Use the end-of-period spreadsheet for Finley Company. The first closing entry would include a

A) debit to C. Finley, Capital for $155,000
B) debit to C. Finley, Capital for $50,000
C) credit to C. Finley, Capital for $50,000
D) credit to C. Finley, Capital for $155,000

Closing Entry

An accounting transaction recorded at the end of an accounting period to transfer the balances of temporary accounts to permanent ones.

Capital

Refers to financial assets or the financial value of assets, such as funds held in deposit accounts and/or funds obtained from special financing sources.