Question

Use the following account balances from the adjusted trial balance of ABC Consulting: Account Debit Balance Credit Balance Cash 24,100 Accounts Payable 2,000 B. Conway, Capital 13,000 B. Conway, Drawing 600 Fees Revenue 18,000 Salary Expense 2,600 Rent Expense 3,000 Supplies Expense 1,900 Advertising Expense 800 Select the correct closing entry that ABC Consulting would make to close their revenue account(s) at the end of the accounting period. Multiple Choice debit B. Conway, Capital and credit Fees Revenue for $18,000. debit Fees Revenue and credit Income Summary for $18,000. debit Fees Revenue and credit B. Conway, Capital for $18,000. debit Income Summary and credit Fees Revenue for $18,000.

          Use the following account balances from the adjusted trial balance of ABC Consulting:
Account
Debit Balance
Credit Balance
Cash
24,100
Accounts Payable
2,000
B. Conway, Capital
13,000
B. Conway, Drawing
600
Fees Revenue
18,000
Salary Expense
2,600
Rent Expense
3,000
Supplies Expense
1,900
Advertising Expense
800
Select the correct closing entry that ABC Consulting would make to close their revenue account(s) at the end of the accounting period.
Multiple Choice
debit B. Conway, Capital and credit Fees Revenue for $18,000.
debit Fees Revenue and credit Income Summary for $18,000.
debit Fees Revenue and credit B. Conway, Capital for $18,000.
debit Income Summary and credit Fees Revenue for $18,000.

Added by Marcos R.

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