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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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