What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018? Account Cash Accounts Receivable Trucks Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Credit to Income Summary of $130,000 Debit to Income Summary of $130,000 O Credit to K. Wilson, Capital of $130,000 O Credit to Trucking Fees Earned of $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000

What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018? Account Cash Accounts Receivable Trucks Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Credit to Income Summary of $130,000 Debit to Income Summary of $130,000 O Credit to K. Wilson, Capital of $130,000 O Credit to Trucking Fees Earned of $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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