Use the following account balances from the adjusted trial balance of Gees Catering:AccountDebit BalanceCredit Balance Cash 10,000 Accounts Payable 2,000 R. Gees, Drawing 1,000 R. Gees, Capital 18,000 Fees Revenue 10,000 Salary Expense 7,000 Rent Expense 6,000 Supplies Expense 6,000 Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.
A.
| Fees Revenue | $ | 10,000 | ||
| Income Summary | $ | 10,000 | ||
B.
| R. Gees, Capital | $ | 10,000 | ||
| Fees Revenue | $ | 10,000 | ||
C.
| Fees Revenue | $ | 10,000 | ||
| R. Gees, Capital | $ | 10,000 | ||
D.
| Income Summary | $ | 10,000 | ||
| Fees Revenue | $ | 10,000 | ||
Answer: A
Business
You might also like to view...
Based on motivational research, which of the following consumption motives most likely explains a person's motivation to purchase gourmet foods, foreign cars, cigarette holders, or perfume?
A) Security B) Eroticism C) Disalienation D) Individuality
Business
Radio frequency identification (RFID) technology enables us to conduct transactions and to make payments quickly.
Answer the following statement true (T) or false (F)
Business
A population is the total of all the elements that share some common set of characteristics
Indicate whether the statement is true or false
Business
In the 21st century, which public relations job search skill remains the most effective?
A) networking B) interning C) resume writing D) job fair attendance
Business