Use This End-Of-Period Spreadsheet to Answer the Questions That Follow

question 39

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.
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-The journal entry to close revenues would be:

• A) debit Income Summary, $155,000; credit Fees Earned, $155,000
• B) debit Common Stock, $155,000; credit Fees Earned, $155,000
• C) debit Fees Earned, $155,000; credit Income Summary, $155,000
• D) credit Fees Earned, $155,000; credit Common Stock, $155,000

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Definitions:

Home Internet Service

A service provided by ISPs that gives consumers access to the internet from their residential location.

Network Adapter

A computer hardware component that connects a computer to a computer network, allowing the computer to participate in network communications.

MAC Address

An exclusive identifier given to network interfaces for interacting over the physical segment of a network.

Unique Number

A distinct numerical identifier that distinguishes one item or entity from another in a specific context or system.