Homework Answers
Ans Accumulated Depreciation
Accumulated Depreciation do not appear in the closing journal entry.
Closing Journal entry involves interest revenue, retained earnings, salary expenses, interest expense, cost of goods sold etc.
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« Question 16 of 50 > >> Question 16 2 points Saved Which of the following...
Which of the following accounts would not appear in a closing entry? Select one: A. Net...
Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D
Saved points QUESTION 2 Which of the following defines gross profit? a. The amount remaining from...
Saved points QUESTION 2 Which of the following defines gross profit? a. The amount remaining from the sales value after deducting interest expense. b. The amount remaining from the sales value after deducting overhead costs c. The amount remaining from the sales value after deducting the cost of goods sold. d. The amount remaining from the sales value after deducting depreciation and Amortization
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry)...
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry) $ 6,400 10.200 46,500 3.600 800 108,000 $ 12,000 28,500 4,650 Cash Accounts receivable Merchandise inventory Office supplies Prepaid Advertising Equipment Accumulated depreciation, equipment Land Accounts payable Salaries payable Rent payable Long-term notes payable Common Stock Retained Earnings Dividends Service Revenue Cost of Goods Sold Rent expense Depreciation expense, building Totals 2,750 850 24,000 46,000 110,400 24,000 169,200 47,250 45,900 48,700 $369.850 $369.850 Accounts...
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry)...
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry) $ 6,400 10.200 46,500 3,600 800 108,000 $ 12,000 28,500 Cash Accounts receivable Merchandise inventory Office supplies Prepaid Advertising Equipment Accumulated depreciation, equipment Land Accounts payable Salaries payable Rent payable Long-term notes payable Common Stock Retained Earnings Dividends Service Revenue Cost of Goods Sold Rent expense Depreciation expense, building Totals 4,650 2,750 850 24,000 46,000 110,400 24,000 169,200 47,250 45,900 48,700 $369.850 $369.850 Accounts...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
Callyds m yr omework i Saved On December 31, 2019, the ledger of Lopez Company contained...
Callyds m yr omework i Saved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $31,800 Maria Lopez, Drawing 2,300 Fees Income 1,500 Depreciation Expense 24,800 Salaries Expense 1.900 Supplies Expense 2,400 Telephone Expense 47,050 Utilities Expense $12,300 47,750 2,150 5,800 2,400 2,000 4,050 Prepare the closing entries for the above transactions. View transaction list Journal entry worksheet K12 3 4 Prepare the...
for question 3(a) show the closing entry, why that isn't net income (Revenue-Expense) but retained earning...
for question 3(a) show the closing entry, why that isn't
net income (Revenue-Expense) but retained earning
Answer is Given below
3) credit 39. Show the closing entry for that ABC Corp makes. <10 pts> 800 2300 2 1 ABC Corp Adjusted Trial Balance 12/31/2012 debit Cash 972,000 Accounts receivable 13,000 Prepaid rent 45,000 Inventory 7,200 Machinery 62,000 Cost of goods sold Rent expense v 15,000 Interest expense 6,000 Depreciation expense 2,000 Salary expense 1,400 Accumulated depreciation Salary payable Interest payable...
Problem 1. Closing Entries (16 points) from the adjusted trial balance for Fabricated necessary closing entries....
Problem 1. Closing Entries (16 points) from the adjusted trial balance for Fabricated necessary closing entries. Fabricated Products Company given below, prepare the Fabricated Products Company Adjusted Trial Balance December 31, 2017 Credit Debit $19,400 25,000 26,000 1,900 84,000 $22.000 40,000 15,000 12,000 40,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment 1 Accumulated depreciation office equipment Accounts payable Notes payable P. Card, Capital P. Card, Withdrawals Sales Sales discounts Sales returns and allowances...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
Question 25 (3 points) ✓ Saved A business pays cash for dividends. Which of the following...
Question 25 (3 points) ✓ Saved A business pays cash for dividends. Which of the following accounts is credited? O Retained Earnings Cash Common Stock Dividends
Saved points QUESTION 2 Which of the following defines gross profit? a. The amount remaining from the sales value after deducting interest expense. b. The amount remaining from the sales value after deducting overhead costs c. The amount remaining from the sales value after deducting the cost of goods sold. d. The amount remaining from the sales value after deducting depreciation and Amortization
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry) $ 6,400 10.200 46,500 3.600 800 108,000 $ 12,000 28,500 4,650 Cash Accounts receivable Merchandise inventory Office supplies Prepaid Advertising Equipment Accumulated depreciation, equipment Land Accounts payable Salaries payable Rent payable Long-term notes payable Common Stock Retained Earnings Dividends Service Revenue Cost of Goods Sold Rent expense Depreciation expense, building Totals 2,750 850 24,000 46,000 110,400 24,000 169,200 47,250 45,900 48,700 $369.850 $369.850 Accounts...
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry) $ 6,400 10.200 46,500 3,600 800 108,000 $ 12,000 28,500 Cash Accounts receivable Merchandise inventory Office supplies Prepaid Advertising Equipment Accumulated depreciation, equipment Land Accounts payable Salaries payable Rent payable Long-term notes payable Common Stock Retained Earnings Dividends Service Revenue Cost of Goods Sold Rent expense Depreciation expense, building Totals 4,650 2,750 850 24,000 46,000 110,400 24,000 169,200 47,250 45,900 48,700 $369.850 $369.850 Accounts...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
Callyds m yr omework i Saved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $31,800 Maria Lopez, Drawing 2,300 Fees Income 1,500 Depreciation Expense 24,800 Salaries Expense 1.900 Supplies Expense 2,400 Telephone Expense 47,050 Utilities Expense $12,300 47,750 2,150 5,800 2,400 2,000 4,050 Prepare the closing entries for the above transactions. View transaction list Journal entry worksheet K12 3 4 Prepare the...
for question 3(a) show the closing entry, why that isn't
net income (Revenue-Expense) but retained earning
Answer is Given below
3) credit 39. Show the closing entry for that ABC Corp makes. <10 pts> 800 2300 2 1 ABC Corp Adjusted Trial Balance 12/31/2012 debit Cash 972,000 Accounts receivable 13,000 Prepaid rent 45,000 Inventory 7,200 Machinery 62,000 Cost of goods sold Rent expense v 15,000 Interest expense 6,000 Depreciation expense 2,000 Salary expense 1,400 Accumulated depreciation Salary payable Interest payable...
Problem 1. Closing Entries (16 points) from the adjusted trial balance for Fabricated necessary closing entries. Fabricated Products Company given below, prepare the Fabricated Products Company Adjusted Trial Balance December 31, 2017 Credit Debit $19,400 25,000 26,000 1,900 84,000 $22.000 40,000 15,000 12,000 40,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment 1 Accumulated depreciation office equipment Accounts payable Notes payable P. Card, Capital P. Card, Withdrawals Sales Sales discounts Sales returns and allowances...
Question 25 (3 points) ✓ Saved A business pays cash for dividends. Which of the following accounts is credited? O Retained Earnings Cash Common Stock Dividends
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