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QS 4-6 Effects of closing entries LO2, 3 Jontil Co. began the current period with a...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital...
Capri Company began the current period with a $36,000 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. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete Capri Company began the current period with a $40,000 credit balance in the K....
please complete
Capri Company began the current period with a $40,000 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. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
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...
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...
Verify all ending balances for each specific account after closing entries are journalized and posted. Be...
Verify all ending balances for each specific account after closing entries are journalized and posted. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Bright, Capital Income Summary Dec 31 20,500 39,600 Adj. Bal. Dec. 31 7,600 16,900 Dec. 31 5,700 Dec. 31 9,300 Bal. Dec. 31 9,300 Accounts Receivable Service Revenue Dec. 31 10,200 Dec. 31 17,300 17,300 Adj. Bal. Ball 0 Supplies Expense Bright Withdrawals Adj. Bal. 300 300...
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...
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...
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...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1)...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below....
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,250 Dividends 7,350 Revenue 21,000 Rent expense 2,100 Salaries expense 5,000 Insurance expense 235 Depr. Expense-equipment 320 Accum depr.-equipment 960
Capri Company began the current period with a $36,000 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. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete
Capri Company began the current period with a $40,000 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. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
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...
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...
Verify all ending balances for each specific account after closing entries are journalized and posted. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Bright, Capital Income Summary Dec 31 20,500 39,600 Adj. Bal. Dec. 31 7,600 16,900 Dec. 31 5,700 Dec. 31 9,300 Bal. Dec. 31 9,300 Accounts Receivable Service Revenue Dec. 31 10,200 Dec. 31 17,300 17,300 Adj. Bal. Ball 0 Supplies Expense Bright Withdrawals Adj. Bal. 300 300...
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...
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...
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...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
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