Ask Question
7 April, 08:57

The F. Mercury, Capital account has a credit balance of $54,000 before closing entries are made. Total revenues for the period are $72,200, total expenses are $48,300, and withdrawals are $15,800. What is the correct closing entry for the expense accounts

+2
Answers (1)
  1. 7 April, 11:10
    0
    Given that,

    Capital account has a credit balance before closing entries are made = $54,000

    Total revenues for the period = $72,200

    Total expenses = $48,300

    Withdrawals = $15,800

    Therefore, the correct closing entry for the expense accounts is as follows:

    Income summary A/c Dr. $48,300

    To expenses $48,300

    (To record the expense account closed)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The F. Mercury, Capital account has a credit balance of $54,000 before closing entries are made. Total revenues for the period are $72,200, ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers