Homework Answers
| 1. Total Revenue for the Period is $134000 |
| Reason: Amount Credited in Income Summary account should be treated as revenue |
| 2. Total Expense for the Period are $71800 |
| Reason: Amount Debited in Income Summary account should be treated as Expense |
| 3. Net Income for the Period is 62200 |
| Reason: Amount Trf from Income summary to Capital Accoutn will be treated as Net Income |
| 4. Owner Capital Withdrawl for the period are $22000 |
| Reason: Amount Debited in Capital Account should be treated as Drawing made |
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ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production...
Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production...
Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production Company at the end of its accounting pe Income Summary Account No: 399 Balance cription Debst CreditDebidit Date Descr 2019 Dec. 31 Closing 134,000 0.33 points 31 Closing 31 Closing 71,808 62, 208 625 280 e Book Linda Carter, Capital Account No 3et Balance Date Description Debit 2019 Dec. 1 itlDebiniNIll Cnedit 31 Closing 31 Closing 240,080 62,2e0 249 800 302/286 280 284 22,800...
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...
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 Credit Debit Credit Debit Date Description 2019 Dec. 31 Closing 31 Closing 31 Closing 64,400 34,600 29,800 64,400 29,800 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 2019 Dec. 1 31 closing 31 Closing 107,000 29,800 107,000 136,800 127,100 9,700 Enter the following amounts 1. Total revenue for the...
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 63,600 63,600 31 Closing 34,200 29,400 31 Closing 29,400 0 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 103,000 103,000 31 Closing 29,400 132,400 31 Closing 9,300 123,100 Enter the following amounts. !. Total revenue...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for...
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
Please check my work for me and if any of it is incorrect please fix it...
Please check my work for me and if any of it is
incorrect please fix it for me ? Also help me do the ones I don't
understand so I can study them. Thank you :) Please make it easy to
read.
Worksheet, journalizing and posting adjusting and closing
entries, and the postclosing trial balance. LO 6-1, 6-2
A partially completed worksheet for At Home Pet Grooming
Service, a firm that grooms pets at the owner’s home,
follows.
Required:
Complete...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr....
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
on December 31 2019 the ledger of Lopez company contained the following Knowledge Check 6 Soved...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production Company at the end of its accounting pe Income Summary Account No: 399 Balance cription Debst CreditDebidit Date Descr 2019 Dec. 31 Closing 134,000 0.33 points 31 Closing 31 Closing 71,808 62, 208 625 280 e Book Linda Carter, Capital Account No 3et Balance Date Description Debit 2019 Dec. 1 itlDebiniNIll Cnedit 31 Closing 31 Closing 240,080 62,2e0 249 800 302/286 280 284 22,800...
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 Credit Debit Credit Debit Date Description 2019 Dec. 31 Closing 31 Closing 31 Closing 64,400 34,600 29,800 64,400 29,800 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 2019 Dec. 1 31 closing 31 Closing 107,000 29,800 107,000 136,800 127,100 9,700 Enter the following amounts 1. Total revenue for the...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
Please check my work for me and if any of it is
incorrect please fix it for me ? Also help me do the ones I don't
understand so I can study them. Thank you :) Please make it easy to
read.
Worksheet, journalizing and posting adjusting and closing
entries, and the postclosing trial balance. LO 6-1, 6-2
A partially completed worksheet for At Home Pet Grooming
Service, a firm that grooms pets at the owner’s home,
follows.
Required:
Complete...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
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