Revenue has a credit balance of OMR 15,000 in Muscat Co. if the closing entry will made at the year end. The entry to close Revenue is: Select one: O a. debit Income Summary OMR20,000, credit Revenue OMR20,000 O b. debit Revenue OMR15,000, credit Ahmad, Capital OMR15,000 O c debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000

Revenue has a credit balance of OMR 15,000 in Muscat Co. if the closing entry will made at the year end. The entry to close Revenue is: Select one: O a. debit Income Summary OMR20,000, credit Revenue OMR20,000 O b. debit Revenue OMR15,000, credit Ahmad, Capital OMR15,000 O c debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000

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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On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
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a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.