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:
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a. owner’s capital account |
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b. balance sheet and income statements |
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c. cash flow statement |
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d. net income balance |
Homework Answers
Answer: (a) Owner's Capital Account
Explanation: Closing entries transfer the balances of temporary accounts to the owner's capital account. at the end of accounting year, entity or company transfers all temporary accounts's balances to the Capital Account. for example: Drawings will be transferred to Capital account and net income balance account also will be transferred to Capital Account.
Thus the correct option is (a) Owner's Capital Account.
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closing entries transfer the balances of temporary accounts to
the:
a. owner’s capital account
b. balance...
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...
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)...
18. (Chapter 4) The closing process requires only temporary accounts to be adjusted. Listed below are...
18. (Chapter 4) The closing process requires only temporary accounts to be adjusted. Listed below are both temporary and permanent accounts. 1. Owner’s drawings 2. Rent expense 3. Accounts payable 4. Cash 5. Owner’s capital 6. Prepaid expense 7. Depreciation expense 8. Land 9. Unearned revenue 10. Service revenue 11. Note payable 12. Income summary 13. Salaries expense 14. Interest payable 15. Accounts receivable Instructions State which accounts are permanent (P)...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December...
E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31, the end of its fiscal year. ...... $ 8,000 Debit Credit Cash Accounts receivable... Equipment ......... Accumulated depreciation. Notes payable ... Common stock........ Retained earnings .... Dividends ....... Service fees earned ..... Rent expense...... Salaries expense ..... . Depreciation expense.... Totals . . . . . . . . . . . . 6,500 78,000 $ 14,000 10,000 43,000 20,600 8,000 75,000 18,000...
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...
Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last...
Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2019, the end of the fiscal year: Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 5,100 5,100 Accounts Receivable 22,750 (a) 3,750 26,500 Prepaid Insurance 3,600 (b) 1,300 2,300 Supplies 2,025 (c) 1,500...
T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account.
T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account.
what is the balance in temporary accounts after closing entries are made
what is the balance in temporary accounts after closing entries are made
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
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)...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
E2-32. Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31, the end of its fiscal year. ...... $ 8,000 Debit Credit Cash Accounts receivable... Equipment ......... Accumulated depreciation. Notes payable ... Common stock........ Retained earnings .... Dividends ....... Service fees earned ..... Rent expense...... Salaries expense ..... . Depreciation expense.... Totals . . . . . . . . . . . . 6,500 78,000 $ 14,000 10,000 43,000 20,600 8,000 75,000 18,000...
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...
T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account.
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
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