Homework Answers
Question 4
Correct answer-----------(A) debit owner capital account $33000: credit income summery $33000.
The debit balance of income summery indicates that the revenue are lower than expense and the company has loss. The debit balance of income summery will be closed with a credit to income summery.
Question 5
Correct answer-----------(D) Permanent account is another name for revenue account.
.
Permanent accounts are balance sheet accounts and Revenue account is a temporary account.
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4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a d...
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...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO...
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...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1)...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
Exercise 4-8 Preparing and posting closing entries CP2 Use the May 31 fiscal year-end information from...
Exercise 4-8 Preparing and posting closing entries CP2 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts. General Ledger Acct. No. 301 Acct. No. 622 M. Muncel, Capital Date PR Debit Credit Balance Debit Salaries Expense Date PR May 31 G2 Insurance Expense Date PR 40,000 Acct. No. 302 Credit Balance 22,000 Acct. No. 401 Credit Balance...
accounting questions! QUESTION 1 In a merchandising business, the income summary balance is transferred to the:...
accounting questions!
QUESTION 1 In a merchandising business, the income summary balance is transferred to the: retained earnings. income summary. capital trial balance. QUESTION 2 To close the income summary to the retained earnings and transfer the net profit, which account should be credited? Income Summary Retained Earnings Withdrawals Owner's Capital QUESTION 3 The first step in the accounting cycle is: preparing a post-closing trial balance. collecting and verifying source documents analyzing each business transaction. O preparing a trial balance....
Prepare the four closing entries: 1. Record to close revenue to the income summary. 2. Record...
Prepare the four closing entries:
1. Record to close revenue to the income summary.
2. Record to close expense accounts to income summary.
3. Record to close income summary to capital.
4. Record to close withdrawals to capital.
Credit $ 8,650 The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Debit 101 Cash $ 4,000 106 Accounts receivable 8,900 153 Trucks 28,000 154 Accumulated depreciation, trucks 193 Franchise 13,600 201 Accounts payable 209 Salaries payable 233 Unearned...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
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...
Requirements 1. Joumalize the required closing entries for Robins. 2. Determine the ending balance in the...
Requirements 1. Joumalize the required closing entries for Robins. 2. Determine the ending balance in the capital account. Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Accounts and Explanation Debit Dec. 31 Credit 0 Data Table Close expenses for the period. Date Dec. 31 Accounts and Explanation Debit Credit Cost of Goods Sold Accounts Payable Rent Expense $ 48,000 55,000 670,000 Accumulated Depreciation S 370,000 -Building...
Exercise 4-8 Preparing and posting closing entries LO P2 Use the May 31 fiscal year-end Information...
Exercise 4-8 Preparing and posting closing entries LO P2 Use the May 31 fiscal year-end Information from the following ledger accounts (assume that all accounts have normal balances). General Ledger M. Muncel, Capital Date Acct. No. 301 PR DebitCreditBalance G2 86,000 Salaries Acct. No. 622 Expense Date PR DebitCreditBalance May 31 C2 43,000 May 31 Insurance Acct. No. 637 Expense Date PR DebitCreditBalance May 31 C2 3,640 M. Muncel, withdrawals Acct. No. 302 Date PR DebitCreditBalance May 31 G2 54,000...
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...
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...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
Exercise 4-8 Preparing and posting closing entries CP2 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts. General Ledger Acct. No. 301 Acct. No. 622 M. Muncel, Capital Date PR Debit Credit Balance Debit Salaries Expense Date PR May 31 G2 Insurance Expense Date PR 40,000 Acct. No. 302 Credit Balance 22,000 Acct. No. 401 Credit Balance...
accounting questions!
QUESTION 1 In a merchandising business, the income summary balance is transferred to the: retained earnings. income summary. capital trial balance. QUESTION 2 To close the income summary to the retained earnings and transfer the net profit, which account should be credited? Income Summary Retained Earnings Withdrawals Owner's Capital QUESTION 3 The first step in the accounting cycle is: preparing a post-closing trial balance. collecting and verifying source documents analyzing each business transaction. O preparing a trial balance....
Prepare the four closing entries:
1. Record to close revenue to the income summary.
2. Record to close expense accounts to income summary.
3. Record to close income summary to capital.
4. Record to close withdrawals to capital.
Credit $ 8,650 The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Debit 101 Cash $ 4,000 106 Accounts receivable 8,900 153 Trucks 28,000 154 Accumulated depreciation, trucks 193 Franchise 13,600 201 Accounts payable 209 Salaries payable 233 Unearned...
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...
Requirements 1. Joumalize the required closing entries for Robins. 2. Determine the ending balance in the capital account. Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Accounts and Explanation Debit Dec. 31 Credit 0 Data Table Close expenses for the period. Date Dec. 31 Accounts and Explanation Debit Credit Cost of Goods Sold Accounts Payable Rent Expense $ 48,000 55,000 670,000 Accumulated Depreciation S 370,000 -Building...
Exercise 4-8 Preparing and posting closing entries LO P2 Use the May 31 fiscal year-end Information from the following ledger accounts (assume that all accounts have normal balances). General Ledger M. Muncel, Capital Date Acct. No. 301 PR DebitCreditBalance G2 86,000 Salaries Acct. No. 622 Expense Date PR DebitCreditBalance May 31 C2 43,000 May 31 Insurance Acct. No. 637 Expense Date PR DebitCreditBalance May 31 C2 3,640 M. Muncel, withdrawals Acct. No. 302 Date PR DebitCreditBalance May 31 G2 54,000...
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