Question

Question 6 (1 point) The retained earnings had a beginning balance of $100. As part of the closing entries during the current accounting period, there was a credit to the account of $800 and a debit to the account of $250. The ending balance was $650. How much was net income for this accounting period? $100 $250 $650 $800 Question 7 (1 point) Closing entries are prepared before the financial statements. summarize the activity in every account reduce the number of permanent accounts. cause the revenue and expense accounts to have zero balances. Question 8 (1 point) On November 1st a company pays $1.200 for a six-month insurance policy. By December 31st, how much is insurance expense? $1.200 $400 $800 $600 Question 9 (1 point) Equipment costing $6,000 had a useful life of five years. The adjusting journal entry to record the depreciation for one month would consist of a debit to depreciation expense for $100 and a credit to equipment for $100. a credit to depreciation expense for $100 and a debit to accumulated depreciation equipment for $100. a debit to depreciation expense for $100 and a credit to accumulated depreciation-equipment for $100. a debit to depreciation expense for $1.200 and a credit to accumulated depreciation equipment for $1.200.

Answer 1

Solution:-

Question:- 6

Correct Answer Is " $ 800"

The credit entry in Retain earning account is demmed to net profit.

Question:- 7

Correct Answer is " Are prepared befor financial Statement."

Closing entry always prepared before the finanacial statement.

Question:- 8

Correct Answer is " $ 400"

$ 1,200 X 2 / 6 = $ 400

Question:- 9

Correct Answer is " Debit to depreciation Expenses for $ 100 and Credit to Accumulated depreciation- Equipment for $ 100"