Homework Answers
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30. Option D All the temporary accounts must be closed at the end of accounting period |
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31. Option A Other options appear on balance sheet |
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32. Option D All the given options are liabilities |
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30. Which of the following accounts does get closed? a. service revenue b. rent expense c....
please help with all, automatic thumbs up! he withdrawals by an owner has what effect on...
please help with all, automatic thumbs up!
he withdrawals by an owner has what effect on owner what effect on owner's equity? C. 26. a. increases b. cecreases c. ro effect The 27. In July a company pays two years adve. y pays two years' advertising in advance. December 31 adjusting en ry is: a. a debit to Prepaid Adverti 1C to Prepaid Advertising and a credit to Advertising Expense. è debit to Advertising Expense and a credit g Expense...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Insurance Expense $ $ Service Revenue 4,500 70,000 1,400 16,000 9,000 7,200 Utilities Expense Rent Expense...
Insurance Expense $ $ Service Revenue 4,500 70,000 1,400 16,000 9,000 7,200 Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 46,000 17,600 1,700 4,800 8,000 12,100 5,100 Year Ended December 31, 2018 Revenues: $ 70,000 Service Revenue Expenses: Salaries Expense Rent Expense Insurance Expense 46,000 16.000 4,500 1,400 Utilities Expense Total Expenses 67,900 2,100 Net Income Centerpiece Arrangements Statement of Retained Earnings Year Ended December 31,...
1. Which of these accounts is included in the post-closing trial balance? a. Accounts Payable b. Supplies Expense c. Sal...
1. Which of these accounts is included in the post-closing trial balance? a. Accounts Payable b. Supplies Expense c. Sales Revenue d. Insurance Expense 2. On which of the following would the year-end Retained Earnings balance be stated correctly? a. Post-Closing Trial Balance b. Unadjusted Trial Balance c. Adjusted Trial Balance d. The Worksheet 3. Which of these accounts is never closed? a. Prepaid Rent b. Income Summary c. Rent Revenue d. Rent Expense 4. Which of these accounts is...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
pls solve this exercise S1-8 Identifying accounts Consider the following accounts: a. Accounts Payable f. Service...
pls solve this exercise
S1-8 Identifying accounts Consider the following accounts: a. Accounts Payable f. Service Revenue b. Cash g. Office Supplies c. Owner, Capital h. Owner, Withdrawals i. Land d. Accounts Receivable e. Rent Expense j. Salaries Expense Identify each account as Asset, Liability, or Equity.
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts....
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
please help with all, automatic thumbs up!
he withdrawals by an owner has what effect on owner what effect on owner's equity? C. 26. a. increases b. cecreases c. ro effect The 27. In July a company pays two years adve. y pays two years' advertising in advance. December 31 adjusting en ry is: a. a debit to Prepaid Adverti 1C to Prepaid Advertising and a credit to Advertising Expense. è debit to Advertising Expense and a credit g Expense...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Insurance Expense $ $ Service Revenue 4,500 70,000 1,400 16,000 9,000 7,200 Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 46,000 17,600 1,700 4,800 8,000 12,100 5,100 Year Ended December 31, 2018 Revenues: $ 70,000 Service Revenue Expenses: Salaries Expense Rent Expense Insurance Expense 46,000 16.000 4,500 1,400 Utilities Expense Total Expenses 67,900 2,100 Net Income Centerpiece Arrangements Statement of Retained Earnings Year Ended December 31,...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
pls solve this exercise
S1-8 Identifying accounts Consider the following accounts: a. Accounts Payable f. Service Revenue b. Cash g. Office Supplies c. Owner, Capital h. Owner, Withdrawals i. Land d. Accounts Receivable e. Rent Expense j. Salaries Expense Identify each account as Asset, Liability, or Equity.
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
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