Homework Answers
Account which increases the liabilities and stockholders equity section of balancesheet closes with credit balance in end of period.therefore these accounts are
- Sales revenue (increase the retained earning part of stockholders equity section)
- Account payables ( increase the liabilities)
Others option have debit balance.
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Which of the following accounts would be closed each period with a credit? (Sclect all that...
All of the following accounts must be closed at the end of the accounting period except:...
All of the following accounts must be closed at the end of the accounting period except: Service Revenue Unearned (deferred) revenue Dividends Utilities Expense
Which of the following accounts is not closed out at the end of the accounting period?
Which of the following accounts is not closed out at the end of the accounting period?a. Wages Expenseb. Accounts Receivablec. Bank Charges Expensed. Drawings
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...
Identify the normal balance (debit or credit) for each of the following accounts. Show All Items...
Identify the normal balance (debit or credit) for each of the following accounts. Show All Items Normal Ending Balance Warehouse b. Common Stock c. Land d. Dividends e. Repairs Expense f. Prepaid Insurance g. Wages Payable h. Unearned Ticket Revenue i. Trucks
1. Indicate on which financial statement you would expect to find each of the following. If...
1. Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement. Balance Sheet Example: Cash Notes payable Wages expense Cost of goods sold Sales revenue Inventory Income tax expense Dividends Retained earnings Accounts payable Equipment
After all revenue and expense accounts have been closed at the end of the fiscal year,...
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $796,400 and a credit of $939,300. At the same date, Retained Earnings has a credit balance of $1,433,000, and Dividends has a balance of $29,000. Required: A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the amount of...
15. Which of the following accounts is not closed at the end of the accounting period?...
15. Which of the following accounts is not closed at the end of the accounting period? Retained Earnings b. Operating Expenses c. Dividends d. Service Revenue
Which of the following accounts would not be automatically closed by QBO at the start of...
Which of the following accounts would not be automatically closed by QBO at the start of a new fiscal year? Note the account type is noted in Onext to the account name. Select one: A. Service revenue (Income) x B. Dividends (Equity) C. Interest expense (Other expense) D. Salaries expense (Expense)
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
identify which of the following lists of accounts would belong on the statement of retaine Identify...
identify which of the following lists of accounts would belong
on the statement of retaine
Identify which of the following lists of accounts would belong on the statement of retained earnings. Click the answer you think is right. Retained earnings and Cash Dividends and Account Payable Retained earnings and Dividends Service Revenue and Wages Expense Do you know the antiwer? I know Noidon
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...
Identify the normal balance (debit or credit) for each of the following accounts. Show All Items Normal Ending Balance Warehouse b. Common Stock c. Land d. Dividends e. Repairs Expense f. Prepaid Insurance g. Wages Payable h. Unearned Ticket Revenue i. Trucks
1. Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement. Balance Sheet Example: Cash Notes payable Wages expense Cost of goods sold Sales revenue Inventory Income tax expense Dividends Retained earnings Accounts payable Equipment
15. Which of the following accounts is not closed at the end of the accounting period? Retained Earnings b. Operating Expenses c. Dividends d. Service Revenue
Which of the following accounts would not be automatically closed by QBO at the start of a new fiscal year? Note the account type is noted in Onext to the account name. Select one: A. Service revenue (Income) x B. Dividends (Equity) C. Interest expense (Other expense) D. Salaries expense (Expense)
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
identify which of the following lists of accounts would belong
on the statement of retaine
Identify which of the following lists of accounts would belong on the statement of retained earnings. Click the answer you think is right. Retained earnings and Cash Dividends and Account Payable Retained earnings and Dividends Service Revenue and Wages Expense Do you know the antiwer? I know Noidon
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