Use the end-of-period spreadsheet for Finley Company. The expenses would be closed by

A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000
B) debiting Expenses for $105,000
C) crediting Expenses for $105,000
D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

Wages Expense

The total cost incurred by a company for paying its employees, often reflected as an operating expense on the income statement.

Rent Expense

The cost incurred by a business to utilize property or equipment for operations, which is recorded as an expense on the income statement.

Depreciation Expense

The portion of the cost of a fixed asset that is recorded as an expense each year of its useful life.