N1.Account AccountCashAccounts ReceivableInventorySuppliesPrepaid RentLandBuildingAccumulated Depreciation-BuildingAccounts PayableUnearned RevenueNotes Payable, due 2028Common StockRetained EarningsDividendsService RevenueRent ExpenseSupplies ExpenseSalaries ExpenseDepreciation Expense-BuildingUtilities ExpenseTotalsWhich closing entry is needed?Debit$1100100019002000400650039,60090012001400620014001500$65,100Credit$87007800410023006800300032,400$65,100O Debit Dividends for $900 and credit Retained Earnings for $900Debit Service Revenue for $32,400 and credit Retained Earnings for $32,400O Debit Rent Expense for $1200 and credit Retained Earnings for $1200Credit Retained Earnings for $2100 and debit Cash for $2100

Temporary accounts are those accounts which will be closed at the end of each accounting period.…

Account Cash Accounts Receivable Inventory Supplies Prepaid Rent Land Building Accumulated Depreciation -Building Accounts Payable Unearned Revenue Notes Payable, due 2028 Common Stock Retained Earnings Dividends Service Revenue Rent Expense Supplies Expense Salaries Expense Depreciation Expense- Building Utilities Expense Totals Which closing entry is needed? $1100 1000 1900 2000 400 6500 39,600 900 1200 1400 6200 1400 1500 $65,100 $8700 7800 4100 2300 6800 3000 32,400 $65,100 O Debit Dividends for $900 and credit Retained Earnings for $900 O Debit Service Revenue for $32,400 and credit Retained Earnings for $32,400 O Debit Rent Expense for $1200 and credit Retained Earnings for $1200 O Credit Retained Earnings for $2100 and debit Cash for $2100

Account Cash Accounts Receivable Inventory Supplies Prepaid Rent Land Building Accumulated Depreciation -Building Accounts Payable Unearned Revenue Notes Payable, due 2028 Common Stock Retained Earnings Dividends Service Revenue Rent Expense Supplies Expense Salaries Expense Depreciation Expense- Building Utilities Expense Totals Which closing entry is needed? $1100 1000 1900 2000 400 6500 39,600 900 1200 1400 6200 1400 1500 $65,100 $8700 7800 4100 2300 6800 3000 32,400 $65,100 O Debit Dividends for $900 and credit Retained Earnings for $900 O Debit Service Revenue for $32,400 and credit Retained Earnings for $32,400 O Debit Rent Expense for $1200 and credit Retained Earnings for $1200 O Credit Retained Earnings for $2100 and debit Cash for $2100

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ISBN:9781337485913

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Chapter8: Subprime Lending Fiasco-ethics Issues

Section: Chapter Questions

Problem 3.7EC

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