The last step in the closing procedure closes Select one: a. the Income Summary account. b....
The last step in the closing procedure closes
Select one:
a. the Income Summary account.
b. the Capital account.
c. the Drawing account.
d. the expense accounts.
e. all liability accounts.
Homework Answers
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The last step in the closing procedure closes
Select one:
a. the Income Summary account.
b....
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...
The first step in the closing process is to close the _____________ account(s) into the ___________...
The first step in the closing process is to close the _____________ account(s) into the ___________ account(s). Select one: a. revenue, net income b. income summary, revenue c. expense, net income d. revenue, income summary
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited Dj None of these are correct. 72) The Income Summary account debited and the expense accounts credited would be the result of Al closing the income Summary account--there is a net income. B) closing the revenue accounts c) closing the income Summary accounts - there is a net loss. D) closing the expense accounts 73)...
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...
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...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000...
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000 after revenue of $32,000 and expenses of $62,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,300 and Madison Wells, Capital has a credit balance of $51,000. Required: Record the journal entries necessary to complete closing the accounts. *Closing entry for entry of the balance of income summary and closing entry for the drawing account* What is the new...
Prepare the closing journal entries. Assume the company uses the income summary account (do not post)...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
The Income Summary account has an $8,000 credit balance prior to being closed to the owner's...
The Income Summary account has an $8,000 credit balance prior to being closed to the owner's Capital account. The owner's Capital account had a $32,000 beginning balance and a $36,500 ending balance. Determine the amount of the owner's drawing during the current period. Select one: a. $8,500 b. $3,500 c. $2,500 d. $4,500 e. $8,000
Which of the following accounts would not appear in a closing entry? Select one: A. Net...
Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and 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...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited Dj None of these are correct. 72) The Income Summary account debited and the expense accounts credited would be the result of Al closing the income Summary account--there is a net income. B) closing the revenue accounts c) closing the income Summary accounts - there is a net loss. D) closing the expense accounts 73)...
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...
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...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
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