←4Cassignments.pennfoster.com/Exams/RandomYouTube M Gmail Maps G Google New Tab M Displaying Sivaluxa... GSelect the best answer for the question.Here's a partial trial balance of the Sheila James Dancing Studio as of October 31, 20XX. The accounting records are maintaineSHEILA JAMES DANCING STUDIOPartial Trial BalanceOctober 31, 20XXFee IncomeInterest IncomeSalaries ExpenseOffice Supplies ExpenseRent ExpenseTelephone ExpenseInsurance ExpenseSheila James, CapitalSheila James, DrawingTaxes ExpenseMiscellaneous ExpenseOA. $34,585O B. $35,335O C. $34,485O D. $34,70515,1251,2002,900600720Next Question >>>4,1701,420905Type here to searchThe following information has been made available in connection with the closing of thebooks as of October 31, 20XX.Interest income earned but not received$100Rent due but unpaid150Expired insurance premiums for the month 75Office supplies used during October120Salaries due but unpaid750O Mark for review (Will be highlighted on the review page)1. The total amount of income from all sources to be closed out and transferred to the Income Summary account is34,175310OCopy of decomposi...30,500iiGCHe

After recording all the transactions for the year and adjustments for the year, the entity has to…

Here's a partial trial balance of the Sheila James Dancing Studio as of October 31, 20XX. The accounting records are maintaine SHEILA JAMES DANCING STUDIO Partial Trial Balance October 31, 20XX Fee Income Interest Income Salaries Expense 15,125 Office Supplies Expense 1,200 Rent Expense 2,900 600 720 Telephone Expense Insurance Expense Sheila James, Capital Sheila James, Drawing Taxes Expense 4,170 1,420 Miscellaneous Expense 905 34,175 310 30,500 The following information has been made available in connection with the closing of thebooks as of October 31, 20XX Interest income earned but not received $100 Rent due but unpaid 150 Expired insurance premiums for the month 75 120 Office supplies used during October Salaries due but unpaid 750 OC. $34,485 O D. $34.705 1. The total amount of income from all sources to be closed out and transferred to the Income Summary account is OA. $34,585 OB. $35,335

Here's a partial trial balance of the Sheila James Dancing Studio as of October 31, 20XX. The accounting records are maintaine SHEILA JAMES DANCING STUDIO Partial Trial Balance October 31, 20XX Fee Income Interest Income Salaries Expense 15,125 Office Supplies Expense 1,200 Rent Expense 2,900 600 720 Telephone Expense Insurance Expense Sheila James, Capital Sheila James, Drawing Taxes Expense 4,170 1,420 Miscellaneous Expense 905 34,175 310 30,500 The following information has been made available in connection with the closing of thebooks as of October 31, 20XX Interest income earned but not received $100 Rent due but unpaid 150 Expired insurance premiums for the month 75 120 Office supplies used during October Salaries due but unpaid 750 OC. $34,485 O D. $34.705 1. The total amount of income from all sources to be closed out and transferred to the Income Summary account is OA. $34,585 OB. $35,335

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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Hawaiian Corporate Holidays arranges events for large corporations and trusts. It books hotel rooms, airline tickets, transportation and any other venues a company requests. It normally bills the companies ahead of the event, recording the invoice as unearned revenue. Once the event is complete, an entry is made to reclassify the amount from unearned revenues to Airline Sales or Event Sales. Record the following transactions in the general journal using the account names shown in the Chart of Accounts (page 3). Skip a line between each entry. You do not need to include explanations. Do not input general ledger account numbers in the Post Ref column of the journal until you post the journal entry to the ledger. Mar 1 You have recently formed a corporation called Hawaiian Corporate Holidays (HCH). You invest $40,000 in a checking account in the company’s name at Bank of Hawaii. Since the company is a corporation, it issues you 8,000 shares of $5 par value common stock in…
Prepare Reversing entries at the beginning of the next accounting period.
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Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Required: Assume the following transactions occurred in January. For each of the transactions, if an expense is to be recognized in January, indicate the amount. a b. At the beginning of January, Turnboldt Construction Company pays $4,650 in rent for February to April C d. e Transaction Gateway pays its computer service technicians $91,000 in salary for work done in January. Answer from Gateway's standpoint f Assume that McGraw-Hill Education-publisher of this textbook-uses $1,050 worth of electricity and natural gas in January for which it has not yet been billed. Pooler Company receives and pays in January a $1,550 invoice from a consulting firm for services received in January The campus bookstore receives consulting services at a cost of $5,100. The terms indicate that payment is due within thirty days of the consultation. Schergevitch…
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On July 15, 2018, H.P. purchases a personal computer for his home. The computer cost $4,000. H.P. uses the computer 60 percent of the time in his business, 15 percent of the time for managing his investments and the remaining 25 percent of the time for various personal uses. Calculate H.P.'s maximum depreciation deduction for 2018 for the computer, assuming he does not make the election to expense or take bonus depreciation.
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After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be: __ Debit owner Withdrawals $28,000; credit Income Summary $28,000. __ Debit Income Summary $28,000; credit Owner Withdrawals $28,000. __ Debit Income Summary $28,000; credit Owner Capital $28,000. __ Debit Owner Capital $28,000; credit Income Summary $28,000. __ Credit Owner Capital $28,000; debit Owner Withdrawals $28.000.