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The Retained earnings account has a credit balance of $47,000 before closing entries are made. Total...

The Retained earnings account has a credit balance of $47,000 before closing entries are made. Total revenues for the period are $65,200, total expenses are $44,800, and dividends are $13,000. What is the correct closing entry for the revenue accounts?

Multiple Choice

  • Debit Revenue accounts $65,200; credit Income Summary $65,200.

  • Debit Revenue accounts $65,200; credit Retained earnings $47,000.

  • Debit Income Summary $65,200; credit Revenue accounts $65,200.

  • Debit Revenue accounts $47,000; credit Retained earnings $47,000.

  • Debit Income Summary $47,000; credit Retained earnings $47,000

A company purchased new furniture at a cost of $28,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,400. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?

A company's balance sheet shows: cash $56,000, accounts receivable $33,000, office equipment $67,000, and accounts payable $34,000. What is the amount of stockholders' equity?

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