ABC Company has the following T Account at the end of the year: Acct Payale 500 Post to T-Acct (aka Ledger) Asset = liabilite + Cl stock - Dividend + Cash 30,000 1,000 4,000 5,000 15,000 480 Revenue - Expense Common stak Dividend Service Revenue hent expense 30,000 480 41000 500 15,000 Travel expenste 1,000 Insurance expense 5,000 What is the Journal Entry to close Expense Account? ○ A. Account Name Debit Credit Income Summary 5,000 Insurance Expense 5,000 B. All of the above ○ C. Income Summary Travel Expense D. Income Summary Rent Expense Account Name Debit Credit 1,000 1,000 Account Name Debit Credit 500 500
ABC Company has the following T Account at the end of the year: Acct Payale 500 Post to T-Acct (aka Ledger) Asset = liabilite + Cl stock - Dividend + Cash 30,000 1,000 4,000 5,000 15,000 480 Revenue - Expense Common stak Dividend Service Revenue hent expense 30,000 480 41000 500 15,000 Travel expenste 1,000 Insurance expense 5,000 What is the Journal Entry to close Expense Account? ○ A. Account Name Debit Credit Income Summary 5,000 Insurance Expense 5,000 B. All of the above ○ C. Income Summary Travel Expense D. Income Summary Rent Expense Account Name Debit Credit 1,000 1,000 Account Name Debit Credit 500 500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:ABC Company has the following T Account at the end of the year:
Acct Payale
500
Post to T-Acct (aka Ledger)
Asset = liabilite + Cl stock - Dividend +
Cash
30,000 1,000
4,000 5,000
15,000 480
Revenue - Expense
Common stak Dividend Service Revenue
hent expense
30,000
480
41000
500
15,000
Travel expenste
1,000
Insurance expense
5,000
Transcribed Image Text:What is the Journal Entry to close Expense Account?
○ A.
Account Name
Debit
Credit
Income Summary
5,000
Insurance Expense
5,000
B. All of the above
○ C.
Income Summary
Travel Expense
D.
Income Summary
Rent Expense
Account Name
Debit
Credit
1,000
1,000
Account Name
Debit
Credit
500
500
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