4. The entry to close Income Summary to MiraCo, Capital includesa debit to Revenue for P70,000credits to Expenses P73,500a credit to Income Summary for P3,500a credit to Mira Co, Capital for P3,500 Use the following information for questions 1 to 7.The Income Statement for the year 2021 ofMira Co. contains the following information:RevenueP70,000Expenses:Salary ExpenseP45,000Rent Expense12,000Advertising Expense6,000Supplies ExpenseUtilities ExpenseInsurance ExpenseTotal ExpensesNet Income (Loss)6,0002,5002,00073,500(P3,500)

Name: 4. The entry to close Income Summary to MiraCo, Capital includesa deb
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Description: 4. The entry to close Income Summary to MiraCo, Capital includesa debit to Revenue for P70,000credits to Expenses P73,500a credit to Income Summary for P3,500a credit to Mira Co, Capital for P3,500 Use the following information for questions 1 to 7.

The income summary account is a nominal account that is used to close the temporary accounts. These…

Business

Accounting

4. The entry to close Income Summary to Mira Co, Capital includes a debit to Revenue for P70,000 credits to Expenses P73,500 a credit to Income Summary for P3,500 a credit to Mira Co, Capital for P3,500

4. The entry to close Income Summary to Mira Co, Capital includes a debit to Revenue for P70,000 credits to Expenses P73,500 a credit to Income Summary for P3,500 a credit to Mira Co, Capital for P3,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet:Mr. X’s capital is 500,000Drawing 20,000Purchase 200,000Loan 100,000Machinery 50,000Return to suppliers 50,000Sales 400,000Return inward 600,000Carriage outward 20,000Bad debts 5,000Sundry Drs. 100,000B/R 20,000Sundry Crs. 50,000Carriage inward 10,000Salary and wages 5,000Depreciation 20,000Cash in hand 100,000Sale of scrap 5,000Closing stock 50,000Prepaid tax 10,000Outstanding wages 5,000 do not give solution in image
2. Please answer all the tables in their entirely
Q#17: Continue with Zeal Company above. Consider the $12 of interest income reported on the June bank statement as well as the following categories discussed in class for adjusting journal entries. Select the true statement below. (i) Accrued Revenue (ii) Adjustment of an existing deferred revenue (iii) Error Correcting. A. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (i) above. B. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (i) above. C. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (iii) above. D. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (ii) above. E. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (iii) above.
5) Insert the following account opening balances: Deblt 134,000 22,000 60,000 10,000 6,000 Account name Credit Account no. 1-1110 1-1310 1-1320 1-2110 1-2310 2-1210 Cheque Trade Debtors Inventory Plant and Equipment at cost Office Equipment at cost GST Collected GST Pald Trade Creditors Business Loan #1 Owners Capital 2,000 3,500 2-1220 2-1510 2-2100 3-1000 33,000 100,000 100,000
1. Prepare a trial balance based on the balances of these ledger accounts. Dr Cash A/C Cr Date Particulars Amount Date Particulars Amount 01-Sep To Capital Stock $7,050 02-Sep By Prepaid Rent $3,600 04-Sep To Unearned Fees $3,500 03-Sep By Prepaid Insurance $1,500 06-Sep To Accounts Receivables $800 10-Sep By Advertisement expense $120 17-Sep To Accounts Receivables $2,100 12-Sep By Accounts Payable $800 24-Sep To Fees Earned $1,850 13-Sep By Salary Expenses $400 25-Sep To Accounts Receivables $1,300 18-Sep By Supplies $750 30-Sep To Accounts Receivables $1,050 27-Sep By Salary expense $400…
A transaction has been recorded in the T-accounts of Powell Corporation as follows: Prepaid Rent Rent Expense 1,000 1,000 Which of the following reflects how this event affects the company's financial statements? A. B. C. D. Debit Assets = + + Credit Multiple Choice Liabilities + + N/A N/A Balance Sheet Option C Option A Option B Debit Option D Stockholders Equity N/A + N/A Credit Revenue N/A N/A + N/A Income Statement Expense N/A + N/A + Net Income N/A Statement of Cash Flows +FA N/A +OA -OA
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temaining Time: 1 hour, 57 minutes, 32 seconds. Question Completion Status: 4. 6. 8 10 11 12 13 14 15 16 17 18 19 2 U.Anew intermationarmarket QUESTION 21 Answer the following questions based on Daktronic Inc's selected financial data provided in the table below: Selected Income Statement Figures Selected Balance Sheet Figures Amts in USD 20X8 Amts in USD 20X8 20X7 Accounts Cash Sales Credit Sales 3,000,000 Receiva ble 10,000,000 Inventory 600,000 500,000 250,000 225,000 Accounts 13,000,000 Payable Total Sales Cost of Goods Sold 160,000 120,000 8,000,000 (a) what is the average inventory turnover for Daktronics Inc? (b) What is the average payable days for the firm? (c) What is the average receivables collection days? (d) What changes have taken place in Daktronics Inc working capital requirement, year-on-year? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). В I Paragraph Arial 14px A. x X2 土 Click Save and Submit to save and submit. Click Save All Answers to save all…
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
D1. Account