Business, 26.02.2020 02:53, greenbyron88
A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry?
A. Debit Income Summary $62,000, credit Expenses $62,000.
B. Debit Income Summary $13,000; credit Owner's, Capital $13,000.
C. Debit Owner's, Capital $8,000, credit Owner's, Withdrawals $8,000.
D. Debit Revenues $75,000; credit Income Summary $75,000.
E. Debit Income Summary $75,000; credit Revenues $75,000.
Answers: 3
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A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withd...
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