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  3. 2 the f. mercury, capital account has a credit bal

2 The F. Mercury, Capital account has a credit balance of $42,000 before closing entries...

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Accounting

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2 The F. Mercury, Capital account has a credit balance of $42,000 before closing entries are made, Services revenue for the period is $60,200, wages expense is $42,300, and withdrawals are $11,000. What is the correct closing entry for the expense accounts? 1-10-12 Multiple Choice Debit Income Summary $42,300, credit Wages expense $42,300 Debit Wages expense $42.000, credit F. Mercury, Capital $42.000 Debit F. Mercury, Withdrawals accounts $42.300, credit Wages expense $42,300 Debit Wages expense $42,300, credit Income Summary $42,300 Debit Income Summary $42,300; credit F. Mercury Capital $42,300

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