QUESTION 22 After all of the account balances have been extended to the Balance

Question

QUESTION 22 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 $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period? O a $4,020 of net income O b.$32,735 of net income O c. $36,755 of net loss O d.$4,020 of net loss QUESTION 23 The journal entry to close the Fees Earned, S750, and Rent Revenue, $175, accounts during the year end closing process would be: Oa Dec. 31 Income Summary 925 Fees Earned Rent Revenue 750 175 Ob.Dec. 31 Fees Earned 750 Rent Revenue 175 Income Summary 925 Oc. Dec. 31 Revenues 925 Income Summary 925 Od. Dec. 31 Income Summary 925 Revenues 925 Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Explanation / Answer

22 Amount of net income = 36755-32735 = $4020 net income Option A is correct 23 Fees earned 750 Rent revenue 175         Income summary 925 Option B is correct

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