Homework Answers
All revenue accounts are closed with a debit and all expenses accounts are closed with a credit.
Normal balance of revenue accounts is credit and thus when revenue accounts are closed, revenue accounts are debited and income summary is credited.
Normal balance of expense accounts is debit and thus when expense accounts are closed, expense accounts are credited and income summary is debited.
Assets accounts like cash and note receivable are not closed.
Correct option is (d)
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Which of the following accounts will be closed with a debit? a. Notes Receivable b. Miscellaneous...
QUESTION 4 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
QUESTION 4 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
Which of the following statements is incorrect? Cash goes up with a debit. Accounts receivable goes...
Which of the following statements is incorrect? Cash goes up with a debit. Accounts receivable goes up with a debit. Accounts Payable goes up with a debit. Rent Expense goes up with a debit
QUESTION 21 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
QUESTION 21 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
30. Which of the following accounts does get closed? a. service revenue b. rent expense c....
30. Which of the following accounts does get closed? a. service revenue b. rent expense c. drawings d. all of the above 31. Which of the following appears on the multiple-step income statenent? a. Rent Expense- Office b. nvestments C. Cash d. Accumulated Depreciation Which of the following accounts is not a liability?! mortgage payable accounts payable Lnearned revenue d. all of the above are liabilities b.
Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-...
Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 2,800 5,520 1,050 3,000 620 2,500 1,040 310 42,930 310 21,800 1,400 4,320 1,500 6.100 3.000 Total $59.770 $59.770 Journal entry worksheet Record the...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
QUESTION 19 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
QUESTION 19 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
QUESTION 1 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
QUESTION 1 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Pa 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
QUESTION 14 CHART OF ACCOUNTS 101 Cash 211 Notes Payable 111 Notes Receivable 212 Accounts Payable...
QUESTION 14 CHART OF ACCOUNTS 101 Cash 211 Notes Payable 111 Notes Receivable 212 Accounts Payable 112 Accounts Receivable 214 Interest Payable 114 Interest Receivable 216 Wages Payable 119 Allow for Doubt Accounts 261 Unearned Revenue 121 Inventory 281 Bonds Payable 125 Supplies 311 Common Stock 130 Prepaid Insurance 312 In Excess of Par 132 Prepaid Rent 320 Retained Earnings 161 Equipment 332 Dividends 162 Accumulated Depreciation 350 Income Summary Billed customers for services rendered 401 Service Revenue 491 Interest...
QUESTION 9 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
QUESTION 9 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
QUESTION 4 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
Which of the following statements is incorrect? Cash goes up with a debit. Accounts receivable goes up with a debit. Accounts Payable goes up with a debit. Rent Expense goes up with a debit
QUESTION 21 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
30. Which of the following accounts does get closed? a. service revenue b. rent expense c. drawings d. all of the above 31. Which of the following appears on the multiple-step income statenent? a. Rent Expense- Office b. nvestments C. Cash d. Accumulated Depreciation Which of the following accounts is not a liability?! mortgage payable accounts payable Lnearned revenue d. all of the above are liabilities b.
Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 2,800 5,520 1,050 3,000 620 2,500 1,040 310 42,930 310 21,800 1,400 4,320 1,500 6.100 3.000 Total $59.770 $59.770 Journal entry worksheet Record the...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
QUESTION 19 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
QUESTION 1 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Pa 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
QUESTION 14 CHART OF ACCOUNTS 101 Cash 211 Notes Payable 111 Notes Receivable 212 Accounts Payable 112 Accounts Receivable 214 Interest Payable 114 Interest Receivable 216 Wages Payable 119 Allow for Doubt Accounts 261 Unearned Revenue 121 Inventory 281 Bonds Payable 125 Supplies 311 Common Stock 130 Prepaid Insurance 312 In Excess of Par 132 Prepaid Rent 320 Retained Earnings 161 Equipment 332 Dividends 162 Accumulated Depreciation 350 Income Summary Billed customers for services rendered 401 Service Revenue 491 Interest...
QUESTION 9 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
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