Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted

Question

Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depreciation 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 C. Finley, Capital 15,237 15,237 C. Finley, Drawing 1,000 1,000 Fees Earned 41,250 41,250 Wages Expense 19,171 19,171 Rent Expense 5,433 5,433 Depreciation Expense 5,883 5,883 Totals 74,487 74,487 30,487 41,250 44,000 33,237 Net Income (Loss) 10,763 10,763 41,250 41,250 44,000 44,000 The entry to close expenses would be:

Explanation / Answer

Debit Credit Income Summary 30487 Wages Expense 19171 Rent Expense 5433 Depreciation Expense 5883 To close expenses account

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