Unit6accrvw - Use the following worksheet to answer the following questions The journal entry to close revenues would be(Points 2 debit Income

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Use the following worksheet to answer the following questions. The journal entry to close revenues would be: (Points: 2) debit Income Summary $141,000, credit Fees Earned $141,000 debit C. Finley, Capital $141,000, credit Fees Earned $141,000 debit Fees Earned $141,000; credit Income Summary $141,000 credit Fees Earned $141,000; credit C. Finley, Capital $141,000 2. After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period? (Points: 2) $7,800 net income $7,800 net loss $85,300 net income $77,500 net loss 3. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period? (Points: 2) $5,140 net income $37,875 net loss $5,140 net loss
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This note was uploaded on 11/23/2010 for the course ACC ACC114 taught by Professor W.will during the Winter '09 term at Kaplan University.

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Unit6accrvw - Use the following worksheet to answer the following questions The journal entry to close revenues would be(Points 2 debit Income

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