hello i am having a hard time with what i did wrong for this question. its multi

Question

hello i am having a hard time with what i did wrong for this question. its multiple choice and everytime i chose something it came up wrong. how do i know what to put ?

APPLY THE CONCEPTS: Journalizing closing entries for the year ending December 31, 20--

Using the Adjusted Trial Balance, prepare the journal entry to close the revenue accounts. For grading purposes, close the revenue accounts in the order listed on the Adjusted Trial Balance.

If an amount box does not require an entry, leave it blank or enter "0".

+ Adjusted Trial Balance

373,60

Close the (a) Income Summary and (b) Drawing accounts.

If an amount box does not require an entry, leave it blank or enter "0".

Adjusted Trial Balance For December 31, 20-- Cash 70,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Equipment 60,000 Accumulated Depreciation 40,000 Accounts Payable 10,000 Salaries Payable 8,000 Owner's Capital 20,000 Owner's Drawing 5,000 Fees Earned 175,200 Rent Revenue 120,400 Selling Expense 147,200 Depreciation Expense 46,400             373,600

373,60

Explanation / Answer

Close the (a) Income Summary and (b) Drawing accounts.

Item accounts & explanation debit credit a) Income summary 102000    Owner's Capital 102000 b) Owner's Capital 5000     Owner's Drawings 5000

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