Homework Answers
The correct answer is last option
Explanation : - Temporary accounts consist of revenue, expense and owner's drawing accounts. Income summary account is also considered as a temporary account. The purpose of temporary accounts is to store information until the information is transferred to owner's capital account. These accounts are closed at the end of each accounting period.
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Identify all the accounts below that are ALL classified as
temporary account
TICIP Jove LAILU UT...
identify the account below that is classified as a liability in a companys chart of account...
identify the account below that is classified as a liability
in a companys chart of account
Identify the account below that is classified as a liability in a company's chart of accounts: Multiple Choice Ο Salaries Expense Ο Cash Ο Unearned Revenue Ο Accounts Receivable Ο Supplies
1 PONIL Arandom list of accounts are listed below. Identify the ones that are part of...
1 PONIL Arandom list of accounts are listed below. Identify the ones that are part of the umbrella term Owner's Equity and identify if the account makes Owners Equity increase or decrease by dragging and dropping it into the correct box. If the account does not come under the umbrella of Owner's Equity, leave it alone. Causes Owner's Equity Increase Causes Owner's Equity Decrease Owner's Contributions Owner's Drawing Fees Earned Supplies Expense Wages Expense Possible answers Accounts Receivable Rental Income...
Identify the account below that is classified as an asset in a company's chart of accounts...
Identify the account below that is classified as an asset in a company's chart of accounts Multiple Choice Accounts Receivable Accounts Payable Common Stock Uneamed Revenue Service Revenue
From the following list, identify the accounts that will appear on the postclosing trial balance. ACCOUNTS...
From the following list, identify the accounts that will appear on the postclosing trial balance. ACCOUNTS Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Brianna Celina, Capital Brianna Celina, Drawing Fees Income Depreciation Expense Salaries Expense Supplies Expense Utilities Expense
From the following list, identify the accounts that will appear on the postclosing trial balance. ACCOUNTS...
From the following list, identify the accounts that will appear on the postclosing trial balance. ACCOUNTS Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Brianna Celina, Capital Brianna Celina, Drawing Fees Income Depreciation Expense Salaries Expense Supplies Expense Utilities Expense
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
CHART OF ACCOUNTS Cole Designs General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts...
CHART OF ACCOUNTS Cole Designs General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Insurance 51 Wages Expense 18 Equipment 52 Supplies Expense 55 Insurance Expense 19 Accumulated Depreciation-Equipment 56 Depreciation Expense 18 Equipment 52 Supplies Expense 19 Accumulated Depreciation-Equipment 55 Insurance Expense 56 Depreciation Expense LIABILITIES 22 Wages Payable 23 Unearned Fees EQUITY 31 Ann Cole, Capital 32 Ann Cole, Drawing These financial statements were prepared from the unadjusted trial balance....
On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $...
On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $ 13,600 Fees Income $ 182,000 Accounts Receivable 6,000 Supplies 4,400 Accumulated Depreciation 8,400 Prepaid Rent 62,000 Cash 84,000 Rent Expense 9,200 Depreciation Expense 8,400 Supplies Expense 8,400 Equipment 72,000 Teresa Davis, Capital 120,000 Teresa Davis, Drawing 54,000 Utilities Expense 15,600 All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31. *Fee income to income summary, expenses to income...
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...
Grodimans Company Adjusted Trial Balnace 31-Dec-17 Debit Credit 63,000 170,000 1,600 420,000 9,400 Account Title Cash...
Grodimans Company Adjusted Trial Balnace 31-Dec-17 Debit Credit 63,000 170,000 1,600 420,000 9,400 Account Title Cash Accounts Receivable Allowance for doubtful accounts Equipment Accumulated Depreciation Accounts Payable Notes Payable J.D. Davidson, Capital J.D. Davidson, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 14,000 32,000 47,000 8,000 85,000 31,000 25,000 3,000 189,000 189,00C Using the company spreadsheet above, the entry to close expenses would be: 420,UUU Cquipment Accumulated 9,400 Depreciation Accounts Payable 14,000 Notes Payable 32,000 J.D. Davidson, Capital...
identify the account below that is classified as a liability
in a companys chart of account
Identify the account below that is classified as a liability in a company's chart of accounts: Multiple Choice Ο Salaries Expense Ο Cash Ο Unearned Revenue Ο Accounts Receivable Ο Supplies
1 PONIL Arandom list of accounts are listed below. Identify the ones that are part of the umbrella term Owner's Equity and identify if the account makes Owners Equity increase or decrease by dragging and dropping it into the correct box. If the account does not come under the umbrella of Owner's Equity, leave it alone. Causes Owner's Equity Increase Causes Owner's Equity Decrease Owner's Contributions Owner's Drawing Fees Earned Supplies Expense Wages Expense Possible answers Accounts Receivable Rental Income...
Identify the account below that is classified as an asset in a company's chart of accounts Multiple Choice Accounts Receivable Accounts Payable Common Stock Uneamed Revenue Service Revenue
CHART OF ACCOUNTS Cole Designs General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Insurance 51 Wages Expense 18 Equipment 52 Supplies Expense 55 Insurance Expense 19 Accumulated Depreciation-Equipment 56 Depreciation Expense 18 Equipment 52 Supplies Expense 19 Accumulated Depreciation-Equipment 55 Insurance Expense 56 Depreciation Expense LIABILITIES 22 Wages Payable 23 Unearned Fees EQUITY 31 Ann Cole, Capital 32 Ann Cole, Drawing These financial statements were prepared from the unadjusted trial balance....
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...
Grodimans Company Adjusted Trial Balnace 31-Dec-17 Debit Credit 63,000 170,000 1,600 420,000 9,400 Account Title Cash Accounts Receivable Allowance for doubtful accounts Equipment Accumulated Depreciation Accounts Payable Notes Payable J.D. Davidson, Capital J.D. Davidson, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 14,000 32,000 47,000 8,000 85,000 31,000 25,000 3,000 189,000 189,00C Using the company spreadsheet above, the entry to close expenses would be: 420,UUU Cquipment Accumulated 9,400 Depreciation Accounts Payable 14,000 Notes Payable 32,000 J.D. Davidson, Capital...
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