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Use the Following Worksheet to Answer the Following Questions

Question 11

Multiple Choice

Use the following worksheet to answer the following questions. Use the following worksheet to answer the following questions. The journal entry to close revenues would be: A) debit Income Summary $155,000, credit Fees Earned $155,000 B) debit C. Finley, Capital $155,000, credit Fees Earned $155,000 C) debit Fees Earned $155,000; credit Income Summary $155,000 D) credit Fees Earned $155,000; credit C. Finley, Capital $155,000 The journal entry to close revenues would be:


A) debit Income Summary $155,000, credit Fees Earned $155,000
B) debit C. Finley, Capital $155,000, credit Fees Earned $155,000
C) debit Fees Earned $155,000; credit Income Summary $155,000
D) credit Fees Earned $155,000; credit C. Finley, Capital $155,000

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