The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
The adjusted balances for Tomas Co. are listed below.
Cash, $20,000
Accounts Receivable, $2,500
Prepaid Insurance, $3,500
Equipment, $15,000
Accumulated Depreciation, $2,000
Accounts Payable, $4,000
J. Tomas, Capital, $30,000
J. Tomas, Drawing, $10,000
Income from Services, $35,000
Wages Expense, $12,000
Rent Expense, $8,000
The entry to close expenses would involve a
Select one:
a. debit to Income Summary, $20,000
b. credit to Income Summary, $20,000
c. debit to Income Summary, $12,000.
d. debit to Wages Expense, $12,000, and Rent Expense, $8,000.
Homework Answers
The entry to close the expense account is
Income summary account Debit $ 20,000
To rent expenses Credit $ 8,000
To. Wage expenses Credit. $12,000
So the right answer is a. debit to income summary $ 20,000
Add Answer to:
The adjusted balances for Tomas Co. are listed below.
Cash, $20,000
Accounts Receivable, $2,500
Prepaid Insurance,...
The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J. Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000 The entry to close the drawing account would involve a Select one: a. credit to J. Tomas, Drawing, $10,000. b. debit to Income Summary, $10,000. c. credit to J. Tomas, Capital, $10,000. d. debit to Income from...
he adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
he adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J. Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000 The entry to close revenue would involve a Select one: a. debit to Income Summary, $35,000. b. credit to Income from Services, $35,000 c. debit to Income from Services, $35,000. d. None of the answers listed
The adjusted balances for Windsor Co. are listed below. Cash, $10,000 Accounts Receivable, $1,250 Prepaid Insurance,...
The adjusted balances for Windsor Co. are listed below. Cash, $10,000 Accounts Receivable, $1,250 Prepaid Insurance, $1,750 Equipment, $7,500 Accumulated Depreciation, $1,000 Accounts Payable, $2,000 T. Windsor, Capital, $15,000 J. Windsor, Drawing, $5,000 Income from Services, $17,500 Wages Expense, $6,000 Rent Expense, $4,000 After recording the closing entries, what would be the balance of the capital account? Select one: a. $35,000 b. $12,500 c. $17,500 d. $10,000
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