The F. Mercury, Capital account has a credit balance of $45,000 before closing entries are...
50.1K
Verified Solution
Link Copied!
Question
Accounting
The F. Mercury, Capital account has a credit balance of $45,000 before closing entries are made. Total revenues for the period are $63,200, total expenses are $43,800, and withdrawals are $12,200. What is the correct closing entry for the expense accounts?
Debit Income Summary $43,800; credit Expense accounts $43,800.
Debit Expense accounts $45,000; credit F. Mercury, Capital $45,000.
Credit Expense accounts $43,800; debit F. Mercury, Capital $43,800.
Debit Expense accounts $43,800; credit Income Summary $43,800.
Debit Income Summary $43,800; credit F. Mercury Capital $43,800.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.