The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made....
The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts?
Homework Answers
| General Journal | Debit | Credit |
| Revenue accounts | $55,200 | |
| Income Summary | $55,200 |
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The F. Mercury, Capital account has a credit balance of $37,000
before closing entries are made....
The Retained earnings account has a credit balance of $37.000 before closing entries are made.
The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55,200, total expe $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are...
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55 200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a d...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete Capri Company began the current period with a $40,000 credit balance in the K....
please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55 200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
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