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When the income summary has total debits of $10,500 and total credits $15,500, the closing entry...
Journal entry number one record entry to transfer fees income to income summary. Number to record...
Journal entry
number one record entry to transfer fees income to income summary.
Number to record entry to transfer expenses to income summary.
Number three record entry to transfer net income or net loss from
income summary to Capital. Number for record entry to transfer
drawings to Capital account. General ledger post the closing
entries to the owners capital account. Trial balance prepare a
post-closing trial balance
Danos Company's partial worksheet for the month ended December 31, 2019. is shown...
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
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 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.
General journal... 1. fee income to income summary 2. expenses yo income summary 3. net income...
General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
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...
If total credits exceed total debits in the Balance Sheetcolumns of a work sheet,Select...
If total credits exceed total debits in the Balance Sheet columns of a work sheet,Select one:a. a mistake has been made.b. a net income has occurred.c. assets exceed liabilities.d. no conclusion can be drawn until the closing entries have been made.e. a net loss has occurred.
5. Total debits must equal total credits. This is the basis of... a. an income statement....
5. Total debits must equal total credits. This is the basis of... a. an income statement. b. an earnings statement. c. a profit and loss statement. d. double-entry bookkeeping. 6. Which of the following accounts might be included in an adjusting entry? a. Cash b. Buildings c. Insurance Expense d. all of the above 7. Which of the following is an asset? a. Payables b. Unearned Revenue c. Receivables d. Revenue 8. On the accrual basis, revenue is recorded when...
Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How...
Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How after closing revenues and expenses. The entry to close Income Summary is: a. credit Income Summary $29,000, debit Owner’s Capital $29,000. b. credit Income Summary $29,000, debit Owner’s Drawing $29,000. c. debit Income Summary $29,000, credit Owner’s Capital $29,000. d. debit Income Summary $29,000, credit Owner’s Drawing $29,000.
If L. Green's total revenue for the year was $38,000 and total expenses were $30,000, the...
If L. Green's total revenue for the year was $38,000 and total expenses were $30,000, the third closing entry would be Select one: a. debit Income Summary; credit L. Green, Capital. b. debit L. Green, Capital; credit Income Summary. c. debit Income Summary; credit Income from Services. d. debit Income from Services; credit Income Summary. e. debit L. Green, Capital; credit L. Green, Drawing.
Journal entry
number one record entry to transfer fees income to income summary.
Number to record entry to transfer expenses to income summary.
Number three record entry to transfer net income or net loss from
income summary to Capital. Number for record entry to transfer
drawings to Capital account. General ledger post the closing
entries to the owners capital account. Trial balance prepare a
post-closing trial balance
Danos Company's partial worksheet for the month ended December 31, 2019. is shown...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
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 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.
General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
5. Total debits must equal total credits. This is the basis of... a. an income statement. b. an earnings statement. c. a profit and loss statement. d. double-entry bookkeeping. 6. Which of the following accounts might be included in an adjusting entry? a. Cash b. Buildings c. Insurance Expense d. all of the above 7. Which of the following is an asset? a. Payables b. Unearned Revenue c. Receivables d. Revenue 8. On the accrual basis, revenue is recorded when...
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