True or False. a revenue account is closed with a debit to the revenue account and...
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Answer ) True The normal balance of a revenue account is credit so to close it we need to debit it . |
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True or False. a revenue account is closed with a debit to the
revenue account and...
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...
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...
1. Assets and liabilities are both decreased by credits. True False 2. The owner’s capital account...
1. Assets and liabilities are both decreased by credits. True False 2. The owner’s capital account is increased by credits. True False 3. The ledger is also known as the book of original entry. True False 4. Assets = Liabilities + Owner’s Capital – Drawings + Revenues – Expenses is a correct form of the expanded basic accounting equation. True False 5. Debits should be listed before credits in journal entries. True False15 6. The Drawings account is closed to...
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...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance...
2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance 2.10. Sales revenue normally has a credit balance 2.11. Owner's withdrawals normally have a credit balance 2.12. Owner's capital normally has a credit balance 2.13. Equipment normally has a credit balance 2.14. Office supplies normally has a debit balance 2.15. Insurance expense normally has a debit balance a) False a) False a) False b) True b) True b) True a) False b) True a)...
True or False: During the closing process, retained earnings is closed to the dividends account.
True or False: During the closing process, retained earnings is closed to the dividends account.
during the closing process retained earnings is closed to the dividends account true or false
during the closing process retained earnings is closed to the dividends account true or false
25. The right side of an account is called the debit side. True O False
25. The right side of an account is called the debit side. True O False
10) Complete the chart below by putting an "X" in the appropriate box: Account Closed with...
10) Complete the chart below by putting an "X" in the appropriate box: Account Closed with a debit Closed with a credit Not closed to the account to the account Notes Payable Prepaid Rent Common Stock Long-term Investment Depreciation Expense Dividends Advertising Expense Interest Revenue Rent Revenue Cost of Goods Sold Selling Expense Gain on Sale of Land Unearned Revenue Income Tax Expense
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...
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...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance 2.10. Sales revenue normally has a credit balance 2.11. Owner's withdrawals normally have a credit balance 2.12. Owner's capital normally has a credit balance 2.13. Equipment normally has a credit balance 2.14. Office supplies normally has a debit balance 2.15. Insurance expense normally has a debit balance a) False a) False a) False b) True b) True b) True a) False b) True a)...
25. The right side of an account is called the debit side. True O False
10) Complete the chart below by putting an "X" in the appropriate box: Account Closed with a debit Closed with a credit Not closed to the account to the account Notes Payable Prepaid Rent Common Stock Long-term Investment Depreciation Expense Dividends Advertising Expense Interest Revenue Rent Revenue Cost of Goods Sold Selling Expense Gain on Sale of Land Unearned Revenue Income Tax Expense
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