An Owner's Capital account has a credit balance of $50,000 before closing entries are made. Services revenue for the period is $68,200, wages expense is $46,300, and withdrawals are $14,200. What is the correct closing entry for the expense accounts?

Question

Answer

Debit F. Mercury, Withdrawals accounts $46,300; credit Wages expense $46,300.

Answer

Debit Wages expense $50,000; credit F. Mercury, Capital $50,000.

Answer

Debit Income Summary $46,300; credit Wages expense $46,300.

Answer

Debit Income Summary $46,300; credit F. Mercury Capital $46,300.

Answer

Debit Wages expense $46,300; credit Income Summary $46,300.

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An Owner's Capital account has a credit balance of $50,000 before closing entrie...

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