The closing entry for revenues is:
Acc213 CH1 Closing Entries

Quiz
•
Mathematics
•
11th - 12th Grade
•
Medium
FATIMA Abbas
Used 13+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dr. Service revenue for BD 29,450
Cr. Income Summary for BD 29,450
Dr. Account receivable for BD 45,400
Cr. Income Summary for BD 45,400
Dr. Income summary for BD 29,450
Cr. Service revenue for BD 29,450
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Entry to close Expenses is:
Dr. Income summary for BD 11,950
Cr. wages Expense for BD 9,350
Cr. Advertising Expense for BD 2,600
Dr. wages Expense for BD 9,350
Dr. Advertising Expense for BD 2,600
Cr. Capital for BD 11,950
Dr. wages Expense for BD 9,350
Dr. Advertising Expense for BD 2,600
Cr. Income summary for BD 11,950
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value of income summary after closing revenues and expenses is:
17,500
-17,500
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entry to close income summary is:
Dr. Capital for BD 17,500
Cr. Income summary for BD 17,500
Dr. Income summary for BD 17,500
Cr. Capital for BD 17,500
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Entry to close drawings is:
Dr. Capital for BD 103,000
Cr. Drawing for BD 103,000
Dr. Capital for BD 650
Cr. Drawing for BD 650
Dr. Drawing for BD 650
Cr. Capital for BD 650
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