Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How...
Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How after closing revenues and expenses. The entry to close Income Summary is:
a. credit Income Summary $29,000, debit Owner’s Capital $29,000.
b. credit Income Summary $29,000, debit Owner’s Drawing $29,000.
c. debit Income Summary $29,000, credit Owner’s Capital $29,000.
d. debit Income Summary $29,000, credit Owner’s Drawing $29,000.
Homework Answers
Answer: C) Debit Income Summary $29,000, Credit Ower;s Capital $29,000
Income summary will be Closed by transferring the income Summary Balance to the retained Rearnings or the Capital Accounts.
The Entry to Close the Income Summary is :
| Income Summary | $29,000 | |
| Owner's Capital | $29,000 |
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Income Summary has a credit balance of $29,000 for the law firm
of DoWe CheatYou &How...
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...
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On December 31, the Income Summary account of Madison Company has a debit balance of $30,000 after revenue of $32,000 and expenses of $62,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,300 and Madison Wells, Capital has a credit balance of $51,000. Required: Record the journal entries necessary to complete closing the accounts. *Closing entry for entry of the balance of income summary and closing entry for the drawing account* What is the new...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a d...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
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Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital...
Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned Salaries expense Depreciation expense $ 112,000 Interest revenue 43,000 K. Capri, Withdrawals 8,600 Utilities expense 14,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income...
please complete Capri Company began the current period with a $40,000 credit balance in the K....
please complete
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The first two closing entries to the Income Summary account indicate a debit of $55,500 and...
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When the income summary has total debits of $10,500 and total credits $15,500, the closing entry...
When the income summary has total debits of $10,500 and total credits $15,500, the closing entry is: Select one: A. Debit owner's capital $5,000; Credit Income Summary $5,000 O B. Credit owner's capital $5,000; Debit Income Summary $5,000 C. Credit owner's capital $10,500; Debit Income Summary $10,500 O D. Debit owner's capital $15,500; Credit Income Summary $15,500
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...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
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please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
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