30. Which of the following is the only account that would be included in a closing...

30. Which of the following is the only account that would be included in a closing entry?

Multiple Choice

Cash
Supplies Expense
Accounts Payable
Accumulated Depreciation

The Supplies Expense account is reported on the:

Multiple Choice

Income Statement and has a normal credit balance.
Balance Sheet and has a normal credit balance.
Balance Sheet and has a normal debit balance.
Income Statement and has a normal debit balance.

Solutions

Expert Solution

30) Closing entry includes all temporary account like revenue, expense and dividend account but all permanent account would not be included in closing entry

So answer is b) Supplies expense

31) Supplies expense account is an expense account so it has normal balance of debit in income statement

So answer is d) Income statement and has a normal debit balance

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1. Which of the following would not be included in the Land account? A.back property taxes...

1. Which of the following would not be included in the Land account? A.back property taxes paid B.brokerage commissions connected with the purchase of the land C.paving costs for a driveway D.survey fees connected with the purchase of the land 2.Which of the following expenses is most closely associated with tangible longminus−lived assets? A.depletion B.interest C.accumulation D.depreciation 3.Which of the following statements is true? A.Depreciation means that a business sets aside cash to replace assets as they become fully amortized....

Which of the following is NOT included in the financial account of the balance of payments?...

Which of the following is NOT included in the financial account of the balance of payments? a. Direct investment. b. Investment income. c. Portfolio investment. d. Financial derivatives.

Which of the following transactions would not be included in GDP?

Which of the following transactions would not be included in GDP? A. Nancy mows her own lawn B. Gordon hires a painter to make a sign for his business. C. Ruth buys paint for her house. D. The Commonwealth of Massachusetts has snow removed on interstate highways.

Which of the following accounts will be included in a post-closing trial balance? a.Service Revenue b.Rent...

Which of the following accounts will be included in a post-closing trial balance? a.Service Revenue b.Rent Expense c.Interest Expense d.Unearned Revenue

The following account balances were included in the trial balance of Twain Corporation at June 30,...

The following account balances were included in the trial balance of Twain Corporation at June 30, 2017. Sales revenue $1,578,500 Depreciation expense (office furniture and equipment) $7,250 Sales discounts 31,150 Property tax expense 7,320 Cost of goods sold 896,770 Bad debt expense (selling) 4,850 Salaries and wages expense (sales) 56,260 Maintenance and repairs expense (administration) 9,130 Sales commissions 97,600 Office expense 6,000 Travel expense (salespersons) 28,930 Sales returns and allowances 62,300 Delivery expense 21,400 Dividends received 38,000 Entertainment expense 14,820...

The following account balances were included in the trial balance of Sarasota Corporation at June 30,...

The following account balances were included in the trial balance of Sarasota Corporation at June 30, 2020: Sales revenue $1,839,650 Telephone and Internet expense (office) $3,620 Cost of goods sold 1,061,770 Salaries and wages (office) 7,920 Salaries and wages expense (sales) 53,260 Supplies expense (sales) 5,050 Sales commission expense 99,000 Repairs and maintenance expense (office) 9,430 Advertising expense (sales) 29,130 Depreciation understatement due to error—2018 (net of tax of $3,300) 18,400 Freight out 21,700 Miscellaneous expense (office) 6,500 Entertainment expense...

The following account balances were included in the trial balance of Sarasota Corporation at June 30,...

The following account balances were included in the trial balance of Sarasota Corporation at June 30, 2017. Sales revenue $ 1,579,860 Depreciation expense (office furniture and equipment) $ 6,762 Sales discounts 31,690 Property tax expense 6,843 Cost of goods sold 897,100 Bad debt expense (selling) 4,503 Salaries and wages expense (sales) 56,690 Maintenance and repairs expense (administration) 8,281 Sales commissions 98,950 Office expense 5,980 Travel expense (salespersons) 31,900 Sales returns and allowances 63,694 Delivery expense 23,150 Dividends received 39,910 Entertainment...

for each of the following accounts, signify which financial statement would contain the account balance (only...

for each of the following accounts, signify which financial statement would contain the account balance (only focuses on balance sheet and income statement Choose one option below for each account a.) balance sheet b.) the account is not listed on either the balance sheet or income statement c.) income statement 1.) account payable 2.) partners capital 3.) partners withdrawals 4.) retained earnings 5.) common stock, no par value 6.) common stock, $10 par value 7.) common stock, $10 stated value...

Part B Bruce Manufacturing Ltd’s post-closing trial balance at 30 June 2019 included the following balances:...

Part B Bruce Manufacturing Ltd’s post-closing trial balance at 30 June 2019 included the following balances: Machinery Control (at cost) $244 480 Accumulated Depreciation – Machinery Control 113 800 Fixtures (at cost) 308 600 Accumulated Depreciation – Fixtures 134 138 The Machinery Control and Accumulated Depreciation – Machinery Control accounts are supported by subsidiary ledgers. Details of machines owned at 30 June 2019 are as follows: Machine Purchase Cost Estimated Estimated date useful Life residual value 1 28 Apr 2015...

Which of the following transactions, if it was included in the calculation of GDP, would lead...

Which of the following transactions, if it was included in the calculation of GDP, would lead to an overstated GDP figure? A) buying a new set of golf clubs B) the purchase of a special fabric adhesive by a furniture company in California C) buying asparagus for dinner, even though it is really expensive D) hiring a babysitter and paying him or her under the table

Subjects