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Concept explainers
Introduction: At the end of an accounting cycle all accounts which are categorized in terms of Assets, Liabilities ,Incomes , Expenses and Equity(Capital) needs to be closed. Such balances will have to be transferred to either the Income Statement or the
All Expense and Income accounts will be transferred to the Income Statement. (All expenses will be debited and incomes will be credited in the Income Statement)
All Assets, Liabilities and Equity accounts will be transferred to the Balance Sheet.( All Assets will be debited , Equity and Liabilities will be credited in the Balance Sheet)
Match: 16 accounts from adjusted
Given Information:
16 Accounts
1) Interest Revenue
2) Machinery
3) Owner, Withdrawals
4)
5) Accounts Payable
6) Service Fees Revenue
7) Owner, Capital
8) Interest Expense
9)
10)
11) Office supplies
12) Insurance expense
13) Interestreceivable
14) Cash
15) Rent expense
16) Wages payable
Financial Statement Columns
A- Debit column of Income statement column.
B- Credit column of Income statement column.
C- Debit column of Balance sheet and statement of owner’s equity column
D- Credit column of Balance sheet and statement of owner’s equity column
Solution:
B 1) Interest Revenue
C-2) Machinery
C-3) Owner, Withdrawals
A-4) Depreciation Expense
D-5) Accounts Payable
B-6) Service Fees Revenue
D-7) Owner, Capital
A-8) Interest Expense
C-9) Accounts Receivable
D-10) Accumulated depreciation
A-11) Office supplies
A-12) Insurance expense
C-13) Interest receivable
C-14) Cash
A-15) Rent expense
D-16) Wages payable
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Chapter 4 Solutions
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