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Use the Work Sheet for Finley Company to Answer the Questions

Question 54

Multiple Choice

Use the work sheet for Finley Company to answer the questions that follow.
Use the work sheet for Finley Company to answer the questions that follow. The journal entry to close revenues would be A) debit Income Summary,$155,000;credit Fees Earned,$155,000 B) debit Retained Earnings,$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 Retained Earnings,$155,000
The journal entry to close revenues would be


A) debit Income Summary,$155,000;credit Fees Earned,$155,000
B) debit Retained Earnings,$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 Retained Earnings,$155,000

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