Homework Answers
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correct answer is option " Closing means to bring an account balance to zero.
Closing transfer all the revenue and expenses account to income statement which will make the account value to zero.
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Choose the statement below that explains what'closing" means. O Closing means to adian account's balance to...
Each of the following accounts would find its balance reported on either the income statement or...
Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained...
Which statement below correctly explains what merchandise Inventory is?
Which statement below correctly explains what merchandise Inventory is? Merchandise inventory is subtracted from net sales on the income statement to determine gross profit for the period. Merchandise inventory is increased when products are sold to customers. Merchandise inventory is an expense account reported on the income statement and contains the cost of products purchased for sale Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale
Please help Which of the following accounts would show a balance in a post-closing trial balance?...
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
adjusting Entries, closing entries, general ledger, worksheet, income statement, balance sheet and post closing trial balance...
adjusting Entries, closing entries, general ledger, worksheet,
income statement, balance sheet and post closing trial balance
sheet
CUN Ice. P4.5A (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the fol- lowing transactions were completed. July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a 1-year...
After closing entries are posted, the balance in the retained earnings account in the ledger will...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
3. The balance in the income summary account before it is closed will be equal to...
3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period....
Financial Statement and Closing entries. and balance Sheet GEOT Foxy Investigative Services is an investigative services...
Financial Statement and Closing entries.
and
balance Sheet
GEOT Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Perlod Spreadsheet For the Year Ended November 30, 20Y8 Adjusted Trial Balance Account Title Dr. Cr Cash 28,000 Accounts Receivable 71,000 Supplies 4,700 Prepaid Insurance 2,500 Building...
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...
Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained...
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
adjusting Entries, closing entries, general ledger, worksheet,
income statement, balance sheet and post closing trial balance
sheet
CUN Ice. P4.5A (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the fol- lowing transactions were completed. July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a 1-year...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
3. The balance in the income summary account before it is closed will be equal to A) the net income or loss on the income statement. B) the beginning balance in the retained earnings account. C) the ending balance in the retained earnings account. D) zero. 4. A post-closing trial balance will show A) only permanent account balances. B) only temporary account balances. C) zero balances for all accounts. D) the amount of net income (or loss) for the period....
Financial Statement and Closing entries.
and
balance Sheet
GEOT Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Perlod Spreadsheet For the Year Ended November 30, 20Y8 Adjusted Trial Balance Account Title Dr. Cr Cash 28,000 Accounts Receivable 71,000 Supplies 4,700 Prepaid Insurance 2,500 Building...
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...
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