Question

The entry to close the revenue accounts includes a *

Debit to income summary $32,300

Debit to Revenues for $37,100

Credit to income summary $35,300

Credit to Revenues for $28,300

The entry to close the expenses accounts includes a *

Debit to income summary $12,900

Credit to income summary $12,900

Lea Company has the following adjusted trial balances as of December 31, 2018: Lea Company Trial Balance December 31, 2018 Debit 5800 Account Credit Cash Account Receivable Supplies 3,000 7.400 Land 6,000 Building 38.000 $8,500 9,800 4.100 25,000 3,500 25,300 Accumulated depreciation Building Account Payable Uneamed Revenue Owner's Capital Owner's Drawings Service Revenue Interest Revenue Rent Revenue Supplies Expense Salaries Expense Depreciation Expense Total 3,000 7,000 4,000 12,000 8,000 $82,700 $82,700

Debit to income summary for $24,000

Credit to total expenses for $16,000

After the revenue and expense accounts have been closed, the balance of Income Summary will be *

Credit balance of $11,300

Debit balance of $20,100

Credit balance of $20,100

Credit to total expenses for $9,900

When closing owner’s drawings and income summary to owner’s capital we should *

Debit owner’s drawings for $3,500 and Credit income summary for $11,300

Debit owner’s drawings for $3,500 and debit income summary for $11,300

Credit owner’s drawings for $3,500 and debit income summary for $11,300

None of the above

At December 31, 2018, after all closing entries have been posted, the company will report owner’s capital of *

$9,700

$27,800

$18,100

$32,800