The entry to close the Laundry Service Revenue account includes a:
The entry to close the Laundry Service Revenue account includes a:
O credit to Service Revenue for $7410.
O debit to Income Summary for $7410.
O debit to Service Revenue for $7410.
O debit to Retained Earnings for $7410.
The following information is from the Income Statement of the Coronado Laundry Service:
Revenues
Service Revenues $7410
Expenses
Salaries and wages expense $ 2790
Advertising expense 570
Rent expense 340
Supplies expense 230
Insurance expense 110
Total expenses 4040
Net income $3370
Homework Answers
The following information is from the Income Statement of the Sunland Laundry Service: Revenues Service Revenues...
The following information is from the Income Statement of the Sunland Laundry Service: Revenues Service Revenues Expenses $5720 Salaries and wages expense $ 2160 440 260 Advertising expense Rent expense Supplies expense Insurance expense Total expenses 180 90 3130 Net income $2590 The entry to close the Laundry Service Revenue account includes a: O debit to Income Summary for $5720. O debit to Service Revenue for $5720. O debit to Retained Earnings for $5720. O credit to Service Revenue for...
The following information is from the Income Statement of the Sunland Laundry Service: $7540 Revenues Service...
The following information is from the Income Statement of the Sunland Laundry Service: $7540 Revenues Service Revenues Expenses Salaries and wages expense $ 2840 Advertising expense 580 Rent expense 350 Supplies expense 230 Insurance expense 120 Total expenses 4120 Net income $3420 The entry to close Income Summary includes a: O debit to Retained Earnings for $3420. credit to Common Stock for $3420. debit to Income Summary for $3420. credit to Income Summary for $3420.
The following information is from the Income Statement of the Vaughn Laundry Service: $5980 Revenues Service...
The following information is from the Income Statement of the Vaughn Laundry Service: $5980 Revenues Service Revenues Expenses Salaries and wages expense $ 2250 Advertising expense 460 Rent expense 280 Supplies expense 180 Insurance expense 90 Total expenses Net income 3260 $2720 The entry to close Income Summary includes a: debit to Income Summary for $2720. O debit to Retained Earnings for $2720. O credit to Common Stock for $2720. O credit to Income Summary for $2720.
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
2. In order to close the dividends account, the: a. Dividend account should be debited b....
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to...
Multiple Choice Question 75 The income statement for the month of June, 2018 of Blossom Enterprises...
Multiple Choice Question 75 The income statement for the month of June, 2018 of Blossom Enterprises contains the following information: Revenues $6650 Expenses: Salaries and Wages Expense $3030 Rent Expense 1460 Advertising Expense 860 Supplies Expense 320 Insurance Expense 110 Total expenses 5780 Net income $870 The entry to close the revenue account includes a credit to Income Summary for $870. debit to Income Summary for $870. debit to Income Summary for $6650....
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000...
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) The entry to close the revenue account includes a A) debit to Revenues for $70,000. B) debit to Income Summary for $7,500. C) credit to Revenues for $70,000. D) credit to Income Summary for $7,500.
can you please show work and give me explanation for these answers a s reprises com...
can you please show work and give me explanation for these
answers
a s reprises com $7,000 $3,000 12. The income item for the month of June, 2011 of Camer the following information Revenues Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 100 The entry to close the revenue Account includes a debit to Income Summary for SIMO b. credit to Income Summary for $1.800 c. debit to Income Summary for...
Entry 1: Record the entry to close revenue accounts. Entry 2: Record the entry to close...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
The following information is from the Income Statement of the Sunland Laundry Service: Revenues Service Revenues Expenses $5720 Salaries and wages expense $ 2160 440 260 Advertising expense Rent expense Supplies expense Insurance expense Total expenses 180 90 3130 Net income $2590 The entry to close the Laundry Service Revenue account includes a: O debit to Income Summary for $5720. O debit to Service Revenue for $5720. O debit to Retained Earnings for $5720. O credit to Service Revenue for...
The following information is from the Income Statement of the Sunland Laundry Service: $7540 Revenues Service Revenues Expenses Salaries and wages expense $ 2840 Advertising expense 580 Rent expense 350 Supplies expense 230 Insurance expense 120 Total expenses 4120 Net income $3420 The entry to close Income Summary includes a: O debit to Retained Earnings for $3420. credit to Common Stock for $3420. debit to Income Summary for $3420. credit to Income Summary for $3420.
The following information is from the Income Statement of the Vaughn Laundry Service: $5980 Revenues Service Revenues Expenses Salaries and wages expense $ 2250 Advertising expense 460 Rent expense 280 Supplies expense 180 Insurance expense 90 Total expenses Net income 3260 $2720 The entry to close Income Summary includes a: debit to Income Summary for $2720. O debit to Retained Earnings for $2720. O credit to Common Stock for $2720. O credit to Income Summary for $2720.
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to...
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) The entry to close the revenue account includes a A) debit to Revenues for $70,000. B) debit to Income Summary for $7,500. C) credit to Revenues for $70,000. D) credit to Income Summary for $7,500.
can you please show work and give me explanation for these
answers
a s reprises com $7,000 $3,000 12. The income item for the month of June, 2011 of Camer the following information Revenues Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 100 The entry to close the revenue Account includes a debit to Income Summary for SIMO b. credit to Income Summary for $1.800 c. debit to Income Summary for...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
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