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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