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24 November, 23:24

The f. mercury, capital account has a credit balance of $37,000 before closing entries are made. total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. what is the correct closing entry for the revenue accounts

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  1. 25 November, 00:53
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    The correct closing entry for the revenues account is "Debit: $55,200 to Revenues Account and Credit: $55,200 to Income Summary Account" based on the information shown on the question above. The Income Summary is a closing account for every income statement related account. Thus, the best journal pair for revenues account is the income summary.
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