Question
In: Accounting
The owner's drawing account is closed to the Income Summary account in order to properly determine...
The owner's drawing account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. *
True
False
Closing entries are made to close the permanent accounts. *
True
False
Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. *
True
False
The owner's drawing account is a permanent account whose balance is carried forward to the next accounting period. *
True
False
To close net income to owner's capital, Income Summary is debited and Owner's Capital credited. *
True
False
In one closing entry, Owner's Drawing is credited and Income Summary is debited. *
True
False
The post-closing trial balance will contain only owner's equity statement accounts and balance sheet accounts. *
True
False
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Describe the entry that is made to transfer net income into the owner's capital account. Include...
Describe the entry that is made to transfer net income into the
owner's capital account. Include the reason this entry should be
made and how income will be listed if transfer is not recorded.
Prepare Closing Entries Using the Income Summary Account. Close the temporary accounts to income summary. The...
Prepare Closing Entries Using the Income Summary Account. Close
the temporary accounts to income summary. The balance of $8,500 in
the retained earnings account is from the beginning of the year.
What is the ending retained earnings balance after the closing
entries?
Company
Income Statement for the year ending December
31
Debit
Credit
Retained Earnings
8,500
Dividends
2,000
Sales
20,000
Cost of Goods Sold
8,000
Selling and Administrative Expenses
3,000
Interest Expense
1,500
Total Expenses
14,500
28,500
Net Income/Loss
14,000
1. The fourth step in the closing procedure is to close the Income Summary account into...
1. The fourth step in the closing procedure is to close the
Income Summary account into the Capital account
False
True
2. The post-closing trial balance will include
a) Rent Expense.
b) Income from Services.
c) Depreciation Expense.
d) Accumulated Depreciation.
e) Drawing.
3. The entry to close Income Summary, assuming a net loss, would
involve a
a) credit to Income Summary.
b) debit to net income.
c) credit to capital.
d) credit to cash.
1. When the balance in the Income Summary account is a debit, the company has: A.incurred...
1. When the balance in the Income Summary account is a debit,
the company has:
A.incurred a net income.
B.made an error in their closing entries.
C.incurred a net loss.
D. had more revenue than expenses.
2. The amount for withdrawals, to be used on the Statement of
Owner's Equity, would be obtained from:
A.the worksheet in the income statement credit column.
B.the worksheet in the balance sheet credit column.
C.the worksheet in the balance sheet debit column.
D.the worksheet...
Write the differences between displacement current and conducting current by properly drawing the figures. We know:...
Write the differences between displacement current and
conducting current by properly drawing the figures. We know: It is
possible to express the conducting current by the surface
integration of conducting current density.
Question: When to use the closed surface integral and when to
use the open surface integral for such calculations of conducting
current?
Hints: Conducting current can be considered as a type of flux.
From the point of view of flux calculation, try to explain the
matter by drawing...
8. When an customer account is closed due to nonpayment, the account to be debited is:...
8. When an customer account is closed due to nonpayment, the
account to be debited is:
a.
Cash c.
Allowance for Uncollectible Accounts
b. Accounts
Receivable d.
Uncollectible Accounts Expense
9. Johnson Co. uses the Aging Method to estimate uncollectible
Accounts. An aging schedule shows that $60,000 in accounts are
estimated to be uncollectible. The Allowance for Uncollectible
Accounts already has a $5,000 credit balance. For what amount
should the account be adjusted (credited)?
a.
$65,000 c.
$60,000
b.
$70,000 d.
$55,000
10. Jacobs...
The trail balance will be used in preparation of the income statement, statement of owner's equity,...
The trail balance will be used in preparation of the income
statement, statement of owner's equity, balance sheet, and
statement of cash flow.
Specifically how?
List the owner's name of all male customers in the bank who have a ’Checking’ account....
List the owner's name of all male customers in the bank who
have a ’Checking’ account.
Find all accounts associated with ’Alexander Felix’.
For each account of the previous question, compute the Balance,
and return a table that shows the account number, type, and balance
for each account (hint: use UNION).
The list of customer names that have transactions greater than
or equal to one thousand dollars.
Bank.sql is under this statement.
DROP DATABASE IF EXISTS Bank;
CREATE DATABASE Bank;...
List the owner's name of all male customers in the bank who have a ’Checking’ account....
List the owner's name of all male customers in the bank
who have a ’Checking’ account.
Find all accounts associated with ’Alexander
Felix’.
For each account of the previous question, compute the
Balance, and return a table that shows the account number, type,
and balance for each account (hint: use UNION).
The list of customer names that have transactions
greater than or equal to one thousand dollars.
A) Answer this question using only nested queries (i.e.,
each select is over...
Use the spreadsheet and partially completed Income Summary Account shown. Balloons and Baubbles End-of-Period Spreadsheet For...
Use the spreadsheet and partially completed Income Summary
Account shown.
Balloons and Baubbles
End-of-Period Spreadsheet
For the Year Ended December 31, 20-1
1
ACCOUNT TITLE
TRIAL BALANCE DEBIT
TRIAL BALANCE CREDIT
ADJUSTMENTS DEBIT
ADJUSTMENTS CREDIT
ADJUSTED TRIAL BALANCE DEBIT
ADJUSTED TRIAL BALANCE CREDIT
2
Cash
18,000.00
18,000.00
3
Accounts Receivable
12,600.00
12,600.00
4
Merchandise Inventory
67,500.00
(b) 76,500.00
(a) 67,500.00
76,500.00
5
Estimated Returns Inventory
2,880.00
(e) 3,870.00
(d) 2,880.00
3,870.00
6
Supplies
7,200.00
(f) 4,230.00
2,970.00
7
Prepaid Insurance...
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