Homework Answers
Option 1 is correct. - Income summary debited and Depreciation account credited.
Depreciation Account is an Expenses Account, and according to our Golden Rule of Accounting, All expenses and Losses are Debited.
So when we close the Balances of Expenses Account, then it can adjusted from your Profit and Loss Account.
For Closing purpose, Income Summary Account Debited and Depreciation Account Credited.
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the entry of depreciation expense account may include a
debit
uiz 0 Saved Help Save &...
Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense......
Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account would include a debit to: Multiple Choice O the Income Summary account and a credit to the Depreciation Expense account. O the income Summary and a credit to Cash. O the Cash account and a credit to the Income Summary account. O O the Depreciation Expense account and a credit to the Income Summary account.
The entry to the owner’s drawing account would include a debit to the 6 Quiz 0...
The entry to the owner’s drawing account would include a debit
to the
6 Quiz 0 Saved Help Save & Exit Submit MC Qu. 6-47 The entry to close the owner's drawing... The entry to close the owner's drawing account would include a debit to the Multiple Choice Book owner's capital account and a credit to the owner's drawing account. ) owner's drawing account and a credit to Cash. ferences Income Summary account and a credit to the owner's drawing...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit If an account has a debit balance of $900 in the Trial Bal...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit If an account has a debit balance of $900 in the Trial Balance section of a worksheet and there is a debit of $600 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 8 of 10 Next >
The entry to transfer a net loss to the owner's capital account would include a debit...
The entry to transfer a net loss to the owner's capital account would include a debit to Multiple Choice ) the owner's capital account and a credit to Cash. 0 the owner's drawing account and a credit to the owner's capital account. 0 Income Summary on Income Summary and a credit to the owner's capital account. 0 the owner's capital account and a credit to Income Summary
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial...
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial balance of $3,196. A year- end inventory shows $1,746 worth of supplies left at the end 10 of the year. The correct adjusting entry is: 12 points Multiple Choice Skipped debit Sunnlies Exnense $3 196 Mc Graw Hill Education Prev 10 of 10 Next
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Bal...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $3,300 and a credit entry of $1,400 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 5 of 10 Next >
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On October 1, 2019, Paige Turner Publishing received $60...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On October 1, 2019, Paige Turner Publishing received $60,600 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is points Skipped Multiple Choice Mc Graw Hill Education < Prev 3 of 10 !! Next >
uiz Saved Help Save & Exit The following pre-closing accounts and balances were drawn from the...
uiz Saved Help Save & Exit The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $4,000 $2,000 $3,200 $1,800 Accounts receivable Common stock Revenue Expense $3,400 $3,900 $3,200 $2,200 Total assets on Carolina's December 31, Year 1 balance sheet would amount to: Multiple Choice $12,600 $13,800 $7.200. $10,600
An adjusting entry should never include a. a debit to an expense account and a credit...
An adjusting entry should never includea. a debit to an expense account and a credit to a liability account.b. a debit to an expense account and a credit to a revenue account.c. a debit to a liability account and a credit to revenue account.d. A debit to a revenue account and a credit to a liability account.
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...
Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account would include a debit to: Multiple Choice O the Income Summary account and a credit to the Depreciation Expense account. O the income Summary and a credit to Cash. O the Cash account and a credit to the Income Summary account. O O the Depreciation Expense account and a credit to the Income Summary account.
The entry to the owner’s drawing account would include a debit
to the
6 Quiz 0 Saved Help Save & Exit Submit MC Qu. 6-47 The entry to close the owner's drawing... The entry to close the owner's drawing account would include a debit to the Multiple Choice Book owner's capital account and a credit to the owner's drawing account. ) owner's drawing account and a credit to Cash. ferences Income Summary account and a credit to the owner's drawing...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit If an account has a debit balance of $900 in the Trial Balance section of a worksheet and there is a debit of $600 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 8 of 10 Next >
The entry to transfer a net loss to the owner's capital account would include a debit to Multiple Choice ) the owner's capital account and a credit to Cash. 0 the owner's drawing account and a credit to the owner's capital account. 0 Income Summary on Income Summary and a credit to the owner's capital account. 0 the owner's capital account and a credit to Income Summary
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial balance of $3,196. A year- end inventory shows $1,746 worth of supplies left at the end 10 of the year. The correct adjusting entry is: 12 points Multiple Choice Skipped debit Sunnlies Exnense $3 196 Mc Graw Hill Education Prev 10 of 10 Next
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $3,300 and a credit entry of $1,400 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 5 of 10 Next >
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit On October 1, 2019, Paige Turner Publishing received $60,600 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is points Skipped Multiple Choice Mc Graw Hill Education < Prev 3 of 10 !! Next >
uiz Saved Help Save & Exit The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $4,000 $2,000 $3,200 $1,800 Accounts receivable Common stock Revenue Expense $3,400 $3,900 $3,200 $2,200 Total assets on Carolina's December 31, Year 1 balance sheet would amount to: Multiple Choice $12,600 $13,800 $7.200. $10,600
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...
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