Homework Answers
| Debit incoome summary 11,500, credit capital $11,500 | ||
| Statement showing Computations | ||
| Particulars | Debit | Credit |
| Income Summary Dr | 11,500.00 | |
| To retained earnings/ Capital | 11,500.00 | |
| (67,000 - 55,500) | ||
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The first two closing entries to the Income Summary account indicate a debit of $55,500 and...
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000...
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000 after revenue of $32,000 and expenses of $62,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,300 and Madison Wells, Capital has a credit balance of $51,000. Required: Record the journal entries necessary to complete closing the accounts. *Closing entry for entry of the balance of income summary and closing entry for the drawing account* What is the new...
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...
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...
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 Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
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
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
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...
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...
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 Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
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
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
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