The first step in the closing process is to close the _____________ account(s) into the ___________...
The first step in the closing process is to close the _____________ account(s) into the ___________ account(s).
Select one:
a. revenue, net income
b. income summary, revenue
c. expense, net income
d. revenue, income summary
Homework Answers
| Option D is the answer | |
|
The first step would be to close revenue accounts to income summary. Second step would be to close expense accounts to income summary. Third would be to transfer income summary account balance to owners capital accounts |
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The first step in the closing process is to close the
_____________ account(s) into the ___________...
The last step in the closing procedure closes Select one: a. the Income Summary account. b....
The last step in the closing procedure closes Select one: a. the Income Summary account. b. the Capital account. c. the Drawing account. d. the expense accounts. e. all liability accounts.
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...
2. In order to close the dividends account, the: a. Dividend account should be debited b....
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to...
1 Cash is a temporary account and it should be zero after all closing entries have...
1 Cash is a temporary account and it should be zero after all closing entries have been posted. True False 2 The accounting cycle begins at the start of a new accounting period. True False 3 Crane Company has the following year-end account balances on November 30, 2017: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $8,000; Supplies Expense $1,350; L. Wilfrid, Capital $42,000; and L. Wilfrid, Drawings $28,000. Prepare the closing entries. (Credit account titles are automatically indented when...
Prepare the closing journal entries. Assume the company uses the income summary account (do not post)...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Accounting question below 1 If a net loss occurs, it appears in the Income Statement credit...
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
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...
im confused on how to do the first part, preparing the 4 financial statements, if allowed...
im confused on how to do the first part, preparing the 4
financial statements, if allowed i would also Appreciate if you
would show me how to do the next step which would be preparing the
closing entries thank you in advance!
3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing...
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...
Select the correct Dr. and Cr. to record this event..... It's time to close the company's...
Select the correct Dr. and Cr. to record this event..... It's time to close the company's books for the current month. Select the appropriate Dr. or Cr. to process the REID journal entry when your company has a Net Income to report. Note: Pay close attention to what each row is asking.... and select the right Dr. and Cr. accordingly. Will you dr. or cr..... the Revenue accounts for the "R"? Choose... > Will you dr. or cr..... Income Summary...
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...
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
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...
im confused on how to do the first part, preparing the 4
financial statements, if allowed i would also Appreciate if you
would show me how to do the next step which would be preparing the
closing entries thank you in advance!
3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing...
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...
Select the correct Dr. and Cr. to record this event..... It's time to close the company's books for the current month. Select the appropriate Dr. or Cr. to process the REID journal entry when your company has a Net Income to report. Note: Pay close attention to what each row is asking.... and select the right Dr. and Cr. accordingly. Will you dr. or cr..... the Revenue accounts for the "R"? Choose... > Will you dr. or cr..... Income Summary...
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