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 Services, $10,000.
Homework Answers
Close withdrawals to the capital account:
In a sole proprietorship, a drawing account is maintained to record all withdrawals made by the owner. In a partnership, a drawing account is maintained for each partner. Drawing accounts are closed to capital at the end of the accounting period.
Tomas Co. withdrawals are recorded in J. Tomas, Drawing.
To close the drawing account to the capital account, we credit the drawing account and debit the capital account. Notice that drawings decrease capital.
The entry to close the drawing account would involve a :
a. credit to J. Tomas, Drawing, $10,000.
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 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,...
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
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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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