Finley Company
End-of-Period Spreadsheet
For the Year Ended December 31
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000 48,000
Accounts Receivable 18,000 18,000
Supplies 6,000 6,000
Equipment 57,000 57,000
Accumulated Depr. 18,000 18,000
Accounts Payable 25,000 25,000
Wages Payable 6,000 6,000
Common Stock 30,000 30,000
Retained Earnings 3,000 3,000
Dividends 3,000 3,000
Fees Earned 155,000 155,000
Wages Expense 63,000 63,000
Rent Expense 27,000 27,000
Depreciation Expense 15,000 15,000
Sub Total 237,000 237,000 105,000 155,000 132,000 82,000
Net income 50,000 50,000
Total 155,000 155,000 132,000 132,000
The journal entry to close revenues and expenses would involve

a. debits to the expense accounts and credits to Retained Earnings and Fees Earned
b. a debit to Fees Earned and credits to the expense accounts and Retained Earnings
c. debits to the expense accounts and Retained Earnings and a credit to Fees Earned
d. debits to Fees Earned and Retained Earnings and credits to the expense accounts