After all closing entrics have been posted, the revenue account will have a balance of* Your answer
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- Explain the purpose and functions of a checking account citing and describing at least 3 examples?To calculate the withdrawal amount from an account in which you want to decrease the balance, you use the __________________ formulabalance. Use the closing entry numbers as posting references to post each closing entry to the relevant accounts, then compute the ending balance of each account Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal." and enter "0" on the normal balance side of the t-account.) Review the closing entries you prepared above. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Cash 1,734,900 0 0 Supplies 250,000 0 0 360,000 0 0 Equipment 0 0 Accounts Payable 1,275,000 1,734,000 0 0 280.000 0 Closing entry 2 O Closing entry 3 End. Bal. 250,000 Wages Payable 0 Closing entry 2 0 Closing entry 3 End. Bal. 0 Closing entry 2 0 Closing entry 3 360,000 End. Bal. 1,275,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. 280,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry…
- How to know when the account is debited or creditedComplete the ledger T-accounts, find december 1 balances and post the December transactions.Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizing
- a list of each customer account and thre balance owed is a:Post the adjusting entries to their respective ledger accounts already started in requirement # 2.The account that is brought up to date after the closing entries have been journalized and posted is the ____. Select one: a. Capital Account b. Sales account c. Capital Stock account d. Purchases account
- show calculations where neededIf a credit sale is made to a New customer, and the amount due is received before the year ends, explain the bookkeeping work that is required for that sales amount to eventually be included in the final accounts. Give an example of the bookkeeping entries to be made.Hello, can you help me with questions 7,8, and 9 please, thanks!