Use the Following Account Balances from the Adjusted Trial Balance

question 38

Multiple Choice

Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question. Select the correct closing entry that RB Auto would make to close their expense account(s) at the end of the accounting period.

• A) debit Salary Expense $4,000;debit Rent Expense $3,000;debit Purchases $2,000 and credit Income Summary $9,000
• B) debit Income Summary $9,000 and credit Salary Expense $4,000;credit Rent Expense $3,000;credit Purchases $2,000
• C) debit Income Summary $9,000 and credit R.Holloway,Capital for $9,000
• D) debit R.Holloway,Capital $9,000 and credit Salary Expense $4,000;credit Rent Expense $3,000;credit Purchases $2,000

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