The Income Statement Credit Column of the Worksheet Showed the Following

question 97

Multiple Choice

The income statement credit column of the worksheet showed the following revenues:
$$\begin{array} { | r | r |} \hline \text { Catering Fees Earned } & \$ 600 \\\hline \text { Cleaning Fees Earned } & 800 \\\hline\end{array}$$
The journal entry to close the revenue accounts is:

• A)
• \[\begin{array}{l}
• \begin{array} { | l | l | }
• \hline \text { Income Summary }& 1,400 \\
• \hline \text { Catering Fees Earned } & 600 \\
• \hline \text { Cleaning Fees Earned } & 800 \\
• \hline
• \end{array}
• \end{array}\]
• B)
• \(\begin{array}{|l|l|}
• \hline \text { Catering Fees Earned } & 600 \\
• \hline \text { Cleaning Fees Earned } &800 \\
• \hline \text { Income Summary } & 1,400 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|l|}
• \hline \text { Capital } & 1,400 \\
• \hline \text { Income Summary }& 1,400 \\
• \hline \end{array}\)
• D)
• \(\begin{array}{|l|l|}
• \hline\text { Catering Fees Earned } & 600 \\
• \hline \text { Cleaning Fees Earned } & 300 \\
• \hline \text { Capital } &1,400 \\
• \hline
• \end{array}\)

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