[The following information applies to the questions displayed below.] Shown below is the adjusted Trial...
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Accounting
[The following information applies to the questions displayed below.]
Shown below is the adjusted Trial Balance for Simon Inc., on December 31, after the first year of operations, after adjusting entries:
| Simon, Inc. | |||||||
| Adjusted Trial Balance | |||||||
| December 31 | |||||||
| Cash | $ | 1,600 | |||||
| Accounts Receivable | 4,000 | ||||||
| Office Equipment | 16,800 | ||||||
| Accumulated Depreciation | $ | 1,600 | |||||
| Capital Stock | 2,400 | ||||||
| Retained Earnings | 2,720 | ||||||
| Dividends | 960 | ||||||
| Service Fees Earned | 21,920 | ||||||
| Wages Expense | 3,200 | ||||||
| Supplies Expense | 1,120 | ||||||
| Depreciation Expense | 960 | ||||||
| $ | 28,640 | $ | 28,640 | ||||
The entry to close the Service Fees Earned account will:
Select one:
a. Produce a zero balance in that account when posted.
b. Include a debit to Income Summary.
c. Include a credit to Service Fees Earned.
d. Include a debit to Capital Stock.
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