Which of the following is not a correct closing entry? rev: 10_06_2016_QC_CS-65006 (a) Revenues xxx ...
Which of the following is not a correct closing entry?
rev: 10_06_2016_QC_CS-65006
(a)
Revenues xxx
Expenses xxx
Retained Earnings xxx
(b)
Revenues xxx
Gain on sale of land xxx
Expenses xxx
Retained earnings xxx
(c)
Revenues xxx
Loss on sale of Building xxx
Expenses xxx
Retained earnings xxx
(d)
Loss on sale of land xxx
Expenses xxx
Revenues xxx
Retained earnings xxx
Homework Answers
Answer:
Correct answer is:
(d)
Loss on sale of land xxx
Expenses xxx
Revenues xxx
Retained earnings xxx
Explanation:
In closing entry 'Loss on sale of land' and 'expenses' should be credited and 'revenue' should be debited. As such closing entry as given in d is not a correct closing entry.
All other closing entries as given in a, b and c are correct.
Hence option d is correct and other options a, b and c are incorrect.
Add Answer to:
Which of the following is not a correct closing entry?
rev: 10_06_2016_QC_CS-65006
(a)
Revenues xxx
...
For 2018, Broadview Company had revenues in excess of expenses. Which statement describes Broadview's closing entries...
For 2018, Broadview Company had revenues in excess of expenses. Which statement describes Broadview's closing entries at the end of 2018? (Assume there is only one closing entry for both revenue and expenses). A. Revenues will be credited, expenses will be debited, and retained earnings will be credited. B. Revenues will be debited, expenses will be credited, and retained earnings will be debited. C. Revenues will be debited, expenses will be credited, and retained earnings will be credited. D. Revenues...
Which of the following would not be proper in a closing entry? A. Crediting expense accounts...
Which of the following would not be proper in a closing entry? A. Crediting expense accounts Crediting retained earnings for net income Crediting retained earnings for net loss Debiting retained earnings for net loss Debiting revenue accounts E.
The amount of the credit to Retained Earnings in the first closing entry is OA) the...
The amount of the credit to Retained Earnings in the first closing entry is OA) the amount of total revenues for the period OB) the amount of total expenses for the period c) the amount of the retained earnings account balance D) the amount of the period's net income
What effect will the following closing entry have on the retained earnings account? Service Revenue 22,800...
What effect will the following closing entry have on the retained earnings account? Service Revenue 22,800 Interest Expense 1750 Operating Expenses 17,500 Retained Earnings 3550 Select one: a. Retained earnings will remain unchanged. b. Retained earnings will be transferred to the income statement. c. Retained earnings will increase by $3550. d. Retained earnings will decrease by $3550.
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...
1. Which of these accounts is not included in the post-closing trial balance? a. Dividends b....
1. Which of these accounts is not included in the post-closing trial balance? a. Dividends b. Land c. Notes Payable d. Retained Earnings 2. If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? a. 2.0 b. 200 percent c. 50 percent d. $50,000 3. If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? a. an ordinary transaction entry b. a closing entry...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to Retained Earnings. O transfer assets and liabilities to Retained Earnings. O transfer net income (or loss) and Dividends to Retained Earnings O close permanent and temporary accounts
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase of office supplies on account (and remain unused). c. Interest owed on borrowed amounts. d. Collection of cash from customers. e. Dividend payments to stockholders. A company had the following transactions: 1. Receive cash in advance from customers, $400. 2. Provide services to customers on account, $500. 3. Pay cash for maintenance costs in the current period, $100. 4. Incur (but do not pay)...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings,...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $39, 300 9 ,300 7,200 23,500 3,400 2,200 19,100 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice o Increase of $16,600 Increase of $15,600
Which of the following would not be proper in a closing entry? A. Crediting expense accounts Crediting retained earnings for net income Crediting retained earnings for net loss Debiting retained earnings for net loss Debiting revenue accounts E.
The amount of the credit to Retained Earnings in the first closing entry is OA) the amount of total revenues for the period OB) the amount of total expenses for the period c) the amount of the retained earnings account balance D) the amount of the period's net income
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...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to Retained Earnings. O transfer assets and liabilities to Retained Earnings. O transfer net income (or loss) and Dividends to Retained Earnings O close permanent and temporary accounts
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $39, 300 9 ,300 7,200 23,500 3,400 2,200 19,100 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice o Increase of $16,600 Increase of $15,600
Most questions answered within 3 hours.
-
Please design 3 different and unique brackets consisting of TOP,
FRONT, RIGHT or LEFT views with...
asked 14 minutes ago -
La Niña conditions are forecasted to result in dry conditions in
the spring. You are trying...
asked 23 minutes ago -
The YTM on a 6-month $20 par value zero-coupon bond is 18%, and
the YTM on...
asked 24 minutes ago -
Write In JAVA:
Part 1
The use of computers in education is referred to as
computer-assisted...
asked 30 minutes ago -
Show all of your work and use the half-reaction method
for acidic redox reactions.
1.
H2O2aq+...
asked 32 minutes ago -
The Harry and Belinda Johnson Family Might Have a Career
Change
Harry has started out fine...
asked 39 minutes ago -
Tyler Company acquired all of Jasmine Company’s outstanding
stock on January 1, 2016, for $244,700 in...
asked 41 minutes ago -
In the guanidinium ion, [C(NH2)3] + , what is the best
description of the hybridizations of...
asked 45 minutes ago -
Could you please explain, how this code works?
public void addAfter(int element){
if (this.manyItems == 0){...
asked 56 minutes ago -
Does the complexity of the project dictate the estimating
method?
asked 51 minutes ago -
in regards to the movie FRIDA,
The movie has as its background the Mexican Revolution, thus:...
asked 57 minutes ago -
a) A given electrical circuit operating on "V" volts with "R"
ohms of resistance draws 5.8...
asked 1 hour ago