25)Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December31, Year 1:Novelty Toys, IncorporatedAdjusted Trial BalanceDecember 31, Year 1DebitCreditCash$ 7,750Accounts Receivable6,375Office Equipment11,250Accumulated Depreciation$ 3,000Accounts Payable3,87511,250Capital Stock-0-Retained EarningsDividends3,75022,750Fees EarnedSalaries Expense8,000Advertising Expense1,6252,125Depreciation Expense$ 40,875$ 40,875TotalsThe entry to close Salaries Expense account will:A) Transfer the total of Salaries Expense directly to Retained Earnings.B) Include a debit to Income Summary.C) Include a debit to Salaries Expense.D) Include a credit to Capital Stock.

Closing entry: It is the journal entry made at the end of a particular accounting period to transfer…

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 25) 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $ 7,750 Accounts Receivable 6,375 Office Equipment 11,250 Accumulated Depreciation $ 3,000 Accounts Payable 3,875 11,250 Capital Stock Retained Earnings -0- Dividends 3,750 22,750 Fees Earned Salaries Expense 8,000 Advertising Expense 1,625 2,125 Depreciation Expense $ 40,875 $ 40,875 Totals The entry to close Salaries Expense account will: A) Transfer the total of Salaries Expense directly to Retained Earnings. B) Include a debit to Income Summary. C) Include a debit to Salaries Expense. D) Include a credit to Capital Stock.

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 25) 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $ 7,750 Accounts Receivable 6,375 Office Equipment 11,250 Accumulated Depreciation $ 3,000 Accounts Payable 3,875 11,250 Capital Stock Retained Earnings -0- Dividends 3,750 22,750 Fees Earned Salaries Expense 8,000 Advertising Expense 1,625 2,125 Depreciation Expense $ 40,875 $ 40,875 Totals The entry to close Salaries Expense account will: A) Transfer the total of Salaries Expense directly to Retained Earnings. B) Include a debit to Income Summary. C) Include a debit to Salaries Expense. D) Include a credit to Capital Stock.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1E

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