Which of the following accounts should be closed to the capital account at the end of...

Which of the following accounts should be closed to the capital account at the end of the year?

		Equipment
		Service Revenue
		Prepaid Insurance
		Unearned Rentx

Expert Solution

Service Revenue

The purpose of closing entries is to prepare the temporary accounts for the next accounting period. In other words, the income and expense accounts are "restarted".

After preparing the closing entries above, Service Revenue will now be zero. The expense accounts and withdrawal accounts will now also be zero. The balances of these accounts have been absorbed by the capital account

ekkarill92 answered 2 years ago

which of the following accounts is not closed at the end of the accounting period a....

which of the following accounts is not closed at the end of the accounting period a. depreciation expense b. deferred service revenue c. sales d. cost of good sold

Which of the following accounts is not closed at the end of an accounting cycle? Multiple...

Which of the following accounts is not closed at the end of an accounting cycle? Multiple Choice A. Revenues B. Retained earnings C. Dividends D. Expenses

Which accounts are closed at the end of an accounting period? Select one: a. Neither Interest...

Which accounts are closed at the end of an accounting period? Select one: a. Neither Interest Expense nor Paid-in-Capital from Stock Warrants b. Both Interest Expense and Paid-in-Capital from Stock Warrants c. Interest Expense, but not Paid-in-Capital from Stock Warrants d. Paid-in-Capital from Stock Warrants, but not Interest Expense

Which one of the following accounts is closed at year-end? Multiple Choice Prepaid insurance Office supplies...

Which one of the following accounts is closed at year-end? Multiple Choice Prepaid insurance Office supplies expense Accumulated Depreciation Unearned revenue

After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts...

After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $42,000, $7,500, and $36,500, respectively. Cash and noncash assets total $23,500 and $84,500, respectively. Amounts owed to creditors total $22,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $48,500, the partner with the capital deficiency pays the deficiency to the...

1. For each of them, identify whether the account is closed or not at the end...

1. For each of them, identify whether the account is closed or not at the end of fiscal period. Allowance for Accounts Receivable Sales Revenue Unearned Revenue Bond Payable Discount 2. At January 1, 2019, Fuller Company had total assets of $900,000 and at December 31, 2019, its total assets were $1,100,000. Fuller’s net sales for 2019 were $850,000 and its 2019 net income was $55,000. Return on assets for 2019 Profit margin (or Return on sales ratio) for 2019...

Indicate which of the following accounts should be debited and which should be credited.

Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)…see below. Only include the letter of the account not the account name. Accounts payable E. Dividends I. Rent expense M. Service revenue Accounts receivable F. Equipment J. Retained earnings N. Supplies Cash G. Notes payable K. Salaries expense O. Utilities expense Common stock H. Prepaid rent L. Salaries payable...

What are the rules for debit and credit related to following accounts a)Asset account b)capital account...

What are the rules for debit and credit related to following accounts a)Asset account b)capital account c)liabilities account d)Reveneue account Note:please don't answer, if you don't know. Will give down thumb if answered wrong

A company has the following accounts and account balances at the end of its first year:...

A company has the following accounts and account balances at the end of its first year: Accounts payable, $4,000 Cash, $22,000 Common stock, Not given Dividends, $4,000 Expenses, $17,000 Notes payable, $3,000 Prepaid insurance, $5,000 Revenues, $28,000 What is the balance of its common stock account at the end of the first year?

Indicate which of the following accounts should be debited and which should be credited. An example has...

Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)…see below. Only include the letter of the account not the account name. Accounts payable E. Dividends I. Rent expense M. Service revenue Accounts receivable F. Office Equipment J. Retained earnings N. Supplies Cash G. Notes payable K. Salaries expense O. Utilities expense Common stock H. Prepaid rent L. Salaries payable...

Question