Prepaid rent in the worksheet\'s trial balance column is $4,000 Prepaid rent in
ID: 2345591 • Letter: P
Question
Prepaid rent in the worksheet's trial balance column is $4,000 Prepaid rent in the balance sheet column is $2,000. Which of the following entries would have caused this difference? Revenues total $10,200 Expenses total $7,300 Withdrawals total $2,600 What is the balance in the Income summary account prior to closing Net income or loss to the Capital account? Revenues total $10,200 Expenses total $7,300 Withdrawals total $2,600 What is the balance in the Income summary account after closing Net income or loss to the Capital account?Explanation / Answer
1) A because prepaid rent is an asset 2) B Credit balance of 10,200 - 7300 = 2900 3) B Credit Balance of $2900 -2600 = $300