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The above mentioned question is about , preparation of journal entry to close the owner's drawing account. Refer a below image for more detailed solution.
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The entry to the owner’s drawing account would include a debit
to the
6 Quiz 0...
the entry of depreciation expense account may include a debit uiz 0 Saved Help Save &...
the entry of depreciation expense account may include a
debit
uiz 0 Saved Help Save & Exit Submit MC Qu. 6-48 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account may include a debit to: Multiple Choice 0 the Income Summary account and a credit to the Depreciation Expense account. 0 the Depreciation Expense account and a credit to the Accumulated Depreciation account. aces 0 the Accumulated Depreciation account and a credit to the...
Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense......
Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account would include a debit to: Multiple Choice O the Income Summary account and a credit to the Depreciation Expense account. O the income Summary and a credit to Cash. O the Cash account and a credit to the Income Summary account. O O the Depreciation Expense account and a credit to the Income Summary account.
The entry to transfer a net loss to the owner's capital account would include a debit...
The entry to transfer a net loss to the owner's capital account would include a debit to Multiple Choice ) the owner's capital account and a credit to Cash. 0 the owner's drawing account and a credit to the owner's capital account. 0 Income Summary on Income Summary and a credit to the owner's capital account. 0 the owner's capital account and a credit to Income Summary
The entry to close the drawing account would involve a Select one: a. debit to capital....
The entry to close the drawing account would involve a Select one: a. debit to capital. b. credit to cash. c. debit to Income Summary. d. credit to net income.
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...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit If an account has a debit balance of $900 in the Trial Bal...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit If an account has a debit balance of $900 in the Trial Balance section of a worksheet and there is a debit of $600 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 8 of 10 Next >
Quiz Ch. 11 (LO 1-4) G Saved Help Save& Exit Submit The tragedy of the commons refers to the: Multiple Choice 00:28:29 overuse of resources that have no price Mc Graw Hill Prev of 12 Next>...
Quiz Ch. 11 (LO 1-4) G Saved Help Save& Exit Submit The tragedy of the commons refers to the: Multiple Choice 00:28:29 overuse of resources that have no price Mc Graw Hill Prev of 12 Next> Quiz Ch. 11 (LO 1-4) G Saved Help Save& Exit Submit overuse of resources that have no cost. under production of goods that have external benefits. 00:28:18 failure of the Coase theorem when negotiation is costly. Mc Graw Hill Prev of 12 Next>
Quiz...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Bal...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $3,300 and a credit entry of $1,400 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 5 of 10 Next >
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial...
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial balance of $3,196. A year- end inventory shows $1,746 worth of supplies left at the end 10 of the year. The correct adjusting entry is: 12 points Multiple Choice Skipped debit Sunnlies Exnense $3 196 Mc Graw Hill Education Prev 10 of 10 Next
the entry of depreciation expense account may include a
debit
uiz 0 Saved Help Save & Exit Submit MC Qu. 6-48 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account may include a debit to: Multiple Choice 0 the Income Summary account and a credit to the Depreciation Expense account. 0 the Depreciation Expense account and a credit to the Accumulated Depreciation account. aces 0 the Accumulated Depreciation account and a credit to the...
Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account would include a debit to: Multiple Choice O the Income Summary account and a credit to the Depreciation Expense account. O the income Summary and a credit to Cash. O the Cash account and a credit to the Income Summary account. O O the Depreciation Expense account and a credit to the Income Summary account.
The entry to transfer a net loss to the owner's capital account would include a debit to Multiple Choice ) the owner's capital account and a credit to Cash. 0 the owner's drawing account and a credit to the owner's capital account. 0 Income Summary on Income Summary and a credit to the owner's capital account. 0 the owner's capital account and a credit to Income Summary
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...
Wk.4 - Apply: Exercise Saved Help Save & Exit Submit If an account has a debit balance of $900 in the Trial Balance section of a worksheet and there is a debit of $600 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 8 of 10 Next >
Quiz Ch. 11 (LO 1-4) G Saved Help Save& Exit Submit The tragedy of the commons refers to the: Multiple Choice 00:28:29 overuse of resources that have no price Mc Graw Hill Prev of 12 Next> Quiz Ch. 11 (LO 1-4) G Saved Help Save& Exit Submit overuse of resources that have no cost. under production of goods that have external benefits. 00:28:18 failure of the Coase theorem when negotiation is costly. Mc Graw Hill Prev of 12 Next>
Quiz...
Wk.4 - Apply: Exercise i Saved Help Save & Exit Submit Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $3,300 and a credit entry of $1,400 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a points Skipped Multiple Choice Mc Graw Hill Education < Prev 5 of 10 Next >
Wk.4 - Apply: Exercisei Saved Help Save & Exit Submit The Supplies account has a trial balance of $3,196. A year- end inventory shows $1,746 worth of supplies left at the end 10 of the year. The correct adjusting entry is: 12 points Multiple Choice Skipped debit Sunnlies Exnense $3 196 Mc Graw Hill Education Prev 10 of 10 Next
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