103.A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry? A.Debit Income Summary $13,000; credit Owner's, Capital $13,000. B.Debit Income Summary $75,000; credit Revenues $75,000. C.Debit Revenues $75,000; credit Income Summary $75,000. D.Debit Income Summary $62,000, credit Expenses $62,000. E.Debit Owner's, Capital $8,000, credit Owner's, Withdrawals $8,000.

103.A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry? A.Debit Income Summary $13,000; credit Owner's, Capital $13,000. B.Debit Income Summary $75,000; credit Revenues $75,000. C.Debit Revenues $75,000; credit Income Summary $75,000. D.Debit Income Summary $62,000, credit Expenses $62,000. E.Debit Owner's, Capital $8,000, credit Owner's, Withdrawals $8,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 3. Which of the following is not a computer facility control? (a) Place the data processing center…

A: The objective of the first question is to identify which of the given options is not a control…

Q: What is the purpose of installing firewalls on bridges, routers, and gateways? O Detecting…

A: Solution: Firewalls provide protection against hacking by protecting your computer or network from…

Q: my instructor advises this answer is incorrect

A: Present value is an estimate of the present value of future cash values that may be received at a…

Q: ntity does not use plastic because it knows that its customer base is sensitive to pollution issues.…

A: There are many method to manage the risk and reduce the risk.

Q: Give one example of an error that a check digit control detects.

Q: What is an “indemnification asset”? How do we account for it? Please use your own words and do…

A: An "indemnification asset" is an asset that is established to cover a potential future loss or…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

Q: Extreme Ltd is a small firm that specialises in selling bespoke furniture. an additional delivery…

A: Depreciation means the amount of normal wear or tear of the assets due to usage or passage of time.…

Q: Internal controls in a computerized environment are: Question 47 options: Not necessary since…

A: Internal control in computerized environment means the way to doing and check the work which is…

Q: Xia wants to use tags for some of her transactions but does not see a line where she can add tags.…

A: When using accounting software like QuickBooks, tags are a useful feature that allows users to…

Q: 5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit…

A: Internal Control are policies and procedures used by the management to make the efficient use of…

Q: What are the limitations on Control Activities?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: David Savage asked you to write a memo presenting the issues and the risks associated with…

A: Memo: A memorandum also called as memo it is a written message that may be used in a business…

Q: Alice bought $P worth of shares in a start-up company. She created the following scenarios with the…

A: Share investments represents buying a portion of equity in a company. We buy shares of a company…

Q: Why does scope creep create risk in independence? Select all that apply It can create an…

A: The objective of the question is to understand the risks that scope creep can create in terms of…

Q: What is the primary difference between purchasing licensed software from a software manufacturer and…

A: First of all, let's try to look at what is licensed software from software manufacturer and an Open…

Q: 1. Choose the ethical considerations that Amahle Khumalo should recognize in deciding how to…

A: Ethics is a set of moral principles that govern an individual's behaviour or the conduct of an…

Question

Please dont use any AI.

It's strictly prohibited.

103.A company had revenues of $75,000 and
expenses of $62,000 for the accounting period.
The owner withdrew $8,000 in cash during the
same period. Which of the following entries
could not be a closing entry?
A.Debit Income Summary $13,000; credit
Owner's, Capital $13,000.
B.Debit Income Summary $75,000; credit
Revenues $75,000.
C.Debit Revenues $75,000; credit Income
Summary $75,000.
D.Debit Income Summary $62,000, credit
Expenses $62,000.
E.Debit Owner's, Capital $8,000, credit
Owner's, Withdrawals $8,000.

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Closing Journal Entry:

VIEW

Step 2: Preparation of the closing entry

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Search Google images for bad data visualizations. Post a link to the image.Describe what is inaccurate or misleading about the visualization. Replace the inaccurate and misleading information with what you think makes the image a good visualization.
Im having an issue with this problem. Thank you!
3. Which of the following is not a computer facility control? (a) Place the data processing center where unauthorized individuals cannot gain entry to the facility. (b) Limit access to the data processing center all employees of the company. (c) Buy insurance to protect against loss of equipment in the computer facility. (d) Use advanced technology to identify individuals who are authorized access to the data processing center. 4.For internal control over computer program changes, a policy should be established requiring that: (a) All proposed changes be approved by a responsible individual and logged. (b) The programmer designing the change should be responsible for ensuring that the revised program is adequately tested. (c) All program changes be supervised by the information system control group. (d) To facilitate operational performance, superseded portions of programs should not be deleted from the program run manual. 5. Auditing "around the computer": (a) Assumes that accurate…
Explain with an example why any computer-based application control cannot function on its own and why its effectiveness depends on a set of general controls.
Piracy, however, is the direct copy of a company’s product and is unethical. Piracy is most prevalent in the video, music, perfume, and designer clothing industries, and is not a replacement for new-product development. Think about and discuss: Does the AMA Statement of Ethics address this issue? Go to ama.org/codesofconduct and review the statement. Then write a paragraph on what the AMA Statement of Ethics contains that might relate to knock-off products.
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
What controls should be employed to avoid breaches into an accountijg information system.
What does “limitations of internal control” mean? Provide examples of limitations that are inherent to internal control.
It says they answers are wrong from your example.