ges Payable 2,000 mmon Stock 5,000 ained Earnings 10,966 ridends es Earned ges Expense nt Expense preciation Expense als 1,000 41,970 41,970 19,882 19,882 6,598 6,598 5,456 5,456 75,936 75,936 31,936 41,970 Income (Loss) 10,034 41,970 41,970 journal entry to close revenues and expenses would involve: . debits to the expense accounts and Retained Earnings and a credit to Fees Earned . a debit to Fees Earned and credits to the expense accounts and Retained Earnings . debits to the expense accounts and credits to Retained Earnings and Fees Earned . debits to Fees Earned and Retained Earnings and credits to the expense accounts
ges Payable 2,000 mmon Stock 5,000 ained Earnings 10,966 ridends es Earned ges Expense nt Expense preciation Expense als 1,000 41,970 41,970 19,882 19,882 6,598 6,598 5,456 5,456 75,936 75,936 31,936 41,970 Income (Loss) 10,034 41,970 41,970 journal entry to close revenues and expenses would involve: . debits to the expense accounts and Retained Earnings and a credit to Fees Earned . a debit to Fees Earned and credits to the expense accounts and Retained Earnings . debits to the expense accounts and credits to Retained Earnings and Fees Earned . debits to Fees Earned and Retained Earnings and credits to the expense accounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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