Homework Answers
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Option C "A debit to retained earnings" is the correct answer.
As mention in the above entry, other options are wrong.
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The entry to close the expense accounts includes: 4 Multiple Choice A credit to Retained Earnings....
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Record the entry to close the dividends account. Record the entry to close the expense accounts...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Entry 1: Record the entry to close revenue accounts. Entry 2: Record the entry to close...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
Boston Enterprises declared and paid a dividend of $10,000 this year. The entry to close the...
Boston Enterprises declared and paid a dividend of $10,000 this year. The entry to close the Dividend at the end of the year will include a debit to: Multiple Choice O Dividends and a credit to Retained Earnings for $10,000. Dividends and a credit to Dividends Payable for $10,000. O Dividends and a credit to Cash for $10,000. Retained Earnings and a credit to Dividends for $10,000, The balance of which of the following accounts appears in the credit column...
The entry to close the Laundry Service Revenue account includes a:
The entry to close the Laundry Service Revenue account includes a: O credit to Service Revenue for $7410. O debit to Income Summary for $7410. O debit to Service Revenue for $7410. O debit to Retained Earnings for $7410.The following information is from the Income Statement of the Coronado Laundry Service: Revenues Service Revenues $7410Expenses Salaries and wages expense $ 2790 Advertising expense 570 Rent expense 340 Supplies expense 230 Insurance expense 110 Total expenses 4040 Net income ...
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
1. Close Revenue Accounts 2. Close expense accounts. 3. Close dividends account. Credit Debit 11,800 163,000...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
What is the entry to close the appropriate insurance account at the end of the accounting...
What is the entry to close the appropriate insurance account at the end of the accounting period? Hint: think about both Prepaid Insurance and Insurance Expense and decide which of these accounts gets closed out! O A) debit Insurance Expense; credit Retained Earnings OB) debit Prepaid Insurance; credit Retained Earnings O C) debit Retained Earnings; credit Prepaid Insurance O D) debit Retained Earnings ; credit Insurance Expense
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations...
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from 0 Data Table - 14,100 14,100 41,500 31,900 4,600 Cost of services sold .........$ Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2017 Service revenue........$ Service revenue.. Depreciation expense ... Other revenue .. Dividends declared Income tax expense Income tax payable .. 400 6,300 900 1.000 2,200 900 Print Done 6,300 1,000 then click Check Answer. ( E3-25A (similar to)...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
Boston Enterprises declared and paid a dividend of $10,000 this year. The entry to close the Dividend at the end of the year will include a debit to: Multiple Choice O Dividends and a credit to Retained Earnings for $10,000. Dividends and a credit to Dividends Payable for $10,000. O Dividends and a credit to Cash for $10,000. Retained Earnings and a credit to Dividends for $10,000, The balance of which of the following accounts appears in the credit column...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
What is the entry to close the appropriate insurance account at the end of the accounting period? Hint: think about both Prepaid Insurance and Insurance Expense and decide which of these accounts gets closed out! O A) debit Insurance Expense; credit Retained Earnings OB) debit Prepaid Insurance; credit Retained Earnings O C) debit Retained Earnings; credit Prepaid Insurance O D) debit Retained Earnings ; credit Insurance Expense
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from 0 Data Table - 14,100 14,100 41,500 31,900 4,600 Cost of services sold .........$ Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2017 Service revenue........$ Service revenue.. Depreciation expense ... Other revenue .. Dividends declared Income tax expense Income tax payable .. 400 6,300 900 1.000 2,200 900 Print Done 6,300 1,000 then click Check Answer. ( E3-25A (similar to)...
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