Use the Following Account Balances from the Adjusted Trial Balance

Multiple Choice

Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period.

A) debit Salary Expense $2,600; debit Rent Expense $3,000; debit Supplies Expense $1,900; debit Advertising Expense $800 and credit Income Summary $8,300.
B) debit Income Summary $8,300 and credit B. Conway, Capital for $8,300.
C) debit B. Conway, Capital $8,300 and credit Salary Expense $2,600; credit Rent Expense
$3,000; credit Supplies Expense $1,900; Advertising Expense $800.
D) debit Income Summary $8,300 and credit Salary Expense $2,600; credit Rent Expense $3,000; credit Supplies Expense $1,900; Advertising Expense $800.