Use the following worksheet to answer the following questions. Finley Company Wo
ID: 2442669 • Letter: U
Question
Use the following worksheet to answer the following questions.
Finley Company
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
48,000
48,000
Accounts Receivable
18,000
18,000
Supplies
6,000
6,000
Equipment
57,000
57,000
Accumulated Depr-Equip
18,000
18,000
Accounts Payable
30,000
30,000
Wages Payable
6,000
6,000
C. Finley, Capital
33,000
33,000
C. Finley, Drawing
3,000
3,000
Fees Earned
141,000
141,000
Wages Expense
63,000
63,000
Rent Expense
18,000
18,000
Depreciation Expense
15,000
15,000
Totals
228,000
228,000
96,000
141,000
132,000
87,000
Net Income (Loss)
45,000
45,000
141,000
141,000
132,000
132,000
Based on the preceding trial balance, the entry to close C. Finley, Drawing would be:
A. debit C. Finley, Capital $3,000, credit C. Finley, Drawing $3,000
B. debit C. Finley, Capital $12,000, credit C. Finley, Drawing $12,000
C. debit C. Finley, Drawing $3,000; credit C. Finley, Capital $3,000
D. debit C. Finley, Drawing $12,000; credit C. Finley, Capital $12,000
Finley Company
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
48,000
48,000
Accounts Receivable
18,000
18,000
Supplies
6,000
6,000
Equipment
57,000
57,000
Accumulated Depr-Equip
18,000
18,000
Accounts Payable
30,000
30,000
Wages Payable
6,000
6,000
C. Finley, Capital
33,000
33,000
C. Finley, Drawing
3,000
3,000
Fees Earned
141,000
141,000
Wages Expense
63,000
63,000
Rent Expense
18,000
18,000
Depreciation Expense
15,000
15,000
Totals
228,000
228,000
96,000
141,000
132,000
87,000
Net Income (Loss)
45,000
45,000
141,000
141,000
132,000
132,000
Explanation / Answer
Based on the preceding trial balance, the entry to close C. Finley, Drawing would be: A. debit C. Finley, Capital $3,000, credit C. Finley, Drawing $3,000
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