1. Cash has a normal debit balance. What does this mean in accounting? Be specific and...
1. Cash has a normal debit balance. What does this mean in accounting? Be specific and provide as many details about this as you can. Use examples.
2. The following accounts and their balances are listed below: Prepare the first journal entry to close the temporary accounts:
Fees Earned $5,000
Rent Expense $2,000
Supplies Expense $1,000
Toby, Capital $500,000
3. Prepare the journal entry to close the following two accounts:
Utility Expense $100
Salary Expense $50
4.
Match the following assets with its type.
Current Asset
Accumulated Depreciation - Equipment Equipment Accounts Receivable
Fixed Asset
Accumulated Depreciation - Equipment Equipment Accounts Receivable
Contra Asset
Accumulated Depreciation - Equipment Equipment Accounts Receivable
Homework Answers
1) Cash is an current assets. Cash normal balance is debit balance. Cash is most liquid assets. and in liquidity terms cash is first of all
2) Closing entry
| Date | account and explanation | Debit | Credit |
| Fees earned | 5000 | ||
| Income summary | 5000 | ||
3) Closing entry
| Date | account and explanation | Debit | Credit |
| Income summary | 150 | ||
| Utilities expense | 100 | ||
| salary expense | 50 |
4) Matching
| Current assets | Account receivable |
| Fixed assets | Equipment |
| Contra assets | Accumulated depreciation-equipment |
Add Answer to:
1. Cash has a normal debit balance. What does this mean in
accounting? Be specific and...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit...
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The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...
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Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare the journal entry required to close the revenue account 2. Prepare the journal entry required to close the expense accounts. (Remember that you must show each expense account and balance in order to close it.) 3. Prepare the Journal entry required to close the dividend account. 4. Post all closing entries to the Retained Earnings T-account below. Prove that the balance in Retained Earnings...
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