On December 31st the income summary account of medicine company has a better balance of 37000...
On December 31st the income summary account of medicine company has a better balance of 37000 after revenue of 39000 and Aix mrs of suddenly 6000 were close to their count Madison whale drawn has a debt balance of $4000 in medicine wheel capital has a credit mounds of $58000 record the journal entries necessary took pleat closing the account
Homework Answers
| Journ Entry | |||
| S. No. | Account title and explanation | Debit | Credit |
| 1 | Madison Wells, Capital Dr | $37,000 | |
| To Income Summary | $37,000 | ||
| (To close income summary) | |||
| 2 | Madison Wells, Capital Dr | $4,000 | |
| To Madison Wells, Drawings | $4,000 | ||
| (To close drawings) | |||
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On December 31st the income summary account of medicine company has a better balance of 37000...
When December 31 the income account of Madison company has a depth balance of $37000 up...
When December 31 the income account of Madison company has a depth balance of $37000 up the revenue of $39000 in it experiences of $76000 were close to the account Madison Wales drawn has a dead balance of $4000 in Madison will capital has a credit moments of $58000 record the journal entry necessary to complete in closing the
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000...
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...
*Brief Exercise 4-3 oe Company has the following year-end account balances on November 30, 2017: Service...
*Brief Exercise 4-3 oe Company has the following year-end account balances on November 30, 2017: Service Revenue $37,000; Insurance Expense $3,000; Rent Expense $8,100; Supplies Expense $1,250; L. Wilfrid, Capital $43,000; and L. Wilfrid, Drawings $28,000. Your answer is partially correct. Try again. Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit...
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...
*Brief Exercise 4-3 oe Company has the following year-end account balances on November 30, 2017: Service Revenue $37,000; Insurance Expense $3,000; Rent Expense $8,100; Supplies Expense $1,250; L. Wilfrid, Capital $43,000; and L. Wilfrid, Drawings $28,000. Your answer is partially correct. Try again. Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit...
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