Use the Following End-Of-Period Spreadsheet to Answer the Questions That

question 11

Multiple Choice

Use the following end-of-period spreadsheet to answer the questions that follow.
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-Use the end-of-period spreadsheet for Finley Company. The first closing entry would include a

• A) debit to C. Finley, Capital for $155,000
• B) debit to C. Finley, Capital for $50,000
• C) credit to C. Finley, Capital for $50,000
• D) credit to C. Finley, Capital for $155,000

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Definitions:

Capital

The assets, including money, that a person or organization possesses or has available for specific uses like launching a business or making investments.

Cash

Represents money or any instrument that banks accept for deposit and immediate credit to a company’s account, such as checks or money orders.

Expenses

Costs incurred by a business in the process of earning revenue, such as rent, salaries, and utilities.

Assets

Assets held by a business anticipated to deliver future economic advantages.