The entry to close the drawing account would involve a Select one: a. debit to capital....
The entry to close the drawing account would involve a
Select one:
a. debit to capital.
b. credit to cash.
c. debit to Income Summary.
d. credit to net income.
Homework Answers
| Option A is the answer | ||
|
The entry to close drawings would be Debit : Owner's capital account Credit : Owner's drawing account |
||
| Comment if you face any issues |
Add Answer to:
The entry to close the drawing account would involve a
Select one:
a. debit to capital....
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...
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
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital,...
QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital, Cr. Drawing Account O Dr. Drawing Account, Cr. Capital O Dr. Cash, Cr. Drawing Account O Dr. Drawing Account, Cr. Cash QUESTION 22 If the income summary has a credit balance, the company is operating at a: O profit loss QUESTION 31 What is the entry to record a funeral service done on account and signed for? O Dr. Notes Receivable, Cr. Cash O...
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...
The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J. Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000 The entry to close the drawing account would involve a Select one: a. credit to J. Tomas, Drawing, $10,000. b. debit to Income Summary, $10,000. c. credit to J. Tomas, Capital, $10,000. d. debit to Income from...
The entry to record the purchase of supplies on account is: Select one: O A. Debit...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one:...
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one: a. credit to Cash. b. debit to Income from Services. c. debit to Accounts Receivable. d. credit to Income from Services.
The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J. Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000 The entry to close expenses would involve a Select one: a. debit to Income Summary, $20,000 b. credit to Income Summary, $20,000 c. debit to Income Summary, $12,000. d. debit to Wages Expense, $12,000, and Rent Expense,...
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 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...
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
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital, Cr. Drawing Account O Dr. Drawing Account, Cr. Capital O Dr. Cash, Cr. Drawing Account O Dr. Drawing Account, Cr. Cash QUESTION 22 If the income summary has a credit balance, the company is operating at a: O profit loss QUESTION 31 What is the entry to record a funeral service done on account and signed for? O Dr. Notes Receivable, Cr. Cash O...
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...
The entry to record the purchase of supplies on account is: Select one: O A. Debit Cash, Credit Supplies O B. Debit Accounts Payable, Credit Supplies O C. Debit Supplies, Credit Cash O D. Debit Supplies, Credit Accounts Payable
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.
Most questions answered within 3 hours.
-
(CO 2) A field can be added to a report to
values for two or more...
asked 11 minutes ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 35 minutes ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 1 hour ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 1 hour ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 1 hour ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 2 hours ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 2 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 3 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 4 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 3 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 4 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 4 hours ago