If you could answer for closing revenue account,expense account, income summary, and withdrawal account with the...
If you could answer for
closing revenue account,expense account, income summary, and
withdrawal account with the same numbers that would be awesome.
Homework Answers
|
date |
explanation |
debit |
credit |
|
1- |
professional fees earned |
104000 |
|
|
rent earned |
15500 |
||
|
dividend earned |
2200 |
||
|
interest earned |
2300 |
||
|
income summary |
124000 |
||
|
2- |
income summary |
103530 |
|
|
depreciation expense-building |
12980 |
||
|
depreciation expense-equipment |
8250 |
||
|
wages expense |
29000 |
||
|
interest expense |
4200 |
||
|
insurance expense |
8700 |
||
|
rent expense |
12900 |
||
|
supplies expense |
6400 |
||
|
postage expense |
2700 |
||
|
property tax expense |
4700 |
||
|
repairs expense |
8000 |
||
|
telephone expense |
2000 |
||
|
utilitse expense |
3700 |
||
|
3- |
income summary |
20470 |
|
|
retained earning |
20470 |
||
|
4- |
retained earnings |
10200 |
|
|
dividend |
10200 |
Add Answer to:
If you could answer for closing revenue account,expense account, income summary, and withdrawal account with the...
36. After closing the revenue, expense, and withdrawal accounts, the capital increased by $2,000. Which of...
36. After closing the revenue, expense, and withdrawal accounts, the capital increased by $2,000. Which of the following situations could have occurred? a. The company had a net income. b. The owner invested an additional amount. c. The owner made a withdrawal. d. All of the above.
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited Dj None of these are correct. 72) The Income Summary account debited and the expense accounts credited would be the result of Al closing the income Summary account--there is a net income. B) closing the revenue accounts c) closing the income Summary accounts - there is a net loss. D) closing the expense accounts 73)...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
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...
Prepare the closing journal entries. Assume the company uses the income summary account (do not post)...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The last step in the closing procedure closes Select one: a. the Income Summary account. b....
The last step in the closing procedure closes Select one: a. the Income Summary account. b. the Capital account. c. the Drawing account. d. the expense accounts. e. all liability accounts.
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
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...
71) When the Withdrawals account is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited Dj None of these are correct. 72) The Income Summary account debited and the expense accounts credited would be the result of Al closing the income Summary account--there is a net income. B) closing the revenue accounts c) closing the income Summary accounts - there is a net loss. D) closing the expense accounts 73)...
The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
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...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
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...
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