Prepare Temporary closing Journal entries.2 ) Income statement. AccountDebitCreditCash10,000Accounts Receivable25,000Inventory40,000Supplies5,000Equipment100,000Accumulated Depreciation30,000Accounts Payable12,000Note Payable13,000Interest Payable3,000Uneamed Revenue8,000Dividends Payable7,000Common Stock10,000Retained Earnings46,000Sales Revenue193,000Cost of Goods Soldd78,000Depreciation Expense18,000Wages Expense42,000Supplies Expense3,000Interest Expense1,000

Formula: Net income = Total Revenues - Total Expenses

Answered: Account Debit Credit Cash 10,000…

Account Debit Credit Cash 10,000 Accounts Receivable 25,000 Inventory 40,000 Supplies 5,000 Equipment 100,000 Accumulated Depreciation 30,000 Accounts Payable 12,000 Note Payable 13,000

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Prepare Temporary closing Journal entries.

2 ) Income statement.

Account
Debit
Credit
Cash
10,000
Accounts Receivable
25,000
Inventory
40,000
Supplies
5,000
Equipment
100,000
Accumulated Depreciation
30,000
Accounts Payable
12,000
Note Payable
13,000
Interest Payable
3,000
Uneamed Revenue
8,000
Dividends Payable
7,000
Common Stock
10,000
Retained Earnings
46,000
Sales Revenue
193,000
Cost of Goods Sold
d
78,000
Depreciation Expense
18,000
Wages Expense
42,000
Supplies Expense
3,000
Interest Expense
1,000

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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