sestion 24 At Dec 31, 2019, Gulf Co. reported revenue of $85,000, rent expense $15,000, supplies expense $7,000 and salaries expense $32,000. The company had no owner withdrawais during the year. The entry to close revenues is OA Debit Revenue, $85,000; Credit Income Summary, $85,000. O B. Debit lIncome Summary, $31,000; Credit Revenue, $31,000. OC. Debit Revenue, $85,000; Credit Gulf capital, $85,000. O D. Debit Gulf capital, $31,000; Credit Revenue, $31,000. Question 24 of 25

sestion 24 At Dec 31, 2019, Gulf Co. reported revenue of $85,000, rent expense $15,000, supplies expense $7,000 and salaries expense $32,000. The company had no owner withdrawais during the year. The entry to close revenues is OA Debit Revenue, $85,000; Credit Income Summary, $85,000. O B. Debit lIncome Summary, $31,000; Credit Revenue, $31,000. OC. Debit Revenue, $85,000; Credit Gulf capital, $85,000. O D. Debit Gulf capital, $31,000; Credit Revenue, $31,000. Question 24 of 25

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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