ABC Company has $3,900 in Rent Expense, $2,600 in Salaries Expense, and $200 in Supplies Expense at the end of the period. What would be the closing entry?OA. Income Summary6,700Rent Expense3,900Salaries Expense2,600Supplies Expense200B. Rent Expense3,900Salaries Expense2,600Supplies Expense200Income Summary6,700C. Rent Expense3,900Salaries Expense2,600Supplies Expense200Owner, Capital6,700D. Owner, Capital6,700Rent Expense3,900Salaries Expense2,600Supplies Expense200

In accounting, closing entries are journal entries made at the end of an accounting period to…

Answered: ABC Company has $3,900 in Rent Expense,…

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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Record the following in the adjustment journal template then post it to the T-accounts. additional information for adjustments for December 31, 2021. a. Unexpired prepaid rent is $1,000. b. The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion. c. Cleaning supplies on hand, $3,200. d. Depreciation expense office equipment, $110. e. Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense. f. Record the vehicle depreciation expense $280. g. Accrued wages $ 950.
D1.
The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries & wages expense Service revenue Supplies Supplies expense Equipment O $44,000 O $14,000 $33.000 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 $135,000 7,200 16,000 32,000 135,000 What is the company's net income for the year ending December 31, 2016? 5,000 6,000 210,000
Required information [The following information applies to the questions displayed below] The following are transactions for the Sky Blue Corporation: a. Collected $2,850 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,560 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $49,800. The company estimates annual depreciation of $4,980. quired: reach of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ansaction b. C. Assets Liabilities Stockholders' Equity
Number 101 Cash 106 Accounts receivable 126 Computer supplies Prepaid insurance Prepaid rent office equipment 128 131 163 164 Accumulated depreciation-office equipment Computer equipment 167 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 236 301 302 403 612 613 623 637 Account Title 640 652 655 676 677 684 901 Wages payable Unearned computer services revenue S. Rey, Capital S. Rey, Withdrawals Computer services revenue Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Income summary Totals Debit $ 51,334 6,268 670 1,485 805 8,200 20,000 7,200 410 1,250 3,775 495 2,415 3,275 2,598 839 170 1,185 $ 112,374 Credit $ 410 1,250 1,300 480 2,400 71,000 35,534 $ 112,374 Required: 1. Prepare an Income statement for the three months ended December 31, 2021. 2. Prepare a statement of owner's…
The following information Is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues $195,000 93,600 Total expenses Retained earnings 124,800 Dividends 23,400 Multiple Choice $101,400 $202,800. $93,600. $226,200. 10 of 10 Next < Prev
The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Services revenue for the period is $57,200, wages expense is $40,800, and withdrawals are $9,800. What is the correct closing entry for the expense accounts? Multiple Choice O Debit Income Summary $40,800; credit Wages expense $40,800. Debit Income Summary $40,800; credit F. Mercury Capital $40,800. Debit Wages expense $39,000; credit F. Mercury, Capital $39,000, Debit Wages expense $40,800; credit Income Summary $40,800. Debit F. Mercury, Withdrawals accounts $40,800; credit Wages expense $40,800.
9
The income statement for the month of June, 2021 of Stellar Enterprises contains the following information: Revenues $6900 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income $2890 1560 800 300 100 5650 $1250 The entry to close the expense accounts includes a credit to Income Summary for $5650. debit to Salaries and Wages Expense for $2890. debit to Income Summary for $1250. credit to Rent Expense for $1560.
After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be: __ Debit owner Withdrawals $28,000; credit Income Summary $28,000. __ Debit Income Summary $28,000; credit Owner Withdrawals $28,000. __ Debit Income Summary $28,000; credit Owner Capital $28,000. __ Debit Owner Capital $28,000; credit Income Summary $28,000. __ Credit Owner Capital $28,000; debit Owner Withdrawals $28.000.
Depreciation on equipment for the year is $5,760. a. Record the journal entry if the company prepares adjustments once a year. If an amount box does not require an entry, leave it blank. b. Record the journal entry if the company prepares adjustments on a monthly basis. If an amount box does not require an entry, leave it blank.
A company's Office Supplies account shows a beginning balance of $800 and an ending balance of $780. If office supplies expense for the year is $4,100, what amount of office supplies was purchased during the period? Multiple Choice O O O $4,880. $4,080. $4,900. $4,120. $3,320

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