The following information is available for Crandall Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Crandall, Capital account? S 500,000 385,000 110,000 39,000 Total revenues Total expenses Crandall, Capital Crandall, Withdrawals The following information is available for Crandall Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Crandall,

The following information is available for Crandall Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Crandall, Capital account? S 500,000 385,000 110,000 39,000 Total revenues Total expenses Crandall, Capital Crandall, Withdrawals The following information is available for Crandall Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Crandall,

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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The income statement for the year 2018 of Stellar Co. contains the following information: Revenues$70700Expenses: Salaries and Wages Expense$44800 Rent Expense12400 Advertising Expense9900 Supplies Expense5600 Utilities Expense2400 Insurance Expense2100 Total expenses77200Net income (loss)$ (6500) After the revenue and expense accounts have been closed, the balance in Income Summary will be a)a credit balance of $70700. b)a credit balance of $6500. c)a debit balance of $6500. d)$0.
All revenue and expense accounts have been closed at the end of the calendar year for Oriole Company. The Income Summary account has total debits of $583,000 and total credits of $660,000. As of the same date, Owner's Capital has a balance of $126,500, and Owner's Drawings has a balance of $52,800. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation # (To close net income to capital) (To close drawings to capital) Debit Credit
The ledger of Crane Company contains the following balances: Owner’s Capital $29,200, Owner’sDrawings $2,700, Service Revenue $50,000, Salaries and Wages Expense $27,400, and SuppliesExpense $7,100.The closing entries are as follows:(1) Close revenue accounts.(2) Close expense accounts.(3) Close net income/(loss).(4) Close drawings.Enter the balances in T-accounts, post the closing entries in the order presented in the problemand use the numbers as a reference
2) Prepare the journal entry under the direct write-off method that ABC company would record when it determines that $500 cannot be collected from its customer DEF from a previous sale on account: DR: Bad Debt Expense $500 CR: Accounts Receivable $500 3) After being written off inn question 2, DEF company winds up partially paying ABC $250 that it previously owed, before officially going out of business. Please prepare the necessary journal entries to reverse the write off for the appropriate amount, and to record the receipt of cash: DR: CR: DR: CR: PLEASE DO NOT ANSWER THE FIRST QUESTION. KIND THANKS
Prior to closing the accounts, Syracuse Company's accounting records showed the following balances: Retained earnings $ 16,800 Service revenue 21,750 Interest revenue 1,800 Salaries expense 12,300 Operating expense 3,450 Interest expense 900 Dividends 2,700 After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16,800. $23,700. $21,000.
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc. James Reap, Capital: $800,000 James Reap, Drawing: $125,000 Fees Earned: 750,000 wages expense: 400,000 rent expense: 75,000 supplies expense: 16,000 Journalize the closing entries necessary to close out all temporary accounts.
The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Services revenue for the period is $57,200, wages expense is $40,800, and withdrawals are $9,800. What is the correct closing entry for the expense accounts? Multiple Choice O Debit Income Summary $40,800; credit Wages expense $40,800. Debit Income Summary $40,800; credit F. Mercury Capital $40,800. Debit Wages expense $39,000; credit F. Mercury, Capital $39,000, Debit Wages expense $40,800; credit Income Summary $40,800. Debit F. Mercury, Withdrawals accounts $40,800; credit Wages expense $40,800.
Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance 10,000 Credit Balance Cash TIME Accounts payable. R. Gees, Capital. R. Gees, Drawing Fees revenue Salary expense Rent expense Supplies expense 7,000 6,000 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. 1,000 2,000 18,000 10,000
Brett Thomas Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $20,300; Salaries Expense, $6,100; Rent Expense, $4,500; Advertising Expense, $3,400; and Thomas, Withdrawals, $3,900. Journalize the closing entries for Thomas Enterprises. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Close Income Summary. Date Accounts and Explanation Debit Credit Dec, 31 Close withdrawals.
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense No Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 2 $ 504,000 80,300 6,600 11,250 8,900 Date 277,200 13,850 3,800 39,500 23,000 General Journal. December 31, 2024 Sales revenue Interest revenue Gain on sale of investments Buildings Answer is not complete. December 31, 2024 Sales revenue Interest revenue Gain on sale of investments *000 *** Debit 504,000 Credit
attached below is the question Provide closing entries and t accounts
The following information is available for the Noir Detective Agency. After closing entries are posted, what will be the balance in the G. Noir, Capital account? Net Loss G. Noir, Capital G. Noir, Withdrawals Multiple Choice $258,500. $301,900. $296,500. $291,100. $225,900. $ 32,600 296,500 38,000