A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue $8,500 11,900 34,000 Rent expense 3,400 Salaries expense 7,950 Insurance expense 380 Depreciation Expense-equipment 580 Accumulated depreciation-equipment 1,740 $21,690 credit. $21,690 debit. $9,790 debit. $9,790 credit.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A company's ledger accounts and their end-of-period balances before closing entries are
posted are shown below. What amount will be posted to Wilson Peters, Capital in the
process of closing the Income Summary account? (Assume all accounts have normal
balances.)
Wilson Peters, Capital
Wilson Peters, Withdrawals
Revenue
$8,500
11,900
34,000
Rent expense
3,400
Salaries expense
7,950
Insurance expense
380
Depreciation Expense-equipment
580
Accumulated depreciation-equipment 1,740
$21,690 credit.
$21,690 debit.
$9,790 debit.
$9,790 credit.
Transcribed Image Text:A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue $8,500 11,900 34,000 Rent expense 3,400 Salaries expense 7,950 Insurance expense 380 Depreciation Expense-equipment 580 Accumulated depreciation-equipment 1,740 $21,690 credit. $21,690 debit. $9,790 debit. $9,790 credit.
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