Author Question: The journal entry to close the Fees Earned, 750, and Rent Revenue, 175, accounts during the year-end ... (Read 133 times)

saraeharris · **on:** Jul 5, 2018

The journal entry to close the Fees Earned, 750, and Rent Revenue, 175, accounts during the year-end closing process would be:
a. Dec. 31 Fees Earned 750
Rent Revenue
Income Summary 175
925
b. Dec. 31 Income Summary
Fees Earned 925
750
Rent Revenue 175
c. Dec. 31 Revenues
Income Summary 925
925
d. Dec. 31 Income Summary
Revenues 925
925

Question 2

Antique Brass Company has budgeted sales volume of 120,000 units and budgeted production of 108,000 units, while 20,000 units are in beginning finished goods inventory. How many units are targeted for ending finished goods inventory?

A) 20,000 units
B) 32,000 units
C) 12,000 units
D) 8,000 units