Which account typically carries a credit balance?
Which account typically carries a credit balance?
SELECT ONLY ONE
Accumulated Depreciation
Utilities Expense
Inventory
Accounts Receivable
Cash
Homework Answers
Correct answer-----accumulated depreciation.
.
Accumulated depreciation is a contra asset account which have a credit normal balance.
Utilities expense, inventory, accounts receivable and cash have always debit balance.
Calculator Credit Use the adjusted trial balance below. Adjusted Trial Balance Account Title Debit Cash 26,000...
Calculator Credit Use the adjusted trial balance below. Adjusted Trial Balance Account Title Debit Cash 26,000 Accounts Receivable 3,300 Prepaid Insurance 6,600 Supplies 1,200 Land 42,300 Equipment 5,700 Accumulated Depreciation Equipment Accounts Payable þwner, Capital pwner, Drawing 3,200 Service Fees Wages Expense 8,500 Supplies Expense 2,100 Utilities Expense 200 Insurance Expense 100 Depreciation Expense-Equipment 5,500 104,700 5,500 5,300 73,900 20,000 104,700 a. For each account, open a T account, title the account, and place its balance in it. Cash Accounts...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570...
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570...
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation 7,600 4,850 Accounts Payable Deferred Rent Revenue Capital Stock 1,690 24,900 22,800 Retained Earnings Dividends 13,200 Commission Revenue 45,400 6,500 Rent Revenue Depreciation Expense Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary to montt |
Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent...
Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) No. Account Titles and Explanation Credit Cash Debit 1 Accounts Receivable Allowance for Doubtful Accounts (To close revenue accounts) 2. (To close expense accounts) 3. (To close net income / (loss)) Question 2 of 2 0.67/1 ili KINGBIRD GOLF CLUB, INC. Adjusted Trial Balance December 31,...
Trial Balance Adjustments Trial Balance Account Names Debit Credit Debit Credit Debit Credit Cash $3,600 Accounts...
Trial Balance Adjustments Trial Balance Account Names Debit Credit Debit Credit Debit Credit Cash $3,600 Accounts Receivable 6,400 Office Supplies 2,200 Prepaid Insurance 2,400 Equipment 28,000 Accumulated Depreciation-Equipment $8,500 Accounts Payable 5,100 Salaries Payable Common Stock 12,200 Dividends 27,000 Service Revenue 73,000 Depreciation Expense-Equipment Supplies Expense Utilities Expense 4,700 Salaries Expense 24,500 Insurance Expense Total $98,800 $98,800 a. As of December 31, Ganville had performed $100 of service revenue but has not yet billed customers. b. At the end of...
Calculator Tome Statement Adjusted Trial Balance Debit Credit Balance Sheet Account Title Debit Credit Credit 14,500...
Calculator Tome Statement Adjusted Trial Balance Debit Credit Balance Sheet Account Title Debit Credit Credit 14,500 Accounts Receivable 7,500 Equipment 20.500 15.000 Accumulated Depr-Equip Accounts Payable 9.500 Wages Payable 3.000 Common Stock 18,240 Dividends 1.000 Fees Earned 34.000 Wages Expense 15.000 Rent Expense 9.300 Depreciation Expense 3.500 Totals 79.800 79,800 Net LOSS (Previous
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700...
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 8,900 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,000 4,100 201 Accounts Payable 208 Unearned Rent Revenue 1,900 311 Common Stock 20,200 320 Retained Earnings 25,600 332 Dividends 15,000 400 Service Revenue 63,500 429 Rent Revenue 6.700 711 Depreciation Expense 8,800 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,500 $129,000 $129.000 July 31 Service Revenue 63,500 Rent Revenue 6,700 Income...
Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies...
Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies $22,630 17,720 9,150 41,700 Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock $8,800 4,310 1,500 35,590 21,600 Retained Earnings Dividends 14,000 Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 45,900 6,400 5,400 7,900 5,600 $124,100 S124,100 The president of Murphy Company has asked you to close the books (prepare and process the closi Required: Rent Revenue Depreciation Expense Utilities...
Calculator Credit Use the adjusted trial balance below. Adjusted Trial Balance Account Title Debit Cash 26,000 Accounts Receivable 3,300 Prepaid Insurance 6,600 Supplies 1,200 Land 42,300 Equipment 5,700 Accumulated Depreciation Equipment Accounts Payable þwner, Capital pwner, Drawing 3,200 Service Fees Wages Expense 8,500 Supplies Expense 2,100 Utilities Expense 200 Insurance Expense 100 Depreciation Expense-Equipment 5,500 104,700 5,500 5,300 73,900 20,000 104,700 a. For each account, open a T account, title the account, and place its balance in it. Cash Accounts...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation 7,600 4,850 Accounts Payable Deferred Rent Revenue Capital Stock 1,690 24,900 22,800 Retained Earnings Dividends 13,200 Commission Revenue 45,400 6,500 Rent Revenue Depreciation Expense Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary to montt |
Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) No. Account Titles and Explanation Credit Cash Debit 1 Accounts Receivable Allowance for Doubtful Accounts (To close revenue accounts) 2. (To close expense accounts) 3. (To close net income / (loss)) Question 2 of 2 0.67/1 ili KINGBIRD GOLF CLUB, INC. Adjusted Trial Balance December 31,...
Calculator Tome Statement Adjusted Trial Balance Debit Credit Balance Sheet Account Title Debit Credit Credit 14,500 Accounts Receivable 7,500 Equipment 20.500 15.000 Accumulated Depr-Equip Accounts Payable 9.500 Wages Payable 3.000 Common Stock 18,240 Dividends 1.000 Fees Earned 34.000 Wages Expense 15.000 Rent Expense 9.300 Depreciation Expense 3.500 Totals 79.800 79,800 Net LOSS (Previous
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 8,900 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,000 4,100 201 Accounts Payable 208 Unearned Rent Revenue 1,900 311 Common Stock 20,200 320 Retained Earnings 25,600 332 Dividends 15,000 400 Service Revenue 63,500 429 Rent Revenue 6.700 711 Depreciation Expense 8,800 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,500 $129,000 $129.000 July 31 Service Revenue 63,500 Rent Revenue 6,700 Income...
Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies $22,630 17,720 9,150 41,700 Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock $8,800 4,310 1,500 35,590 21,600 Retained Earnings Dividends 14,000 Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 45,900 6,400 5,400 7,900 5,600 $124,100 S124,100 The president of Murphy Company has asked you to close the books (prepare and process the closi Required: Rent Revenue Depreciation Expense Utilities...
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