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

Question

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 Balance Sheet Income Statement Dr. Adjusted Trial Balance Account Title Cr Cr Dr Cr Dr 48,000 18,000 48,000 18,000 6,000 57,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable C. Finley, Capital C. Finley, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense 6,000 57,000 18,000 25,000 6,000 33,000 18,000 25,000 6,000 33,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000 237,000 05,00015000 132.000 Net income

Explanation / Answer

Answer is c - Debit C. Finley, Capital, $3,000; Credit C. Finley Drawing account, $3,000

Explanation

Date Account Titles and Explanation Debit Credit Dec.31 C. Finley, Capital $3,000 C. Finley, Drawing $3,000 [Drawings account closed]

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