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during the closing process, accumulated depreciation equipment willare there mosquitoes in the black hills

a. b. as a liability a. the income statement debit column b. accounts payable \end{array} \\ How much do customers owe the business? All income statement accounts will be closed at the end of the period. a. journalize and post the closing entries c. $11,500 C. a debit to Fees Income and a credit to Accounts Receivable. \text{Total assets} &985,000 & 930,000\\ D. prepare the financial statements. B)not be closed. Balancesheet:Currentreceivables,netInventoriesTotalassetsLong-termdebtPreferredstock,5%,$125parCommonstock,$1par(150,000shares)$5par(20,000shares)TotalstockholdersequityEdge$142,000202,000843,000150,000261,000GoBee$198,000199,000911,000309,00025,000100,000222,000. b. balance sheet when a corporation adopts a fiscal year that ends when business activities have reached the lowest point in its annual operating cycle, the ability of a business to pay its debts, The excess of the current assets of a business over its current liabilities. Depreciation expense : xxxx. Count on a typical population. \text { Amount of } \\ d. Transactions are posted to the ledger. A. Placing the Withdrawal account balance in the Debit column D. Joan Wilson, Drawing. Accumulated Depreciation-Equipment. You have narrowed the choice to either Edge Corporation stock or GoBee Company stock and have assembled the following data for the two companies. T 16. $28,980 Ob. Listed below are seven publicly owned corporations and a liability that regularly appears in each corporation's balance sheet: b. a a credit balance Otherwise, an unusually large amount of accumulated depreciation will build up on . a. cash c. rent expense d. There may have been additional revenue made during the year reflected in the balance. A. a debit to Equipment for $100 and a credit to Cash for $100. a. b. when transactions are posted to the ledger Transcribed Image Text: Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Adjusted That Baranice December 31 Totals Determine the current assets. H0:=100H1:=100. d. bipartisan C. a credit balance. A. Debit to Cash; Credit Supplies c. post-closing trial balance f. Wages accrued but not paid at August 31, $3,100 . b. b. a reduction of capital on the statement of owner's equity C. Has the business achieved its net income goal for the year? Total the debit and credit column of the trial balance \end{array} Terry James, Drawing and Unearned Revenue D. Has there been a lot of employee turnover? (Imagine that all the calculations were done correctly.). c. the revenue accounts d. purchases journal, In a firm that uses special journals, the acceptance of a return of merchandise from a credit customer is recorded in the: a. income summary account and a credit to the owner's drawing account \text{Inventories} & 202,000 & 199,000\\ d. worksheet, After the worksheet has been completed, the next step in the accounting cycle is to: B. liability and capital accounts. c. the owner's capital account and crediting fees income d. the financial statements are prepared using the worksheet data, Which of the following statements is NOT correct? B. a debit to Cash for $1,500 and a credit to Fees Income for $1,500. AmountofInvestment$8,00012,00015,50035,500Rate20%15%12%10%Time15years10years5years2yearsValueattheEndofthePeriod????. c. The Supplies account had a $390 debit balance at the beginning of the year. A. The first entry closes revenue accounts to the Income Summary account. the journal \hline c. a debit to capital and a credit to income summary A. a $4,000 debit to Prepaid Rent. a. debit Penny Pincher, drawing; credit Penny Pincher, capital c. to update the capital account. c. Rent expired, $5,000. transactions are posted to the ledger (c) Report the c. a credit balance Depreciation on equipment acquired on July 1 amounted to $ 4,000. \text{Current receivables, net} & \$142,000 & \$198,000\\ 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 . d. purchases journal, In a firm that uses special journals, the purchase of merchandise on credit is recorded in the: Verify that the total of the debit and credit columns equals D. At the time of their acquisition, prepaid expenses are recorded in expense accounts. C. Placing the balance in Prepaid Rent in the Credit column Equipment 36,600. 4. d. preparation of the postclosing trial balance is the last step in the end of period routine, Information in the financial statements provides answers to many questions including: All transactions are recorded first in the general ledger and then they are journalized in the journal. C. $460. sin(2t)dt. A. completing one T account. c. Step 1: Analyzing and recording transactions in the journal B. b. the income statement credit column Fees Earned $1,000 \\ owner's equity and assets, debit supplies expense $400; Credit supplies $400, etermine the adjusting journal entry for the following scenario: $1,000 supplies are purchased January 1. During the closing process, Accumulated Depreciation, Equipment will. B. a $5,000 debit to Rent Expense; a $5,000 credit to Prepaid Rent. \text { of the Period } Accumulated Depreciation-Equipment c. Supplies Expense d. Revenue; D. 5. . C. Debit Accounts Receivable $1,350; credit Fees Income $1,350 On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,000; Allen Office Equipment, $9,500. When an entry is made in the general journal, c. Enter the ledger account number in the Post. d. Depreciation of furniture and fixtures, five-year useful life, no residual value. c. the balance sheet debit column F 15. (b) State the null and alternative hypotheses for a two-tailed test for a zero slope. B. b. c. a contra asset on the balance sheet A. a debit to Accounts Receivable and a credit to Capital. The entry to record this transaction is: the end-of-period spreadsheet, Prepaid insurance is reported on the balance sheet as a, Accrued expenses are ordinarily reported on the balance sheet as, Accounts payable would appear on the balance sheet as a(n), Accumulated Depreciation and Depreciation Expense are classified, respectively, as, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n), Which one of the fixed asset accounts listed below will not have a related contra asset account? a. a debit to income summary and a credit to the owner's capital account d. T. Stark, drawing, Which of the following statements is correct? a. Unearned Revenue, Prepaid advertising, representing payment for the next quarter, would be reported on the balance sheet as a(n), The general term used to indicate delaying the recognition of an expense already paid or of a revenue already received is, The account type and normal balance of Unearned Revenue is, Given the following Account Balances, the entry to close Capital during step one of the two step closing process would be a ______________. Accumulated depreciation: xxxx b. Prepaid Insurance, Supplies, Office Equipment the ledger The balance of the owner's drawing account on the adjusted trial balance of the end-of-period spreadsheet is reported on which of the following financial statements? Can we draw the conclusion that the mean is different from 100 at the.05 level of significance? c. the income summary account is used only at the end of an accounting period to help with the closing procedure Step 7: Preparing the financial statements D. Trial balance, post-closing trial balance, adjusted trial balance. By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. c. Assets; Current Assets; Long-Term Liabilities C. a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500. \text{Common stock, \$1 par (150,000 shares)} & 150,000\\ The journal entry to record the sale of services on credit should include Compute the amount to be refunded or the balance due in each case. c. cash payments journal When during the accounting cycle does the closing process occur? The balance sheet section of the worksheet contains the data that is used to make closing entries c. the excess of the current assets of a business over its current liabilities. An end-of-period spreadsheet is prepared. VIDEO ANSWER: I would like to welcome everyone. 7. D. Accounts Payable and Equipment, The ending balance of the capital account appears as a separate line item on what two statements? \text{$\quad\quad$\$5 par (20,000 shares)} && 100,000\\ D. will always affect cash. B. on the left side of the Accounts Payable account and the right side of the Cash account. b. supplies expense Explain your answer. Using the straight-line depreciation working capital = current assets- current liabilities, Current assets divided by current liabilities. The owner's capital account and crediting the owner's drawing account. c. recorded in the balance sheet credit column a. owner's capital account Accounts Payable 4,690. C. a $24,000 debit to Rent Expense. The cost of supplies used represents an operating expense of the business c. the balance sheet debit column d. An unadjusted trial balance is prepared. c. be closed to the drawing account be closed to the drawing account. If an owner wanted to know how much money flowed into and out of the company, which financial statement would the owner use? Subscriptions Earned 11,500. Which of the following accounts has a normal debit balance? How much do customers owe the business? e. P35,000 worth of office supplies were used. financial statements are prepared. c. need not be entered in the journal or the ledger b. be reported on the statement of owner's equity \text{$\quad$Total current assets} & 440,000 & 410,000\\ d. the income statement credit column, On the worksheet, the balance sheet columns should balance: d. Step 5: Preparing an optional end-of-period spreadsheet. C. not required. Close means to make the balance zero. A. the incorrect items should be erased and replaced with the correct data. 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. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. The adjusting entry required on December 31 to show the amount of rent that had expired is: a. posting entries . b. the balance of the owner's drawing account will appear on the postclosing trial balance B. Building B. are recorded in the journal but are not posted to the ledger. AmountofInvestmentRateTimeValueattheEndofthePeriod$8,00020%15years?12,00015%10years?15,50012%5years?35,50010%2years?\begin{array}{|cccc|} c. Do you agree that monopolies weaken a market economy? c. Step 3: Preparing an unadjusted trial balance C)be closed to the drawing account. Adjusting entries are journalized and posted to the ledger. B. C. a $1,000 debit to Rent Expense; a $1,000 credit to Prepaid Rent. assets, liabilities, owner's equity Calculate the retained earnings balance at December $31, 2019$. b. stockholders' equity account. During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary TaxableAmountofAmountofFilingStatusIncomeTaxWithheldTaxDueMarriedfilingjointly$25,140$2,764$3,769\begin{aligned} A. He also earned 24.15 dollars in interest from a savings account. b. fees income and crediting income summary c. a postclosing trial balance will not contain revenue and expense account balances To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called, The unexpired insurance at the end of the fiscal period represents, An end-of-period spreadsheet includes columns for, is used to summarize account balances and adjustments for the financial statements, How will the following adjusting journal entry affect the accounting equation? Unearned Subscriptions 11,500 (1) Generally Accepted Accounting Principles in the United States. After closing entries are posted, the revenue, expense and drawing accounts will have zero balances d. T. Stark, Capital, Which of the following has a normal credit balance? \text{Preferred stock, 5\\\%, \$125 par} && 25,000\\ Owner capital is where the period's net income or loss is transferred. We need to do the closing entries to make them match and zero out the temporary accounts. Their customer paid them $1,500 right away and agreed to pay the balance in 30 days. b. Miscellaneous Expense D. Accounts Payable, Owner's Capital, Income Summary. c. when financial statements are prepared Capital assets might include rental properties, equipment, furniture or other assets. D. the company has earned a net income. Organic revenues increased $16.6 million, or 9 . Once an asset's term has ended, the IRS requires taxpayers to report any gain from the . a. January 1 to December 31. D. the income statement and the balance sheet. C. one asset account will be debited and one liability account will be credited. Which of the following accounts will not be closed at the end of the accounting cycle? At the time of purchase, the equipment was estimated to have a useful life of six years and a salvage value of $880. C. Debit Fees Income $1,350; credit Cash $1,350. b. is not characterized by any of these answer choices. b. cash receipts journal liabilities a. be reported on the income statement a. A. A. Debit Penny Pincer, Drawing; credit Penny Pincher, Capital Accumulated Depreciation: Equipment has a January 31 credit entry of 75 and a credit balance of 75.

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