Homework Answers
Journal Entry to close the revenue account to Income summary
| Revenue A/c Dr. | 7000 | |
| To Income Summary A/c Cr. | 7000 | |
| (Revenue Account closed through Income summary) |
Journal Entry to close the Expenses account to Income summary
| Income Summary A/c Dr. | 5700 | |
| To Expenses A/c Cr. | 5700 | |
| (Expenses account to Income Summary ) |
Journal Entry to close the Income summary to Retained Earnings
| Income Summary A/c Dr. | 1300 | |
| To Retained Earnings Cr. | 1300 | |
| ( Close of Income summary through Retained Earnings) |
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The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following...
57. The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the...
57. The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses: Salaries and Wages Expense $3,000 1.500 Rent Expense 800 Advertising Expense 300 Supplies Expense Insurance Expense 100 Total expenses 5,700 Net income $1.300 At June 1, 2015, Camera Obscura reported retained earnings of $35,000. The company had no dividends during June. At June 30, 2015, the company will report retained earnings of A) $36,300 B) $29,300. C) $42,000. D)...
2:29 PM Sun Sep 20 1.11% 14 < T T + : 0 The income statement...
2:29 PM Sun Sep 20 1.11% 14 < T T + : 0 The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense 100 Total expenses Net income 5,700 $1,300 26) What is the journal entry to close the revenue account to Income Summary? 27) What is the journal entry to close the expense...
Multiple Choice Question 76 The income statement for the month of June, 2018 of Riverbed Enterprises...
Multiple Choice Question 76 The income statement for the month of June, 2018 of Riverbed Enterprises contains the following information: Revenues $6880 Expenses: Salaries and Wages Expense $3030 Rent Expense 1470 Advertising Expense 730 Supplies Expense 320 Insurance Expense 90 Total expenses 5640 Net income $1240 The entry to close the expense accounts includes a debit to Income Summary for $1240. credit to Rent Expense for $1470. credit to Income Summary for $5640. debit to Salaries and Wages Expense for...
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following...
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salaries and Wages $3,000 Expense Rent Expense 1,300 Advertising Expense 700 Supplies Expense 200 Insurance Expense 100 Total expenses 5,300 Net income $2,000 The entry to close Income Summary to Owner's, Capital includes a) a debit to Revenues for $7,300. Ob) a credit to Income Summary for $2,000 c) credits to Expenses totalling $5,300. d) a credit to Owner's Capital...
Multiple Choice Question 75 The income statement for the month of June, 2018 of Blossom Enterprises...
Multiple Choice Question 75 The income statement for the month of June, 2018 of Blossom Enterprises contains the following information: Revenues $6650 Expenses: Salaries and Wages Expense $3030 Rent Expense 1460 Advertising Expense 860 Supplies Expense 320 Insurance Expense 110 Total expenses 5780 Net income $870 The entry to close the revenue account includes a credit to Income Summary for $870. debit to Income Summary for $870. debit to Income Summary for $6650....
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000...
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) The entry to close the revenue account includes a A) debit to Revenues for $70,000. B) debit to Income Summary for $7,500. C) credit to Revenues for $70,000. D) credit to Income Summary for $7,500.
The income statement for the month of June, 2016 of Skysong, Inc. contains the following information:...
The income statement for the month of June, 2016 of Skysong, Inc. contains the following information: Revenues $6800 Expenses: Salaries and Wages Expense $2880 Rent Expense 1490 Advertising Expense 740 Supplies Expense 300 Insurance Expense 90 Total expenses 5500 Net income $1300 At June 1, 2016, Skysong reported owner’s equity of $36200. The company had no owner drawings during June. At June 30, 2016, the company will report owner’s equity of $43000. $30700. $36200. $37500.
25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000...
25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be A) a credit balance of $7,500. B) $0. C) a credit balance of $70,000. D) a debit balance of...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
can you please show work and give me explanation for these answers a s reprises com...
can you please show work and give me explanation for these
answers
a s reprises com $7,000 $3,000 12. The income item for the month of June, 2011 of Camer the following information Revenues Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 100 The entry to close the revenue Account includes a debit to Income Summary for SIMO b. credit to Income Summary for $1.800 c. debit to Income Summary for...
57. The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses: Salaries and Wages Expense $3,000 1.500 Rent Expense 800 Advertising Expense 300 Supplies Expense Insurance Expense 100 Total expenses 5,700 Net income $1.300 At June 1, 2015, Camera Obscura reported retained earnings of $35,000. The company had no dividends during June. At June 30, 2015, the company will report retained earnings of A) $36,300 B) $29,300. C) $42,000. D)...
2:29 PM Sun Sep 20 1.11% 14 < T T + : 0 The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense 100 Total expenses Net income 5,700 $1,300 26) What is the journal entry to close the revenue account to Income Summary? 27) What is the journal entry to close the expense...
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salaries and Wages $3,000 Expense Rent Expense 1,300 Advertising Expense 700 Supplies Expense 200 Insurance Expense 100 Total expenses 5,300 Net income $2,000 The entry to close Income Summary to Owner's, Capital includes a) a debit to Revenues for $7,300. Ob) a credit to Income Summary for $2,000 c) credits to Expenses totalling $5,300. d) a credit to Owner's Capital...
26. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) The entry to close the revenue account includes a A) debit to Revenues for $70,000. B) debit to Income Summary for $7,500. C) credit to Revenues for $70,000. D) credit to Income Summary for $7,500.
25. The income statement for the year 2015 of Fugazi Co. contains the following information: $70,000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45,000 12,000 10,000 6,000 2,500 2,000 77,500 $(7.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be A) a credit balance of $7,500. B) $0. C) a credit balance of $70,000. D) a debit balance of...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
can you please show work and give me explanation for these
answers
a s reprises com $7,000 $3,000 12. The income item for the month of June, 2011 of Camer the following information Revenues Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 100 The entry to close the revenue Account includes a debit to Income Summary for SIMO b. credit to Income Summary for $1.800 c. debit to Income Summary for...
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