The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399 Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 65,800 65,800
31 Closing 35,300 30,500
31 Closing 30,500 0
Linda Carter, Capital Account No. 301 Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 114,000 114,000
31 Closing 30,500 144,500
31 Closing 10,500 134,100
Enter the following amounts
1. Total revenue for the period is
2. Total expenses for the period are
Net income for the period is
4. Owner's withdrawals for the period are
Homework Answers
Answers
1. Total revenue for the period is $ 65,800 (amount credited in Income Summary)
2. Total expenses for the period are $ 35,300 (amount debited in Income Summary)
3. Net income for the period is $ 30,500 (balance of income summary credited to Capital account)
4. Owner's withdrawals for the period are $ 10,500 (debited to capital account)
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The Income Summary and Linda Carter, Capital accounts for Carter
Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Debit Date Description 2019 Dec. 31 Closing 31 Closing 31 Closing 64,400 34,600 29,800 64,400 29,800 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 2019 Dec. 1 31 closing 31 Closing 107,000 29,800 107,000 136,800 127,100 9,700 Enter the following amounts 1. Total revenue for the...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 63,600 63,600 31 Closing 34,200 29,400 31 Closing 29,400 0 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 103,000 103,000 31 Closing 29,400 132,400 31 Closing 9,300 123,100 Enter the following amounts. !. Total revenue...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for...
ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production...
ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Date Description Debit 2019 Dec. 31 Closing 31 Closing 71,800 31 Closing 62,200 134,000 134,800 62,200 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280, 200 Enter the following...
Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production...
Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production Company at the end of its accounting pe Income Summary Account No: 399 Balance cription Debst CreditDebidit Date Descr 2019 Dec. 31 Closing 134,000 0.33 points 31 Closing 31 Closing 71,808 62, 208 625 280 e Book Linda Carter, Capital Account No 3et Balance Date Description Debit 2019 Dec. 1 itlDebiniNIll Cnedit 31 Closing 31 Closing 240,080 62,2e0 249 800 302/286 280 284 22,800...
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 13,300 2,000 23,000 $ 6,500 45,480 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 44,800 2.000 26,118 1.882 3.002 1.478 $96,780 $96.780 1. Prepare the...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 12,900 2,000 23,000 $ 6,500 45,493 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 43,300 2,000 25,244 1,819 2,901 1,429 $95, 293 $95, 293...
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...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr....
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Debit Date Description 2019 Dec. 31 Closing 31 Closing 31 Closing 64,400 34,600 29,800 64,400 29,800 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 2019 Dec. 1 31 closing 31 Closing 107,000 29,800 107,000 136,800 127,100 9,700 Enter the following amounts 1. Total revenue for the...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for...
ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Date Description Debit 2019 Dec. 31 Closing 31 Closing 71,800 31 Closing 62,200 134,000 134,800 62,200 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280, 200 Enter the following...
Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production Company at the end of its accounting pe Income Summary Account No: 399 Balance cription Debst CreditDebidit Date Descr 2019 Dec. 31 Closing 134,000 0.33 points 31 Closing 31 Closing 71,808 62, 208 625 280 e Book Linda Carter, Capital Account No 3et Balance Date Description Debit 2019 Dec. 1 itlDebiniNIll Cnedit 31 Closing 31 Closing 240,080 62,2e0 249 800 302/286 280 284 22,800...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 13,300 2,000 23,000 $ 6,500 45,480 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 44,800 2.000 26,118 1.882 3.002 1.478 $96,780 $96.780 1. Prepare the...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 12,900 2,000 23,000 $ 6,500 45,493 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 43,300 2,000 25,244 1,819 2,901 1,429 $95, 293 $95, 293...
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...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
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