At March 31, SOME of account balances after adjustments for "ABC" Company are as follows: Sales Revenues $75,000 Equipment $62,500 Service Revenues Capital Rent Revenues Supplies Expense $40,000 $37,500 $56,250 $23,750 Salaries Expense $22,500 Interest Expense $20,000 Accumulated Depreciation $15,000 Dividends $15,000 Advertising Expense $15,000 Rent Expense $15,000 Cash $7,500 Accounts Payable $6,250 Utilities Expense $18,750 Supplies $5,000 Depreciation Expense $5,000 Based on the above-given information, answer the following questions: 1. The debit side of the revenue closing entry must be with an amount of 2. The credit side of the Expense closing entry must be with an amount of 3. The debit side of the Income summary closing entry must be amount of with an
At March 31, SOME of account balances after adjustments for "ABC" Company are as follows: Sales Revenues $75,000 Equipment $62,500 Service Revenues Capital Rent Revenues Supplies Expense $40,000 $37,500 $56,250 $23,750 Salaries Expense $22,500 Interest Expense $20,000 Accumulated Depreciation $15,000 Dividends $15,000 Advertising Expense $15,000 Rent Expense $15,000 Cash $7,500 Accounts Payable $6,250 Utilities Expense $18,750 Supplies $5,000 Depreciation Expense $5,000 Based on the above-given information, answer the following questions: 1. The debit side of the revenue closing entry must be with an amount of 2. The credit side of the Expense closing entry must be with an amount of 3. The debit side of the Income summary closing entry must be amount of with an
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At March 31, SOME of account balances after
adjustments for "ABC" Company are as follows:
Sales Revenues
$75,000
Equipment
$62,500
Service Revenues
Capital
Rent Revenues
Supplies Expense
$40,000
$37,500
$56,250
$23,750
Salaries Expense
$22,500
Interest Expense
$20,000
Accumulated Depreciation
$15,000
Dividends
$15,000
Advertising Expense
$15,000
Rent Expense
$15,000
Cash
$7,500
Accounts Payable
$6,250
Utilities Expense
$18,750
Supplies
$5,000
Depreciation Expense
$5,000
Based on the above-given information, answer the
following questions:
1. The debit side of the revenue closing entry
must be
with an amount of
2. The credit side of the Expense closing entry
must be
with an amount of
3. The debit side of the Income summary
closing entry must be
amount of
with an
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