Use the following end-of-period spreadsheet to answer the questions that follow.

-Use the end-of-period spreadsheet for Finley Company. The expenses would be closed by
A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000
B) debiting Expenses for $105,000
C) crediting Expenses for $105,000
D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

Question

Use the following end-of-period spreadsheet to answer the questions that follow.
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-Use the end-of-period spreadsheet for Finley Company. The expenses would be closed by
A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000 
B) debiting Expenses for $105,000 
C) crediting Expenses for $105,000 
D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

Quizplus · Accepted Answer

To close expense accounts, you credit each expense account for its balance, moving the balances to the Income Summary or a similar account. The amounts given in option D correctly match the expenses listed, making it the correct way to close these accounts.

Use the Following End-Of-Period Spreadsheet to Answer the Questions That