A closing entry would never include a:O debit to a revenue account and a credit to Income Summary.O debit to an asset account and a credit to a liability account.O debit to Income Summary and a credit to Retained Earnings.O credit to an expense account and a debit to Income Summary.

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: A closing entry would never include a:…

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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Similar questions

Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB. Prepaid AdvertisingC. Unearned Service RevenueD. Prepaid Insurance
What does deferred revenue generally represent on the balance sheet? Amounts that have been invoiced to a customer but not yet recognized as revenue Unapplied customer payments Projected future revenues that have not been invoiced Refunds due to customers
The closing entry for an expense account would include a debit to: O The expense account and a credit to Net Income. O Net Income and a credit to the expense account. Retained Earnings and a credit to the expense account. O The expense account and a credit to Retained Earnings. None of the above.
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When an account becomes uncollectible and must be written off as a?
Statement 1: In case there is a credit balance in a customer's account, such amount shall not affect the total balance of the accounts receivable to be presented in the asset section of the statement of financial position.Statement 2: A credit balance in a customer's account is caused by overcollection of amounts receivable from customers which will result to a liability to be presented in the noncurrent section of statement of financial position.Which statement(s) is(are) correct?
When liability, capital, and revenue accounts increase, there will be a _____________. a. Neither Debit nor credit b. Credit. c. debit and credit. d. debit.
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For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
No single ratio can predict the success or Failure of a company. What different types of Ratios are necessary for financial analysis? How is the Return on Assets (ROA) Ratio Calculated?
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A closing entry would never include a: O debit to a revenue account and a credit to Income Summary. O debit to an asset account and a credit to a liability account. O debit to Income Summary and a credit to Retained Earnings. O credit to an expense account and a debit to Income Summary.