ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000 What is the Journal Entry to close Revenue Account? ○ A. Service Revenue Income Summary B. Cash Service Revenue Common Stock Service Revenue D. Income Summary Service Revenue Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000 What is the Journal Entry to close Revenue Account? ○ A. Service Revenue Income Summary B. Cash Service Revenue Common Stock Service Revenue D. Income Summary Service Revenue Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000
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:
Post to T-Acct (aka Ledger)
Asset
Cash
Liability + C/ stock - Dividend +
Acct Payable Commonstah Dividend
Revenue
30,000 1,000
500
Common stah Dividend Service Revenue
30,000 480
Expense
Rent expense
41000
500
15,000
4,000 5,000
15,000 480
Travel expense
1,000
Insurance expense
5,000
Transcribed Image Text:What is the Journal Entry to close Revenue Account?
○ A.
Service Revenue
Income Summary
B.
Cash
Service Revenue
Common Stock
Service Revenue
D.
Income Summary
Service Revenue
Account Name
Debit
Credit
19,000
19,000
Account Name
Debit
Credit
19,000
19,000
Account Name
Debit
Credit
19,000
19,000
Account Name
Debit
Credit
19,000
19,000
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