# A company had revenues of \$54-500 and expenses of \$43-750 for the acco.docx

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A company had revenues of \$54,500 and expenses of \$43,750 for the accounting period. The owner withdrew \$6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary \$10,750; credit Owner\'s, Capital \$10,750. 2)Debit Income Summary \$54,500; credit Revenues \$54,500. 3)Debit Revenues \$54,500; credit Income Summary \$54,500. 4)Debit Income Summary \$43,750, credit Expenses \$43,750. 5)Debit Owner\'s, Capital \$6,000, credit Owner\'s, Withdrawals \$6,000. Solution Answer: Following shall be closing entries for the company : 1. To close Revenue : Debit Revenues \$54,500; credit Income Summary \$54,500 2. To Close Expenses: Debit Income Summary \$43,750, credit Expenses \$43,750. 3. To Close Income Summary: Debit Income Summary \$10,750; credit Owner\'s, Capital \$10,750 4. To Close Withdrawals: Debit Owner\'s, Capital \$6,000, credit Owner\'s, Withdrawals \$6,000. Hence The closing entry that could not be there is : Debit Income Summary \$54,500; credit Revenues \$54,500. .

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### A company had revenues of \$54-500 and expenses of \$43-750 for the acco.docx

• 1. A company had revenues of \$54,500 and expenses of \$43,750 for the accounting period. The owner withdrew \$6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary \$10,750; credit Owner's, Capital \$10,750. 2)Debit Income Summary \$54,500; credit Revenues \$54,500. 3)Debit Revenues \$54,500; credit Income Summary \$54,500. 4)Debit Income Summary \$43,750, credit Expenses \$43,750. 5)Debit Owner's, Capital \$6,000, credit Owner's, Withdrawals \$6,000. A company had revenues of \$54,500 and expenses of \$43,750 for the accounting period. The owner withdrew \$6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary \$10,750; credit Owner's, Capital \$10,750. 2)Debit Income Summary \$54,500; credit Revenues \$54,500. 3)Debit Revenues \$54,500; credit Income Summary \$54,500. 4)Debit Income Summary \$43,750, credit Expenses \$43,750. 5)Debit Owner's, Capital \$6,000, credit Owner's, Withdrawals \$6,000. Solution Answer: Following shall be closing entries for the company : 1. To close Revenue :
• 2. Debit Revenues \$54,500; credit Income Summary \$54,500 2. To Close Expenses: Debit Income Summary \$43,750, credit Expenses \$43,750. 3. To Close Income Summary: Debit Income Summary \$10,750; credit Owner's, Capital \$10,750 4. To Close Withdrawals: Debit Owner's, Capital \$6,000, credit Owner's, Withdrawals \$6,000. Hence The closing entry that could not be there is : Debit Income Summary \$54,500; credit Revenues \$54,500.
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