If total credits exceed total debits in the Balance Sheetcolumns of a work sheet,Select...
If total credits exceed total debits in the Balance Sheet columns of a work sheet,
Select one:
a. a mistake has been made.
b. a net income has occurred.
c. assets exceed liabilities.
d. no conclusion can be drawn until the closing entries have been made.
e. a net loss has occurred.
Homework Answers
If total credits exceed total debits in the Balance Sheet columns of a worksheet, then we can say that total assets exceed liabilities, Since debit side of balance sheet is Liability column and Credit side of balance sheet is asset column.
Hence the answer for this question is option c. asset exceed liabilities
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If total credits exceed total debits in the Balance Sheetcolumns of a work sheet,Select...
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(Record debits first, then credits. Select the explanation on the
last line of the journal entry table.)
Start by closing revenues.
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please complete the required. the general journal, income
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Journalize the closing entries for Boston Irrigation System.
(Record debits first, then credits. Select the explanation on the
last line of the journal entry table.)
Start by closing revenues.
Boston Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue $ 74,500 $ Expenses Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense–Building 1,100 16,400 1,100 2,200 2,500 1,800 Depreciation Expense-Building 1,800 Total Expenses 25,100 49,400 Net Income (Loss) Boston Irrigation System Statement of Retained...
After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $27,181 and credits of $38,582. This indicates that The amounts are out of balance and need to be corrected The company has a net income of $11,401 for the period. The company has a net loss of $11,401 for the period. Neither net income or loss can be calculated because it...
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The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented Credits Debits 38,800 310,000 11,000 46,000 560,000 Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals les dernier 234,000 64,000 48,000 7,100 1,600 400,000 130,000 710,000 426,000 106,500 33,000 56,000...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
please complete the required. the general journal, income
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