Homework Answers
| 1 | Total revenue for the period is | $ 1,34,000 |
| 2 | Total expenses for the period are | $ 71,800 |
| 3 | Net income for the period is | $ 62,200 |
| 4 | Owner's withdrawals for the period are | $ 22,000 |
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Practice Knowledge Check Saved 2 The Income Summary and Linda Carter, Capitel accounts for Carter Production...
ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production...
ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Date Description Debit 2019 Dec. 31 Closing 31 Closing 71,800 31 Closing 62,200 134,000 134,800 62,200 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280, 200 Enter the following...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 65,800 65,800 31 Closing 35,300 30,500 31 Closing 30,500 0 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 114,000 114,000 31 Closing 30,500 144,500 31 Closing 10,500 134,100 Enter the following amounts 1. Total...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Debit Date Description 2019 Dec. 31 Closing 31 Closing 31 Closing 64,400 34,600 29,800 64,400 29,800 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 2019 Dec. 1 31 closing 31 Closing 107,000 29,800 107,000 136,800 127,100 9,700 Enter the following amounts 1. Total revenue for the...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description Debit Credit Debit Credit 2019 Dec. 31 Closing 63,600 63,600 31 Closing 34,200 29,400 31 Closing 29,400 0 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 103,000 103,000 31 Closing 29,400 132,400 31 Closing 9,300 123,100 Enter the following amounts. !. Total revenue...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
General journal... 1. fee income to income summary 2. expenses yo income summary 3. net income...
General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
on December 31 2019 the ledger of Lopez company contained the following Knowledge Check 6 Soved...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
Journal entry number one record entry to transfer fees income to income summary. Number to record...
Journal entry
number one record entry to transfer fees income to income summary.
Number to record entry to transfer expenses to income summary.
Number three record entry to transfer net income or net loss from
income summary to Capital. Number for record entry to transfer
drawings to Capital account. General ledger post the closing
entries to the owners capital account. Trial balance prepare a
post-closing trial balance
Danos Company's partial worksheet for the month ended December 31, 2019. is shown...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
ractice: Knowledge Check 6 Saved Hel The Income Summary and Linda Carter, Cap/ta/accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Date Description Debit 2019 Dec. 31 Closing 31 Closing 71,800 31 Closing 62,200 134,000 134,800 62,200 Linda Carter, Capital Account No. 301 Balance Date Description Debit Credit Debit Credit 2019 Dec. 1 240,000 240,000 31 Closing 62,200 302,200 31 Closing 22,000 280, 200 Enter the following...
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Credit Debit Credit Debit Date Description 2019 Dec. 31 Closing 31 Closing 31 Closing 64,400 34,600 29,800 64,400 29,800 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 2019 Dec. 1 31 closing 31 Closing 107,000 29,800 107,000 136,800 127,100 9,700 Enter the following amounts 1. Total revenue for the...
The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 134,880 62, 288 134,880 71,880 62, 28e inda Carter, Capital Account No. 301 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 248,880 62, 288 248,880 382,280 288, 280 22,880 Enter the following amounts. 1. Total revenue for...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
Journal entry
number one record entry to transfer fees income to income summary.
Number to record entry to transfer expenses to income summary.
Number three record entry to transfer net income or net loss from
income summary to Capital. Number for record entry to transfer
drawings to Capital account. General ledger post the closing
entries to the owners capital account. Trial balance prepare a
post-closing trial balance
Danos Company's partial worksheet for the month ended December 31, 2019. is shown...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
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