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includes a entry to close the expensa $200 s10,00 ] debit to Insur r [B] debit to Income Summany l for Si0000 C] credit to Leroy Allen p$200 al ID] debit to Leroy Allen, Capita 16. The amount of et income (or nef (BI S10,000 net loss. p] $3,000 net income. het income (or net loss) during the period is [A] $16,000 net income True A) IC] $7,000 net income. B) Owner's Capital D] Income Summary 17. Which of the following acc accounts is mor closed? [A] Owner's Withdrawals Pepa acc [C] Interest Income oun in the closing process? 18. Which aocount bypasses the Income B] Wages Expense D] Revenue from Services [A] Leroy Allen, Withdrawals [C) Depreciation Expense The entry to close the Withdrawals sccount is [AJ debit Income Summary and credit owner's Withdrawals. B] debit owner's Withdrawals and credit Income Summary. 19. (C] debit owner's Capital and credit owner's Withdrawals. [D] debit owner's Withdrawals and credit owner's Capital. 20. The posi-dloing tri which of the following accounts? [A] Owner's Capital [B] Unearned Legal Fees (CI Accumulated Deypreciation, Office Equipment [D] Owner's Withdrawals 21. An adjusted tial balance proves the balance of the ledger accounts after the adjusting entries have been posted. A] True When expenses exceed apeses scelAl Tue ( 22. B] False B] False

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