Homework Answers
9.
The post closing balance sheet shows, Balance sheet type of accounts
First option is the correct option
10.
When closing entries are done temporary accounts have their balance go to zero
Third option is the correct option
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e red revenue 65000 none of the above sales income 65000 sales Income 235000 9 29...
027 29 If supplies was 103900 at the beginning of the year: 30,000 in supplies were purchased throughout the year a...
027 29 If supplies was 103900 at the beginning of the year: 30,000 in supplies were purchased throughout the year and supplies on hand is 25000 at 12/31/xx. What is the dollar amount of the adjusting entry? e none of the above are correct 108900 25000 P8 230 If the company earried 65000 for the year and the cash collected on 1/1 was 300,000. What account is credited on 12/31 and for how much? deferred revenue 65000 none of the...
2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued r...
2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued revenue Match each of the options above to the items below. Receive cash in the current period that will be recorded as a revenue in a future period. Record an expense in the current period that will be paid in cash in a future period. Record a revenue in the current period that will be collected in cash in a future period. Pay...
SOLID PUUT ..re Preparation Quiz: Solid Footing Chapters 3 and 4 Name: Print your name above....
SOLID PUUT ..re Preparation Quiz: Solid Footing Chapters 3 and 4 Name: Print your name above. Print your name on the Multiple Choice Answer Form For each of the questions below-circle the best answer to the question - then place your answer on the Multiple Choice Answer Form. Only the answer on the Multiple Choice Answer Form will be counted for grading purposes. 1. А Revenue accounts will always start each new accounting period: with a credit balance equal to...
closing entries transfer the balances of temporary accounts to the: a. owner’s capital account b. balance...
closing entries transfer the balances of temporary accounts to the: a. owner’s capital account b. balance sheet and income statements c. cash flow statement d. net income balance
Please help Which of the following accounts would show a balance in a post-closing trial balance?...
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
E3-39. Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending...
E3-39. Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is: SOLOMON CORPORATION Adjusted Trial Balance December 31, 2018 Debit Credit $ 4,000 6,500 78,000 .. Cash.. Accounts receivable Equipment Accumulated depreciation Notes payable. Common stock Rotainod earnings Service fees revenue Rent expense... Salaries expense Depreciation expense. Totals $ 14,000 10,000 43.000 12,600 71,000 18,000 37.100 7,000 $150,600 $150,600 a. Prepare its income statement and statement of stockholders' equity for the...
these are the definentions Question 8 15 pts Match each term with the appropriate definition Contra-amet...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
anything helps 29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances,...
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19.780. Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1.400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Prepare closing journal entries. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is...
027 29 If supplies was 103900 at the beginning of the year: 30,000 in supplies were purchased throughout the year and supplies on hand is 25000 at 12/31/xx. What is the dollar amount of the adjusting entry? e none of the above are correct 108900 25000 P8 230 If the company earried 65000 for the year and the cash collected on 1/1 was 300,000. What account is credited on 12/31 and for how much? deferred revenue 65000 none of the...
SOLID PUUT ..re Preparation Quiz: Solid Footing Chapters 3 and 4 Name: Print your name above. Print your name on the Multiple Choice Answer Form For each of the questions below-circle the best answer to the question - then place your answer on the Multiple Choice Answer Form. Only the answer on the Multiple Choice Answer Form will be counted for grading purposes. 1. А Revenue accounts will always start each new accounting period: with a credit balance equal to...
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
E3-39. Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is: SOLOMON CORPORATION Adjusted Trial Balance December 31, 2018 Debit Credit $ 4,000 6,500 78,000 .. Cash.. Accounts receivable Equipment Accumulated depreciation Notes payable. Common stock Rotainod earnings Service fees revenue Rent expense... Salaries expense Depreciation expense. Totals $ 14,000 10,000 43.000 12,600 71,000 18,000 37.100 7,000 $150,600 $150,600 a. Prepare its income statement and statement of stockholders' equity for the...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19.780. Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1.400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Prepare closing journal entries. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is...
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