Homework Answers
Answer :- Correct closing entry for the revenue accounts
Revenue a/c Dr $55,200
To Income Summary A/c $55,200
Explanation:-
The dividend and expenses are irrelevant to the closing entry of the revenues. Each has his own closing entry.
To close the revenue and expense account we use income summary account. Doing one entry for each.
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QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are...
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?
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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?
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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.
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