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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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* CengageNOWv2 | Online teachin x
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Content
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
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Exam 2 (CH4, 7,10)
Finley Company
1.
End-of-Period Spreadsheet
For the Year Ended December 31
Adjusted Trial Balance
Income Statement
Balance Sheet
3.
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
4
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
5.
Supplies
2,000
2,000
6.
Equipment
19,000
19,000
Accumulated Depr.
6,000
6,000
7.
Accounts Payable
10,000
10,000
8.
Wages Payable
2,000
2,000
Common Stock
5,000
5,000
9.
Retained Earnings
10,966
10,966
10.
Dividends
1,000
1,000
Fees Earned
41,970
41,970
11.
Wages Expense
19,882
19,882
12.
Rent Expense
6,598
6,598
Depreciation Expense
5,456
5,456
13.
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Transcribed Image Text:Alabama A&M AppsAnywhere * CengageNOWv2 | Online teachin x G how to screenshot on hp laptop x + Content A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps M Gmail O YouTube A Maps a News E Reading list Exam 2 (CH4, 7,10) Finley Company 1. End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet 3. Account Title Debit Credit Debit Credit Debit Credit 4 Cash 16,000 16,000 Accounts Receivable 6,000 6,000 5. Supplies 2,000 2,000 6. Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 7. Accounts Payable 10,000 10,000 8. Wages Payable 2,000 2,000 Common Stock 5,000 5,000 9. Retained Earnings 10,966 10,966 10. Dividends 1,000 1,000 Fees Earned 41,970 41,970 11. Wages Expense 19,882 19,882 12. Rent Expense 6,598 6,598 Depreciation Expense 5,456 5,456 13. CengageNOWv2.html Show all 1:08 PM P Type here to search 99+ a へg ロ6 ) 6/19/2021 近
Alabama A&M AppsAnywhere
* CengageNOWv2 | Online teachin x
G how to screenshot on hp laptop x
Content
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
E Apps M Gmail
O YouTube Maps a News
E Reading list
2.
Accounts Payable
10,000
10,000
3.
Wages Payable
2,000
2.000
Common Stock
5,000
5,000
4.
Retained Earnings
10,966
10,966
5.
Dividends
1,000
1,000
Fees Earned
41,970
41,970
6.
Wages Expense
19,882
19,882
7.
Rent Expense
6,598
6,598
Depreciation Expense
5,456
5,456
8.
Totals
75,936
75,936
31,936
41,970
44,000
33,966
9.
Net Income (Loss)
10,034
10,034
41,970
41,970
44,000
44,000
10.
The journal entry to close revenues and expenses would involve:
11.
Oa. debits to the expense accounts and Retained Earnings and a credit to Fees Earned
Ob. a debit to Fees Earned and credits to the expense accounts and Retained Earnings
12.
Oc. debits to the expense accounts and credits to Retained Earnings and Fees Earned
Od. debits to Fees Earned and Retained Earnings and credits to the expense accounts
13.
14.
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Transcribed Image Text:Alabama A&M AppsAnywhere * CengageNOWv2 | Online teachin x G how to screenshot on hp laptop x Content A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps M Gmail O YouTube Maps a News E Reading list 2. Accounts Payable 10,000 10,000 3. Wages Payable 2,000 2.000 Common Stock 5,000 5,000 4. Retained Earnings 10,966 10,966 5. Dividends 1,000 1,000 Fees Earned 41,970 41,970 6. Wages Expense 19,882 19,882 7. Rent Expense 6,598 6,598 Depreciation Expense 5,456 5,456 8. Totals 75,936 75,936 31,936 41,970 44,000 33,966 9. Net Income (Loss) 10,034 10,034 41,970 41,970 44,000 44,000 10. The journal entry to close revenues and expenses would involve: 11. Oa. debits to the expense accounts and Retained Earnings and a credit to Fees Earned Ob. a debit to Fees Earned and credits to the expense accounts and Retained Earnings 12. Oc. debits to the expense accounts and credits to Retained Earnings and Fees Earned Od. debits to Fees Earned and Retained Earnings and credits to the expense accounts 13. 14. Next> Previous Progress: 4/32 items CengageNOWv2.h.tml Show all 1:08 PM P Type here to search 99+ a へg ロ伝) 6/19/2021 近
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