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
Homework Answers
Ans. Option C
Explanation: Revenues have normal credit balance, so when the closing entries are prepared, the Revenues account is debited. The amount of total Revenues is transferred to income summary account that's why this account (income summary) is credited by the same amount. The following journal entry would be prepared for this transaction:
Particulars. Debit. Credit
Income from services. $35,000
Income summary. $35,000
(To close revenue account)
Add Answer to:
he 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,...
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...
The adjusted balances for Windsor Co. are listed below. Cash, $10,000 Accounts Receivable, $1,250 Prepaid Insurance,...
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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