If the following balances are exist in the adjusted trial balance: Service revenues $ 45,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Rent Revenues $ 4,000 Depreciation Expense $ 7,000 Drawings $ 3,000 The closing entry for the Expense Accounts should affect the Income summary account as: Income summary account should be Credited (Cr.) by $ 47,000. O b. Income summary account should be Debited (Dr.) by $ 47,000o. O C Income summary account should be Debited (Dr.) by $ 50,000. Od. Income summary account should be Credited (Cr.) by $ 50,000.

If the following balances are exist in the adjusted trial balance: Service revenues $ 45,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Rent Revenues $ 4,000 Depreciation Expense $ 7,000 Drawings $ 3,000 The closing entry for the Expense Accounts should affect the Income summary account as: Income summary account should be Credited (Cr.) by $ 47,000. O b. Income summary account should be Debited (Dr.) by $ 47,000o. O C Income summary account should be Debited (Dr.) by $ 50,000. Od. Income summary account should be Credited (Cr.) by $ 50,000.

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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9
The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a Statement of Comprehensive Income for the year ended 31 October 2021 and a Statement of Financial Position as at the same date. (All figures in thousands) DEBITCREDIT ££Purchases 16,950 Sales 23,240Stock in hand 31 October 20204,135 Postages and telephone 228 Motor expenses 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors (Receivables) 4,698 Creditors(Payables) 3,174Premises 10,000 Motor vehicles 2,350 77Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings 3,850 Capital _____20,850 48,72248,722 Notes at 31st October 2021:1. Stock on hand was £2,8592. Expenses owing: Sundry expenses £22; Motor expenses £58.3. Expenses prepaid: Rates £23; Telephone £11.4. Provide for depreciation of Premises at 10 percent on cost and Fixtures and Fittings and Motor vehicles at 5 percent on cost per annum.
B received commission income of $ 2000 Prepare ledger accounts.
The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which represents 9 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Rent Expense, $1,752; credit Prepaid Rent, $1,752 Ob. debit Prepaid Rent, $14,012; credit Rent Expense, $1,752 Oc. debit Rent Expense, $14,012; credit Prepaid Rent, $1,752 Od. debit Prepaid Rent, $1,752; credit Rent Expense, $1,752
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
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.
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Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yetrecorded at the end of the year, what will the adjustingjournal entry include?a. Debit to Advertising Expense of $10,000.b. Credit to Advertising Expense of $10,000.c. Debit to Accrued Liabilities of $10,000.d. Need more information to determine
On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Prepaid Rent 4500 Cash 4500 O b. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Cash Prepaid rent 43500 4500 c. None of these O d. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Rent 4500 Cash 4500