Fill in the blanks Direction: Identify the account title from the space provided. Close the income account Close the expense account 1 ? (Dr) 2 ? (Dr) Income Summary Expense (Cr) Close the income summary account Close the withdrawal account Income Summary 4 ?(Dr) 3 ? (Cr) Withdrawals(Cr)

Fill in the blanks Direction: Identify the account title from the space provided. Close the income account Close the expense account 1 ? (Dr) 2 ? (Dr) Income Summary Expense (Cr) Close the income summary account Close the withdrawal account Income Summary 4 ?(Dr) 3 ? (Cr) Withdrawals(Cr)

Name: Fill in the blanksDirection: Identify the account title from the space
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Description: Fill in the blanksDirection: Identify the account title from the space provided. Close the income account Close the expense account1 ? (Dr)2 ? (Dr) Income Summary Expense (Cr) Close the income summary account Close the withdrawal account Inco

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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Identify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Prepaid Rent
D Return to question Mookie The Beagle Concierge hired Carole Design Media to promote Mookie The Beagle Concierge's launch using social media marketing. Mookie The Beagle Concierge paid the bill in full when received. The bill was for 10 hours of service at $100 per hour. Required: Enter the Expense Transaction as follows. 1. Create an Expense. a. Select (+) New icon > Expense b. Add Payee: +Add New > Carole Design Media > Vendor Type > Save c. Select Payment Account: 1001 Checking d. Select Payment Date: 01/05/2023 e. Select Payment Method: Check f. Enter Category: 5001 Advertising and Marketing g. Enter Amount for 10 hours @ $100.00 per hour h. What is the Total Amount paid to Carole Design Media? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Select Save. Leave the Expense window open. h. Total amount paid S
Which of these accounts is (are) credited during the closing process? Sales Revenue onlySales Returns and Allowances onlyInterest Revenue onlySales Revenue, Sales Returns and Allowances, and Interest Revenue
Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies expensec. Unearned revenued. Accounts receivable
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
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An accounting entry that is characterized by having multiple debits and/or multiple credits is called a entry. A. chart of accounts O B. compound journal O C. posted O D. balanced Click to select vour answer.
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
A credit entry to an account willa. increase assets.b. increase liabilities.c. increase expenses.d. decrease revenues.
Assessment Directionis: Prepare tht journal entry fur ech trannactiun Use the follewing account rumbers for pooting vofarmmoc. Write your anawora on a noprate sheet of paper. Ansria Revenue 101 Cash 401 Service Roventae 102 Accounts Reccivable ExpenLeK 501 Salarice Expense Rent Expenne S03 Utlities Experse S04 Advertisinng Expense Miscellaneous Expenne 103 Supplica 104 Service Vahicie 502 Linbility 201 Arcounta Payaıle Owner's Equity 505 Angelie, Capital Angelie, Drowingn 301 302 Micbelle Angelie catabliahed Angelie'n Advartiaing Buoiness. The following are that trandactionn for the whole month of October 2019. Michele Angclic deposited P250,000 under the name of the buaines She aoquired a service vebkcln in the amount of F195,000 an aocount. Ot 1. She aoquired supplles for cash worth P57.000. Sho recolved Pg7,500 coalı for palnted ulgna. 10 Sho paid the nonth'a rent amounting to P25,000. 11 Sho pulnted signa for Mundo Mobile an accDunt for P170,000. 12 She pald PS5,000 on account from…
11. Which of the following accounts would be increased with a credit? a Supplies Expense b Supplies c Fees Earned d Withdrawals account
T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) Prepaid Insurance choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Prepaid Rent choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period…

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	Close the income account		Close the expense account
1	? (Dr)	2	? (Dr)
	Income Summary		Expense (Cr)
	Close the income summary account		Close the withdrawal account
	Income Summary	4	?(Dr)
3	? (Cr)		Withdrawals(Cr)