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  3. a business had the following account balances on d

A business had the following account balances on December 31, 2019 after all the year-end...

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Accounting

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A business had the following account balances on December 31, 2019 after all the year-end adjusting entries were posted. All accounts have normal balances. General Ledger Accounts Accounts receivable Accumulated depreciation Service revenue Depreciation expense Supplies expense Cash Owner's capital, Jan. 1, 2019 Unearned revenue Salaries expense Owner's drawings Equipment Prepaid expenses Rent expense Accounts payable Balances 10,500 12.000 97,000 5.600 3,900 10,600 30,000 1,600 32,500 20.600 41,000 1,500 32.000 17,600 Part A: select the correct response When the closing entry is prepared for the Drawings account: Part B: select the correct response When the closing entry is prepared, the Supplies Expense account will be: Part C: select the correct response When the closing entry for income summary is made, the Owner's Equity account will be: Part D: select the correct response After the closing entries are journalized, the post-closing balance of Owner's Equity will be: Drawings will be credited Drawings will be debited Income summary will be debited Income summary will be credited debited credited debited for $28,600 credited for $28,600 credited for $23,000 debited for $23,000 $32,400 $30,000 $37,400 $53,000

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