plz helpHomework Answers
Answer -
The following accounts closed at year end =
A. Sales revenue, salary expense
Explanation -
The temporary Accounts are closed at each year end. These includes Revenue accounts and expenses Accounts which usually come in income statement. All Accounts of balance sheet are permanent accounts and not closed at each year end.
So in the given case, sales revenue and salary expense are temporary Accounts and these are closed at year end.
In option B unearned revenue and Accounts receivables are not temporary Accounts as they are balance sheet items.
In option C accumulation depreciation is a balance sheet account and not a temporary account.
In option D unearned revenue is not a temporary account.
Add Answer to:
plz help
QUESTION 8 of the accounts shown below, which accounts should be closed in the...
Which of the following accounts should be closed at the end of the year? OA) Unearned...
Which of the following accounts should be closed at the end of the year? OA) Unearned Rent B) Accumulated Depreciation OC) Supplies Expense OD) Prepaid Insurance
The trial balance of Goldsmith Inc. shown below pertains to December 31, 2020, which is the...
The trial balance of Goldsmith Inc. shown below pertains to December 31, 2020, which is the end of its fiscal year. D $ 198 370 6 100 $ 40 250 130 380 Goldsmith Inc. Trial Balance December 31, 2020 (in thousands of dollars) Cash Accrued service revenue Supplies Fumiture and fixtures Accumulated depreciation—furniture and fixtures Building Accumulated depreciation—building Accounts payable Salary payable Unearned service revenue Income tax payable Share capital Retained earnings Dividends Service revenue Salary expense Supplies expense Depreciation...
balance as of the end of its fiscal year is shown below. E4-8 Okabe Company ended...
balance as of the end of its fiscal year is shown below. E4-8 Okabe Company ended its fiscal year on July 31, 2017. The company's adjusted trial (b) Prepare a post-closing trial balance. Hosing post- OKABE COMPANY Adjusted Trial Balance July 31, 2017 Credit Debit No. Account Titles 101 Cash $ 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 $ 7,400 158 Accumulated Depreciation-Equip. 201 Accounts Payable i4,220 1,800 208 Unearned Rent Revenue 301 Owner's Capital 45,200 306 Owner's Drawings...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end of its fiscal year. BIG COMPANY Trial Balance March 31, 2017 ebit 12,900 9,400 700 Cash Accounts Receivable Supplies Prepaid Insurance. Equipment Accumulated Depreciation-Equipment. Accounts Payable Salaries and Wages Payable.... Unearned Rent Revenue Common Stock 2,500 16,000 $ 4,800 5,800 1,100 600 15,000 5,600 Retained Earnings. Dividends.. Service Revenue Rent Revenue 34,600 14,400 Salaries and Wages Expense Supplies Expense Rent Expense.. 18,100 1,800 12,000...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Which account is not closed out in the closing entries?
Which account is not closed out in the closing entries?Group of answer choicesSalary ExpenseSales RevenueUnearned RevenueDividendsLoss on Shrinkage
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
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...
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...
only final answers plz releme for uncollectible accounts The difference between total accounts A. Net accounts...
only final answers plz
releme for uncollectible accounts The difference between total accounts A. Net accounts receivable (net realizable value B. Allowance for collectible accounts. C. Net income D. Net revenue. 4. At the end of the year before adjustment account balance of $218.000 and the allowance for collectible accounts had a $600 credit hal a u nts receivable determines that the allowance for uncollectible accounts should be 3 of accounts receivable. The adjusting entry would include a credit to...
Which of the following accounts should be closed at the end of the year? OA) Unearned Rent B) Accumulated Depreciation OC) Supplies Expense OD) Prepaid Insurance
The trial balance of Goldsmith Inc. shown below pertains to December 31, 2020, which is the end of its fiscal year. D $ 198 370 6 100 $ 40 250 130 380 Goldsmith Inc. Trial Balance December 31, 2020 (in thousands of dollars) Cash Accrued service revenue Supplies Fumiture and fixtures Accumulated depreciation—furniture and fixtures Building Accumulated depreciation—building Accounts payable Salary payable Unearned service revenue Income tax payable Share capital Retained earnings Dividends Service revenue Salary expense Supplies expense Depreciation...
balance as of the end of its fiscal year is shown below. E4-8 Okabe Company ended its fiscal year on July 31, 2017. The company's adjusted trial (b) Prepare a post-closing trial balance. Hosing post- OKABE COMPANY Adjusted Trial Balance July 31, 2017 Credit Debit No. Account Titles 101 Cash $ 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 $ 7,400 158 Accumulated Depreciation-Equip. 201 Accounts Payable i4,220 1,800 208 Unearned Rent Revenue 301 Owner's Capital 45,200 306 Owner's Drawings...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end of its fiscal year. BIG COMPANY Trial Balance March 31, 2017 ebit 12,900 9,400 700 Cash Accounts Receivable Supplies Prepaid Insurance. Equipment Accumulated Depreciation-Equipment. Accounts Payable Salaries and Wages Payable.... Unearned Rent Revenue Common Stock 2,500 16,000 $ 4,800 5,800 1,100 600 15,000 5,600 Retained Earnings. Dividends.. Service Revenue Rent Revenue 34,600 14,400 Salaries and Wages Expense Supplies Expense Rent Expense.. 18,100 1,800 12,000...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
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...
only final answers plz
releme for uncollectible accounts The difference between total accounts A. Net accounts receivable (net realizable value B. Allowance for collectible accounts. C. Net income D. Net revenue. 4. At the end of the year before adjustment account balance of $218.000 and the allowance for collectible accounts had a $600 credit hal a u nts receivable determines that the allowance for uncollectible accounts should be 3 of accounts receivable. The adjusting entry would include a credit to...
Most questions answered within 3 hours.
-
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 37 minutes ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 36 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 37 minutes ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 55 minutes ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 1 hour ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 1 hour ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 1 hour ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 1 hour ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 1 hour ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 1 hour ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 1 hour ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 2 hours ago