The F Mercury, Capital Account Has a Credit Balance of $37,000

question 133

Multiple Choice

The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000.
-What is the correct closing entry for the expense accounts?

• A) Debit Expense accounts $39,800; credit Income Summary $39,800.
• B) Debit Expense accounts $37,000; credit F. Mercury, Capital $37,000.
• C) Credit Expense accounts $39,800; debit F. Mercury, Capital $39,800.
• D) Debit Income Summary $39,800; credit F. Mercury Capital $39,800.
• E) Debit Income Summary $39,800; credit Expense accounts $39,800.

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The act of attempting to harm or penalize someone in response to a wrongdoing or injury they are perceived to have caused.

Substance Goals

Objectives focused on the essence or core content of a task, project, or mission, rather than on external attributes or rewards.

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Objectives set by individuals or partners in a relationship aimed at achieving a desired level of intimacy, understanding, or mutual satisfaction to enhance or maintain the relationship's quality.