Use the following end-of-period spreadsheet to answer the question that follow.
Finley Company
|
End-of-Period Spreadsheet
|
For the Year Ended December 31
|
|
Adjusted Trial Balance
|
Income Statement
|
Balance Sheet
|
Account Title
|
Dr.
|
Cr.
|
Dr.
|
Cr.
|
Dr.
|
Cr.
|
Cash |
48,000 |
|
|
|
48,000 |
|
Accounts Receivable |
18,000 |
|
|
|
18,000 |
|
Supplies |
6,000 |
|
|
|
6,000 |
|
Equipment |
57,000 |
|
|
|
57,000 |
|
Accumulated Depreciation |
|
18,000 |
|
|
|
18,000 |
Accounts Payable |
|
25,000 |
|
|
|
25,000 |
Wages Payable |
|
6,000 |
|
|
|
6,000 |
C. Finley, Capital |
|
33,000 |
|
|
|
33,000 |
C. Finley, Drawing |
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 |
|
|
|
|
237,000 |
237,000 |
105,000 |
155,000 |
132,000 |
82,000 |
Net income |
|
|
50,000 |
|
|
50,000 |
|
|
|
155,000 |
155,000 |
132,000 |
132,000 |
|
|
|
|
|
|
Use the end-of-period spreadsheet for Finley Company. The entry to close C. Finley, Drawing would be
a.debit C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000
b.debit C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000
c.debit C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000
d.debit C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000