Use the following account balances from the adjusted trial balance of Gees Catering:AccountDebitBalance10,000CreditBalanceCash TIMEAccounts payable.R. Gees, Capital.R. Gees, DrawingFees revenueSalary expenseRent expenseSupplies expense7,0006,0006,000Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.1,0002,00018,00010,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.Multiple ChoiceOAccount NameIncome SummaryR. Gees, CapitalAccount NameR. Gees, CapitalIncome SummaryAccount NameR. Gees, CapitalIncome SummaryAccount NameIncome SummaryR. Gees, CapitalDebit$19,000Debit$19,000Debit$9,000Debit$9,000Credit$19,000Credit$19,000Credit$9,000Credit$9,000b

The process of recording business transactions in the books of accounts for the first time is known…

Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance 10,000 Credit Balance: Cash Accounts payable R. Gees, Capital R. Gees, Drawing Fees revenue 7,000 Salary expense Rent expense Supplies expense 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

Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance 10,000 Credit Balance: Cash Accounts payable R. Gees, Capital R. Gees, Drawing Fees revenue 7,000 Salary expense Rent expense Supplies expense 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

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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

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

Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.
Multiple Choice
O
Account Name
Income Summary
R. Gees, Capital
Account Name
R. Gees, Capital
Income Summary
Account Name
R. Gees, Capital
Income Summary
Account Name
Income Summary
R. Gees, Capital
Debit
$19,000
Debit
$19,000
Debit
$9,000
Debit
$9,000
Credit
$19,000
Credit
$19,000
Credit
$9,000
Credit
$9,000
b

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