After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $30,000. The entryto close the income summary account will be:Multiple ChoiceCredit Retained earnings $30,000; debit Dividends $30,000.Debit Income Summary $30,000; credit Dividends $30,000.Debit Retained earnings $30,000; credit Income Summary $30,000.Nohit Dividonde €20000 credit Income Summan 3000n< Prev28 of 30Next >9:01 PMe here to search99%2/21/202 Multiple ChoiceCredit Retained earnings $30,000; debit Dividends $30,000.Debit Income Summary $30,000; credit Dividends $30,000.Debit Retained earnings $30,000; credit Income Summary $30,000.Debit Dividends $30,000; credit Income Summary $30,000.Debit Income Summary $30,000; credit Retained earnings $30,000.28. of 30Next >

Income summary balance = DR$ 30,000

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $30,000. The entry to close the income summary account will be: Multiple Choice Credit Retained earnings $30,000; debit Dividends $30,000. Debit Income Summary $30,000; credit Dividends $30,000. Debit Retained earnings $30,000, credit Income Summary $30,000. Dohit Dvirlande an000 credin Income Summan 30000 < Prev 28 of 30 Next >

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $30,000. The entry to close the income summary account will be: Multiple Choice Credit Retained earnings $30,000; debit Dividends $30,000. Debit Income Summary $30,000; credit Dividends $30,000. Debit Retained earnings $30,000, credit Income Summary $30,000. Dohit Dvirlande an000 credin Income Summan 30000 < Prev 28 of 30 Next >

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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closing entry for Salaries Expense, with a balance of $240,000 is Debit Income Summary, $240,000; credit Salaries Expense, $240,000 Debit Salaries Payable, $240,000; credit Salaries Expense, $240,000 Debit Salaries Expense, $240,000, credit Salaries Payable, $240,000 Debit Salaries Expense, $240,000, credit Income Summary, $240,000
Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $19,000; Dividends $2,500; Services Revenue $35,500; Salaries Expense $26,000; Rent Expense $4,000; and Income Summary S 0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.
Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance Credit Balance Cash 10,000 Accounts payable 2,000 R. Gees, Capital 18,000 R. Gees, Drawing 1,000 Fees revenue 10,000 Salary expense 7,000 Rent expense 6,000 Supplies expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000
The following information Is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues $195,000 93,600 Total expenses Retained earnings 124,800 Dividends 23,400 Multiple Choice $101,400 $202,800. $93,600. $226,200. 10 of 10 Next < Prev
Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance 10,000 Credit Balance Cash TIME Accounts payable. R. Gees, Capital. R. Gees, Drawing Fees revenue Salary expense Rent expense Supplies expense 7,000 6,000 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. 1,000 2,000 18,000 10,000
after preparing and posting the closing entries for revenues and expenses the income summary accounts has a debit balance of 24000 the entry to close the income summary account will be?
The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be: Multiple Choice debit Capital $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Capital $11,000 debit Drawing $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Drawing $11,000
After preparing and posting the closing entries to close revenues (and gains) and expenses (and losses), the income summary account has a debit balance of $33,000. The entry to close the income summary account will include: Group of answer choices a debit of $33,000 to income summary. a debit of $33,000 to owner capital. a credit of $33,000 to owner withdrawals. a debit of $33,000 to owner withdrawals.
Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is debit Income Summary $12,000, credit the owner's capital account $12,000. O credit Income Summary $12,000, debit the owner's capital account $12,000. credit Income Summary $12,000, debit the owner's drawings account $12,000. O debit Income Summary $12,000, credit the owner's drawings account $12,000.
The following information is available for Zephyr Company before closing the accounts. After all of the closing, entries are made, what will be the balance in the Zephyr, Capital account? Net Income $117,300 Zephyr, Capital $112,000 Zephyr, withdrawals $42,000 __ $117,300. __ $229,300. __ $262,600 __ $187,300. __ $972,700.
Bava Consulting has the following account balances at December 31, the end of its fiscal year. Service Fees Earned $85,000Rent Expense $22,000Salaries Expense 50,000Supplies Expense 4,000Depreciation Expense 18,000Retained Earnings 70,000 Set up T-accounts for each account and record the above amounts in each account. Then, post the closing entries to the T-accounts. After theseentries are posted, what is the balance of the Retained Earnings account?
Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $18,000; Dividends $2,000; Services Revenue $33,000; Salaries Expense $25,000; Rent Expense $3,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.