The Mercury, Capital account has a credit balance of $52,000 before closing entries are made. Services revenue for the period is $70,200, wages expense is $47,300, and withdrawals are $15,000. What is the correct closing entry for the revenue accounts?

Question

Answer

Debit Services revenue $70,200; credit Income Summary $70,200.

Answer

Debit Services revenue $52,000; credit F. Mercury, Capital $52,000.

Answer

Debit Income Summary $52,000; credit F. Mercury Capital $52,000.

Answer

Debit Services revenue $70,200; credit F. Mercury, Capital $52,000.

Answer

Debit Income Summary $70,200; credit Services revenue $70,200.

Crowdly

The Mercury, Capital account has a credit balance of $52,000 before closing entr...

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