Homework Answers
7. No, closing entries are prepared after the preparation of the income statement and hence they do not affect the income statement.
8. Along with closing revenue and expense, the dividends account also needs to be closed to retained earnings.
9. Revenue is an income account and hence has a credit balance. In order to close the same, the revenue account is required to be debited and hence is closed with a debit.
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7. Do closing entries affect the income statement? Explain. 8. Closing entries are required to close...
1. Do adjusting entries affect the income statement? Explain. 2. Do closing entries affect the income...
1. Do adjusting entries affect the income statement? Explain. 2. Do closing entries affect the income statement? Explain 3. Closing entries are required to close revenue and expense to retained earnings. What other account needs to be closed out? 4. Name an asset that can never be affected by an adjusting entry, and explain why. 5.Why is revenue closed with a debit ?
I’m not sure if this is correct, help, Thank you Closing Entries with Net Income After...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
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...
Begin by preparing the closing entries for North Pole Services Enterprises. Record the entry to close...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19.780. Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1.400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Prepare closing journal entries. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Question 16 Not yet answered Marked out of 38.00 Preparing Closing Journal Entries KLA-Tencor provides process...
Question 16 Not yet answered Marked out of 38.00 Preparing Closing Journal Entries KLA-Tencor provides process control and yield management solutions for the semiconductor industry. Selected financial information from KLA-Tencor as of June 30, 2018 follows. S millions Debit Credit Net sales $4,036,701 Cost of sales $1,447,369 Selling general, & administrative expense & other 1,019,025 Interest expense, net 114,376 Income tax expense 653,666 Retained earnings 848,457 Assume the company has not yet closed any accounts to retained earnings. Prepare journal...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $18,760, Salaries and Wages Expense $9,350, Maintenance and Repairs Expense $2,970, and Income Tax Expense $1,360. The statement of retained earnings shows an opening balance for Retained Earnings of $21,890 and Dividends $1,610. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount...
Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do...
Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Credit Debit 7728 Nov. 30 Service Revenue Sales Revenue 6050 Income Summary 13778 (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent Expense...
I’m
not sure if this is correct, help,
Thank you
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
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...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19.780. Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1.400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Prepare closing journal entries. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Question 16 Not yet answered Marked out of 38.00 Preparing Closing Journal Entries KLA-Tencor provides process control and yield management solutions for the semiconductor industry. Selected financial information from KLA-Tencor as of June 30, 2018 follows. S millions Debit Credit Net sales $4,036,701 Cost of sales $1,447,369 Selling general, & administrative expense & other 1,019,025 Interest expense, net 114,376 Income tax expense 653,666 Retained earnings 848,457 Assume the company has not yet closed any accounts to retained earnings. Prepare journal...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $18,760, Salaries and Wages Expense $9,350, Maintenance and Repairs Expense $2,970, and Income Tax Expense $1,360. The statement of retained earnings shows an opening balance for Retained Earnings of $21,890 and Dividends $1,610. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount...
Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Credit Debit 7728 Nov. 30 Service Revenue Sales Revenue 6050 Income Summary 13778 (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent Expense...
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