The Retained earnings account has a credit balance of $41,000 before closing entries are made. Total revenues for the period are $59,200, total expenses are $41,800, and dividends are $10,600. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Revenue accounts $41,000; credit Retained earnings $41,000. Debit Revenue accounts $59,200; credit Income Summary $59,200. Debit Income Summary $59,200; credit Revenue accounts $59.200. Nahit Rovonue accounte C59 200 credit Rotainerd aarninne 41000

The Retained earnings account has a credit balance of $41,000 before closing entries are made. Total revenues for the period are $59,200, total expenses are $41,800, and dividends are $10,600. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Revenue accounts $41,000; credit Retained earnings $41,000. Debit Revenue accounts $59,200; credit Income Summary $59,200. Debit Income Summary $59,200; credit Revenue accounts $59.200. Nahit Rovonue accounte C59 200 credit Rotainerd aarninne 41000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
An aging-of-accounts-receivable indicates that the amount of uncollectible accounts is $3,910. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $600. The Accounts Receivable balance is $44,620. The amount of the adjusting entry for uncollectible accounts should be for: A) $600. B) $3,310. C) $3,910. D) $4,510.
Presented below are year-end adjusted account balances for Grouper Co. Insurance expense $11,160 Salaries and wages expense 55,230 Rent expense 22,430 Sales discounts 12,590 Inventory 26,260 Sales returns and allowances 15,640 Cost of goods sold 212,780 Sales revenue 411,350 Freight-out 7,930 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
Account Balances a. During February, $79,920 was paid to creditors on account, and purchases on account were $102,300. Assuming that the February 28 balance of Accounts Payable was $34,370, determine the account balance on February 1.$fill in the blank 1 b. On October 1, the accounts receivable account balance was $49,900. During October, $434,100 was collected from customers on account. Assuming that the October 31 balance was $57,400, determine the fees billed to customers on account during October.$fill in the blank 2 c. On April 1, the cash account balance was $18,770. During April, cash receipts totaled $285,300 and the April 30 balance was $13,510. Determine the cash payments made during April.$fill in the blank 3
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
please answer in detail
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
Given the cost formula, Y = $16,000+ $3.40x, total cost for an activity level of 4,000 units would be: A. $13,600 OB. $3,600 C. $29,600 O D. $16,000