&H_1: \mu\ne 100 c. fees income a. the drawing account which of the accounts below would be closed by posting a debit to the account? \begin{array}{lccc} A. Prepaid Rent 4,000 Mortgage payable $2,340 Accumulated depreciation $3,560 Prepaid expenses 980 Accounts . Example of Depreciation Accounts. c. the revenue accounts The $25,000 balance in Equipment is accurate, so no entry is needed in this account. The following are reasons to close the accounts at the end of the year except D. a debit to Utilities Expense and a credit to Cash. d. the owner's drawing account is closed to the income summary statement, The entry to close the depreciation expense account would include a debit to: Cash 20,500 B. the general ledger is free of errors. Ans.3: True as general ledger account balance can alter following the closing of entries and adjustments and the balance will be reflected on financial statements. ppp-value and the 95 percent confidence interval for the slope shown in the regression results. the most important output of the accounting cycle is the financial statement, which of the following financial statements reports information as of a specific date, What affect does the following transaction have on the accounting records? Compute the amount to be refunded or the balance due in each case. b. XYZ Company purchased equipment on January 1, 2015 for $100,000. a. posting entries the type of account and normal balance of unearned consulting fee is, The account type and normal balance of Fees earned is, accrued revenues would appear on the balance sheet as, cash and other assets expected to be exchanged for cash or consumed within a year. Debit fees earned; credit accounts receivable, Which of the following are considered temporary accounts? . b. the balance sheet credit column d. a zero balance, Which of the following accounts is not closed? MacGyver Company bought equipment on January 3, 2016, for $34,000. Randomly listed below are the steps to preparing a Trial Balance: c. the excess of the current assets of a business over its current liabilities. d. Adjusting entries must be journalized and posted before the closing entries are journalized and posted, Which of the following statements is not correct? B. will be understated. b. the income summary account is a temporary owner's equity account d. None of these choices are correct. A. an asset with a credit balance Prepaid Rent..8,000 The owner's capital account and crediting the owner's drawing account. \end{array} & \text { Rate } & \text { Time } & \begin{array}{c} Accounts Payable \end{aligned} The cost of equipment is recorded in the account Equipment. d. Joan Wilson, capital, Entries required to zero the balances of the temporary accounts at the end of the year are called: a. income summary There may have been additional losses incurred during the year reflected in the balance. a. the income statement As of December 31, 2022, the average useful . b. accounts payable c. only a balance sheet is required A. Debit Accounts Receivable $1,350; credit Cash $1,350 D. may be either overstated or understated. Wages Expense, Accumulated Depreciation, Fees Income b. are recorded in the journal but are not posted to the ledger \text{Net income} &69,000 & 36,000\\ A. completing one T account. A. will be overstated. Adjusted trial balance, trial balance, post-closing trial balance. B. C. a debit to Equipment for $100 and a credit to Accounts Payable for $400. JACKSONVILLE, Fla., Feb. 28, 2023 /PRNewswire/ Black Knight, Inc. (), a leading provider of software, data and analytics solutions to the mortgage and consumer loan, real estate and capital markets verticals, today announced unaudited financial results for the fourth quarter and year ended December 31, 2022, as compared to the prior year periods. d. not appear on any financial statement, A consecutive 12-month accounting period is called a(n): expenses Establish zero balance in each of the temporary accounts to start the accumulation in the next period. D. correcting entries. AGi%,n;PAi%,n;FAi%,n;FPi%,n;PFi%,n. Depreciation of equipment during the year $3,400 c) Rent expired during the year $11,000 d) Wages accrued, but not paid at August 31 $2,500 . D. analyzing a business transaction. be closed to the drawing account. b. A. a zero balance. c. closing entries . Income Summary account and a credit to the owner's drawing account. Rent Expense $600, The type of account and normal balance of Prepaid Insurance is, Which of the following is not an essential part of the accounting records? \text{$\quad$Total current assets} & 440,000 & 410,000\\ Close means to make the balance zero. d. a debit to income summary and a credit to the owner's drawing account, Which of the following accounts will not normally have a zero balance after the closing entries have been posted? 2. b. cash receipts journal If a transaction is properly analyzed and recorded, $3,250 d. Enter the journal page number in the Post. e. Unearned fees at August 31, $3,000. c. a contra asset on the balance sheet C. A debit to Capital and a credit to Income Summary. \text{$\quad$Inventories} & 212,000 & 181,000\\ a. cash payments journal $8,400 b. a. D. owner's drawing account and a credit to the Income Summary account. \end{array} d. general journal, In a firm that uses special journals, the collection of sums on account from credit customers is recorded in the: The balance in the account Accumulated Depreciation, Equipment will: . C. prepare the post-closing trial balance. Assume a company has equipment which is used in its business. d. the financial statements are prepared using the worksheet data, Which of the following statements is NOT correct? \text{$\quad$Cash} & \$\hspace{5pt} 21,000 & \$\hspace{5pt}35,000\\ B. be reported on the Statement of Owner's Equity. What Is Depreciation Recapture? 1. During the closing process, Accumulated Depreciation, Equipment will be closed to the income summary account. Prepaid Insurance b. Find the greatest common divisor (GCD)for the following then simplify the fraction. C. Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. On November 25, 2016, the company paid $24,000 rent in advance for a six-month period (December 2016 through May 2017). \text{Total liabilities} & 663,000 &689,000\\ A physical count of supplies at December 31 shows $690 of supplies . Fixed Assets Period Closing Process in Oracle Apps. b. supplies expense \text{Income from operations} & 89,000 & 73,000\\ NGL Energy Partners LP (NYSE:NGL) ("NGL," "our," "we," or the "Partnership") today reported its third quarter Fiscal 2023 financial results B. The cost of supplies used represents an operating expense of the business. a. cash payments journal During the closing process, accumulated depreciation-equipment will: . Debit supplies; Credit cash . IAS 16 defines depreciation as 'the systematic allocation of the depreciable amount of an asset over its useful life'. a. executive agreement e. sanction a. accrual year b. adjusting entries c. to update the capital account. \textbf{Filing Status} &&&& \textbf{Income} & \textbf{Tax Withheld} & \textbf{Tax Due}\\ Netsales(alloncredit)CostofgoodssoldIncomefromoperationsInterestexpenseNetincomeEdge$595,000452,00089,00069,000GoBee$524,000388,00073,00013,00036,000. 6-6 2. the adjusting entry to record depreciation of equipment is. Owner capital is where the period's net income or loss is transferred. B. Debit Penny Pincher, Capital; credit Income Summary Which of the following steps is optional during the closing process? \\ Waylander Coatings Company purchased waterproofing equipment on January 6 for 320,000. b. the income statement credit column Accounts Payable 4,690. \text{Preferred stock, 5\\\%, \$125 par} && 25,000\\ D. liabilities and owner's equity, The classification and normal balance of the accounts receivable account is: d. December 1 to November 30. he fiscal year selected by a company C. will be reported on the Balance Sheet. a. journalize and post the closing entries Accumulated depreciation is the total depreciation for a fixed asset that has been charged to expense since that asset was acquired and made available for use. Unearned Rent Revenue 2,240. A. 4. Ans.4: The as an income summary accounts close the records of revenues and expenses for an accounting period. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances. Accumulated depreciation is the total decrease in the value of an asset on the balance sheet of a business over time. During the year, Tuscan had the following selected transactions. D. Debit B. Conway, Capital $9,000 and credit Salary Expense $2,000; credit Rent Expense $3,000; credit Supplies Expense $4,000. A. are posted to the ledger but are not recorded in the journal. d. At the time of their acquisition, prepaid expenses are recorded in expense accounts, On a worksheet, the adjusted balance of the prepaid rent account is extended to the: Subtract the estimated salvage value of the asset from the cost of the asset to get the total depreciable amount. 'Depreciable amount' is the cost of an asset, cost less residual value, or . Income Summary 925 Fees Earned 750 Rent Revenue 175 C. Dec. 31 Revenues 925 Income Summary 925 D. Dec. 31 Income Summary 925 . d. bipartisan Describe a recent situation in which you weighed the marginal costs versus the marginal benefits to make a decision. Calculate the retained earnings balance at December $31, 2019$. C. will not be affected. d. The balance of the owner's capital account on the adjusted trial balance will usually be different than that reported on the postclosing trial balance, During the closing process, accumulated depreciation-equipment will: Equipment: 20,000: Accumulated Depreciation - Building $-0-Accumulated Depreciation - Equipment-0-Accumulated Depreciation - Furniture-0-Accounts Payable: 4,400: Salaries Payable-0-Interest Payable-0-Unearned Commissions Revenue: 1,200: Unearned Subscriptions Revenue: 800: Bank Loan: 47,600: Share Capital: 52,100: Retained Earnings-0 . \text{$\quad\quad$\$5 par (20,000 shares)} && 100,000\\ b. 2. b. June 1 to May 31. a. to prepare the accounts for the next accounting period. Which of the following accounts is not closed? d. not be used, Which of the following accounts has a normal debit balance? b. cash account d. close all accounts to that the ledger is ready for the next accounting period, The entry to transfer a net loss to the owner's capital account would include a debit to: The first step in the closing process is to close C. the statement of owner's equity and the balance sheet D. At the time of their acquisition, prepaid expenses are recorded in expense accounts. \text{Cost of goods sold} & 452,000 & 388,000\\ Terry James, Drawing Example. b. not be used. (a) Perform a regression using MegaStat or Excel. c. purchases journal Trial balances are prepared in a certain order. The equipment was used for 7,200 hours during Year 1, 6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 hours in Year 4 . a. if the postclosing trial balance does not balane, there are errors in the accounting records a. a. accounts receivable Divide the sum of step (2) by the number arrived at in step (3) to get the annual depreciation amount. b. reduce the owner's capital account balance to zero so that the account is ready for the next period d. general journal, In a firm that uses special journals, the sale of merchandise for cash is recorded in the: \end{array} To illustrate accounting for the sale of a plant asset, assume that a company sells equipment costing $45,000 with accumulated depreciation of $ 14,000 for $28,000 cash. b. prepare the post closing trial balance a. Nominal accounts He also earned 24.15 dollars in interest from a savings account. a. the excess of the current liabilities of a business over its current assets. d. purchases journal, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. At the time of purchase, the equipment was estimated to have a useful life of six years and a salvage value of $880. b. the adjusting entries do not need to be journalized. b. Miscellaneous Expense B. a $5,000 debit to Rent Expense; a $5,000 credit to Prepaid Rent. a. debit Penny Pincher, drawing; credit Penny Pincher, capital d. advertising expense, The first step in the closing process is to close: Selected balance sheet data at the beginning of the current year: EdgeGoBeeBalancesheet:Currentreceivables,net$142,000$198,000Inventories202,000199,000Totalassets843,000911,000Long-termdebt309,000Preferredstock,5%,$125par25,000Commonstock,$1par(150,000shares)150,000$5par(20,000shares)100,000Totalstockholdersequity261,000222,000\begin{array}{lrr} d. the balance sheet credit column, On a worksheet, the adjusted balance of the supplies expense account is extended to: b. debit Equipment $3,500; credit Depreciation Expense $3,500. C. revenue and expense accounts. b. to close all real accounts. d. If an account has a debit balance in the trial balance section of the worksheet and there is a credit entry in the adjustments section, the credit amount is added when computing the balance to be shown in the adjusted trial balance section of the worksheet, On the balance sheet, accumulated depreciation-equipment is reported: D. Accounts Payable. Introduced Rs500000 through a cheque by the Owner as the Initial capital in the business 2. A post-closing trial balance is . The balance sheet debit column We need to enter adjustment entries in the transaction. \text{Interest expense} & - & 13,000\\ C. a debit to Cash and a credit to Income Summary. c. when financial statements are prepared Working capital is d. Depreciation of furniture and fixtures, five-year useful life, no residual value. A. \hline C. a $24,000 debit to Rent Expense. c. cash and a credit to the income summary account Choose the letter of the correct term or concept below to complete the sentence. B. December 31, 2020 Debit: Depreciation Expense 15,840 Credit: Depreciation that has been Accumulated 15,840. A. The cost for each year you own the asset becomes a business expense for that year. D)be closed to the capital account. b. the capital account a. supplies \text { Investment } c. recorded in the balance sheet credit column On October 31, 2024, the account balances of Williams Equipment Repair were as follows. b. Prepaid Insurance, Supplies, Office Equipment d. the balance sheet credit column, Which of the following statements is correct? On a worksheet, the adjusted balance of the accumulated depreciation account is extended to: On a worksheet, the adjusted balance of the depreciation expense account is extended to: On a worksheet, the adjust balance of the supplies account is extended to: \text{Total stockholders equity} & 261,000 & 222,000\\ f. consulate Income statement credit column A. a $5,000 debit to Prepaid Rent; a $5,000 credit to Rent Expense. d. Joan Wilson, drawing, The entry to close the income summary account may include: Choose the correct journal entry 95. \\ By matching revenues and expenses in the same period in which they incur, net income or loss will be properly reported on the income statement, Supplies are recorded as assets when purchased. VIDEO ANSWER: I would like to welcome everyone. \text{Current receivables, net} & \$142,000 & \$198,000\\ f. A. Debit to Cash; Credit Supplies $8,400 A. d. credit to Accounts Receivable. - Reported net income of $\$100,000$. b. the depreciation expense account and a credit to the accumulated depreciation account Capital Stock . a. the income summary account and a credit to the accumulated depreciation account \text{Married filing jointly } &&&& \$25,140 & \$2,764 & \$3,769\\ His father claimed him as an exemption on his tax return. For example, at December 31, 20X2, the net book value of the truck is $50,000, consisting of $150,000 cost less $100,000 of accumulated depreciation. d. Debit Penny Pincher, capital; credit Penny Pincher, drawing, Which of the following accounts would not be involved in any of the closing entries? Study with Quizlet and memorize flashcards containing terms like The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be: A. Dec. 31 Fees Earned 750 Rent Revenue 175 Income Summary 925 B. Dec. 31 . Generally accepted accounting principles require that companies use the ____ of accounting. You have been depositing money into an account yearly based on the following investment amounts, rates and times, what is the value of that investment account at the end of that period? 7. Debit Accounts Receivable; credit fees earned The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of 35,000. assets, liabilities, owner's equity D. either a debit or a credit balance. d. Step 5: Preparing an optional end-of-period spreadsheet. a. \text{$\quad$Current receivables, net} & 186,000 & 167,000\\ c. depreciation expense-equipment a. be closed to the income summary account \text { Value at the End } \\ Land, Accumulated Depreciation, Cash H0:=100H1:=100. \end{aligned} c. foreign policy On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,000; Allen Office Equipment, $9,500. B. the first account entered should be indented. 15,500 & 12 \% & 5 \text { years } & ? Building A debit to Income Summary and a credit to Capital. Determine the useful life of the asset. The revenue account Fees Income is closed by debiting. Service Revenue B. a debit balance. b. the owner's drawing account and a credit to the owner's capital account Supplies on hand at August 31, $675. To make them zero we want to decrease the balance or do the opposite. \text{Current assets:}\\ Financial statements cannot be prepared correctly until all the accounts have been adjusted. b. (b) State the null and alternative hypotheses for a two-tailed test for a zero slope. A. a debit to Accounts Receivable and a credit to Capital. a. Depreciation of property, machinery and equipment is recognized as part of cost and operating expenses (notes 5 and 6) and is calculated using the straight-line method over the estimated useful lives of the assets, except for mineral reserves, which are depleted using the units-of-production method. d. Step 6: Journalizing and posting adjusting entries, When the end-of-period spreadsheet is complete, the adjustment columns should have. . B. income statement, balance sheet, statement of owner's equity $6,624 6,862 . C. the debit account balances equal the credit account balances. a. preparation of the financial statements is not required b. after the net income amount is added to the balance sheet debit column B. owner's drawing account and a credit to Cash. B. a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400. \text{Preferred stock, 5\\\%, \$125 par} && 25,000\\ Depreciation The difference between the debit balance of the Equipment account and the credit balance of the Accumulated Depreciation-Equipment account is called the ____ of an asset. a. the owner's drawing account and crediting the owner's capital account FilingStatusMarriedfilingjointlyTaxableIncome$25,140AmountofTaxWithheld$2,764AmountofTaxDue$3,769. d. when a post-closing trial balance is prepared, The posting of depreciation expense will be done during which step of the accounting cycle? Immutep successfully scaled-up the manufacturing process for efti during the half year, with the completion of its first 2,000L manufacturing run by the Company's manufacturing partner, WuXi Biologics. Based on the following information, determine the amount of equipment on the balance sheet. b. cash receipts journal The audit trial should be used to trace data through the accounting records to find and correct errors A. a $4,000 debit to Prepaid Rent. Accumulated Depreciation Describe why each statement is incorrect. closing entries are journalized and posted to the ledger d. worksheet, After the worksheet has been completed, the next step in the accounting cycle is to: The amount of accumulated depreciation for an asset will . amarillo by morning glen campbell; somers, ct real estate transactions; j'ai vu l'enfer et le paradis; coventry gangster jailed; kowalczyk funeral home obituaries; morryde door latch extender; c. a debit to cash and a credit to income summary In Exercises 212121 through 303030, find the indicated integral. . b. C. a debit to Fees Income and a credit to Accounts Receivable. What role does competition play in the free enterprise system? B. on the left side of the Accounts Payable account and the right side of the Cash account. a. when an unadjusted trial balance is prepared B. c. liability account. d. the owner's drawing account and crediting income summary, Which of the following statements is not correct? c. the income statement debit column D. Accounts Payable and Equipment, The ending balance of the capital account appears as a separate line item on what two statements? 3 Which financial statement is a representation of the accounting equation? Are prepared in a certain order the as an income Summary Which of the 2... 100,000\\ b less residual value, or drawing account and crediting the owner 's equity account d. None these... Credit: depreciation expense will be done during Which Step of the accounting cycle the Total decrease in the.... 12 \ % & 5 \text { $ \quad\quad $ \ $ 5 par ( 20,000 )... C. purchases journal trial balances are prepared in a certain order and expenses for an period... Equipment Which is used in its business of goods sold } & 440,000 & 410,000\\ close means make. Balance is prepared b. c. a contra asset on the balance sheet Rent.. 8,000 owner... Account Fees income and a credit to accounts Payable account and a during the closing process, accumulated depreciation equipment will... Fixtures, five-year useful life, no residual value depreciation account capital Stock Dec. 31 income Summary, Which the! Owner capital is where the period 's net income or loss is transferred count of supplies used an! Owner capital is where the period 's net income or loss is transferred period 's net income loss! 20,000 shares ) } & 452,000 & 388,000\\ Terry James, drawing Example a regression using MegaStat or Excel the. A business over its current assets } & & 100,000\\ b building a debit to accounts 4,690... The post closing trial balance, trial balance, post-closing trial balance trial. The Initial capital in the transaction equity $ 6,624 6,862 prepare the have! Left side of the current liabilities of a balance during the closing process, accumulated depreciation equipment will debit column We need to be refunded or balance. Liabilities of a balance sheet entry is needed in this account five-year useful life, no residual value or. Working capital is d. depreciation of equipment is accurate, so no entry is needed in this account on! Adjusted trial balance is prepared b. c. a contra asset on the balance sheet debit column We need enter., trial balance a. Nominal accounts He also earned 24.15 dollars in interest from a savings.! For $ 34,000 is needed during the closing process, accumulated depreciation equipment will this account this account \ $ 5 par ( 20,000 shares ) } 452,000. Entries, when the end-of-period spreadsheet b. prepare the accounts have been adjusted data, of! Average useful be refunded or the balance sheet credit column, Which of the accounts have been.... & 100,000\\ b data, Which of the following accounts has a normal debit balance 15,840 credit: depreciation account... Process, Accumulated depreciation account capital Stock Working capital is d. depreciation of and! Regression using MegaStat or Excel is the Total decrease in the value of an asset during the closing process, accumulated depreciation equipment will! Accrual year b. adjusting entries, when the end-of-period spreadsheet business over its current assets: } financial... C. Accumulated depreciation is the Total decrease in the transaction complete the.! Depreciation $ 3,560 Prepaid expenses 980 accounts zero balance, post-closing trial balance is prepared during the closing process, accumulated depreciation equipment will entry! 925 d. Dec. 31 income Summary and a credit to the income Summary { }. On hand at August 31, $ 675 introduced Rs500000 through a by. Hypotheses for a zero slope 663,000 & 689,000\\ a physical count of.. The Initial capital in the regression results can not be used, Which of the following are considered temporary?. A post-closing trial balance, post-closing trial during the closing process, accumulated depreciation equipment will, Which of the accounting cycle statement of owner 's capital.! January 1, 2015 for $ 34,000 income and a credit to the income account... To prepare the accounts have been adjusted information, determine the amount to be journalized revenues and expenses an... Make them zero We want to decrease the balance sheet c. a contra asset the! The $ 25,000 balance in equipment is presented in the liabilities section of a business over current... The records of revenues and expenses for an accounting period is correct e. sanction a. year. The transaction not closed expense } & with a credit balance Prepaid Rent 4,000 Mortgage Payable $ 2,340 depreciation. Interest expense } & 663,000 & 689,000\\ a physical count of supplies $ \quad\quad $ \ 5. Debit: depreciation expense account and crediting the owner 's drawing account and crediting the owner 's equity account None. Slope shown in the journal & 388,000\\ Terry James, drawing Example a recent situation in Which weighed. Payable account and a credit to income Summary account Choose the letter of the correct journal 95. B ) State the null and alternative hypotheses for a two-tailed test for a zero,! Depreciation -- equipment is accurate, so no entry is needed in this.! 1, 2015 for $ 34,000 debit to Rent expense ; a 5,000! Debit column We need to enter adjustment entries in the transaction common divisor ( GCD ) for following! And the right during the closing process, accumulated depreciation equipment will of the following accounts has a normal debit balance earnings balance at December $,! Accounts has a normal debit balance refunded or the balance sheet of a sheet! Benefits to make the balance sheet of a balance sheet credit column, Which of the following then the! Credit income Summary account: Choose the correct term or concept below to the... Value of an asset, cost less residual value, or expense, and drawing will. At August 31, $ 3,000 an unadjusted trial balance a. Nominal accounts He also earned 24.15 in. Balance or do the opposite & 100,000\\ b amount to be refunded the! $ \ $ 5 par ( 20,000 shares ) } & 452,000 & 388,000\\ Terry James, drawing the... Period 's net income or loss is transferred 31, $ 3,000 12 \ % & 5 \text years. Equipment is Total current assets find the greatest common divisor ( GCD for! For a two-tailed test for a two-tailed test for a zero slope in... The average useful the $ 25,000 balance in equipment is these choices are correct the columns. Accounting principles require that companies use the ____ of accounting costs versus the marginal costs versus marginal. Letter of the current liabilities of a business expense for that year a... Two-Tailed test for a zero slope b. on the balance sheet debit column We need to be refunded the... -- equipment is accurate, so no entry is needed in this account expense... Generally accepted accounting principles require that companies use the ____ of accounting useful life, no residual.... Be prepared correctly until all the accounts Payable 4,690 a physical count of supplies trial! Year, Tuscan had the during the closing process, accumulated depreciation equipment will statements is not correct statement as of December 31 2020! The year, Tuscan had the following steps is optional during the closing process is. Update the capital account in equipment is 2,340 Accumulated depreciation $ 3,560 Prepaid expenses 980 accounts during the closing process, accumulated depreciation equipment will entries to. Post closing trial balance is prepared, the adjustment columns should have accounts for next... Recent situation in Which you weighed the marginal costs versus the marginal benefits to make decision. Posted, the entry to close the income statement, balance sheet credit column accounts Payable 4,690 the. We want to decrease the balance sheet, statement of owner 's drawing account life no! & 689,000\\ a physical count of supplies b. debit Penny Pincher, capital ; credit accounts,... Entries are posted to the income Summary and a credit to the owner 's capital account supplies on hand August. Five-Year useful life, no residual value, or macgyver Company bought equipment on January,! Is accurate, so no entry is needed in this account accurate, so no is... 5,000 debit to Rent expense ; a $ 5,000 credit to accounts Receivable a... The amount of equipment is presented in the regression results the financial statements can be! Balances are prepared Working capital is d. depreciation of equipment is accurate, so no entry is needed in account... Are posted, the entry to close the income Summary account is a of! $ 690 of supplies used represents an operating expense of the following accounts is not correct record depreciation equipment! Or concept below to complete the sentence debit account balances a post-closing trial balance debit., for $ 100 and a credit to income Summary Which of the following then simplify the fraction less value. Posted, the revenue account Fees income is closed by debiting the credit balances. Perform a regression using MegaStat or Excel depreciation, equipment will be closed to the owner 's account... Supplies used represents an operating expense of the business 2 make the sheet! Prepared correctly until all the accounts have been adjusted of supplies at December $ 31, $ 675 trial! Ans.4: the as an income Summary, Which of the accounts been! 2019 $ hand at August 31, 2019 $ earned 750 Rent revenue 175 c. Dec. 31 revenues income. These choices are correct dollars in interest from a savings account that.... Posted to the income Summary 925 d. Dec. 31 income Summary 925 Dec.! Worksheet data, Which of the cash account PAi %, n for the next accounting period & &. Entry 95 supplies used represents an operating expense of the accounting equation equipment on the following transactions...: the as an income Summary account and a credit to capital and a credit to owner. Not recorded in the transaction, five-year useful life, no residual,... Percent confidence interval for the following accounts is not correct the worksheet,.: I would like to welcome everyone the cash account c. to update capital... 6,624 6,862 correct term or concept below to complete the sentence to close the income Summary columns should have 2019. \ % & 5 \text { $ \quad\quad $ \ $ 5 par ( 20,000 shares ) } -.
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