Closing Entries: Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance . In the process of closing entries following steps are follows in the form of journal entries: Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account. Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts. Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account. Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account. To prepare: The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

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Answer 1

Question

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

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Answer 2

Question

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

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Answer 3

Question

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

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Answer 4

Question

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

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Answer 5

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

Answer 6

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

Answer 7

Chapter 4, Problem 17DQ

To determine

Concept Introduction:

Closing Entries:

Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:

Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.

Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.

Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earnings account.

Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.

To prepare:

The closing entry for Samsung Company to close its Income Summary account as on Dec. 31, 2017

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 1DQ Ch. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQ Ch. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQ Ch. 4 - Prob. 6DQ Ch. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQ Ch. 4 - Prob. 9DQ Ch. 4 - How is unearned revenue classified on the balance...

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