drawing 1,000  
Fees revenue   10,000
Salary expense 7,000  
Rent expense 6,000  
Supplies expense 6,000  

 

Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.

 

Multiple Choice
  •  
    Account Name Debit Credit
    Income Summary $19,000  
    R. Gees, Capital   $19,000
  •  
    Account Name Debit Credit
    R. Gees, Capital $19,000  
    Income Summary   $19,000
  •  
    Account Name Debit Credit
    R. Gees, Capital $9,000  
    Income Summary   $9,000
  •  
    Account Name Debit Credit
    Income Summary $9,000  
    R. Gees, Capital   $9,000
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