FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:A company had revenues of $58,500 and expenses of $45,500 for the accounting period.
The owner withdrew $6,450 in cash during the same period. Which of the following
entries could not be a closing entry?
Debit Income Summary $58,500; credit Revenues $58,500.
Debit Owner's, Capital $6,450, credit Owner's, Withdrawals $6,450.
Debit Income Summary $13,000; credit Owner's, Capital $13,000.
Debit Revenues $58,500; credit Income Summary $58,500.
Debit Income Summary $45,500, credit Expenses $45,500.
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