Question

In: Accounting

Answer the following statements as true or false, then select the correct multiple -choice answer: 1. If...

Answer the following statements as true or false, then select the correct multiple -choice answer:

1. If dividends are declared during the year the company would close the dividend account by debiting retained

earnings and crediting the dividend account.

2. A company that forgets to recognize depreciation for the year understates its income and assets.

3. Prepaid insurance expense will have a zero balance on the after closing trial balance.

4. Retained earnings on an adjusted trial balance is the beginning retained earnings for the period.

A. True, False, False, False

B. False, True, True, False

C. True, False, False, True

D. True, True, False, False

A partial listing of a company’s accounts are listed below:

Sales Revenue $190,000 Depreciation Expense $20,000

COGS 84,000 Rent Expense 8,000

Cash 1,000 Unearned Revenue 2,000

Building 200,000 Wage Expense 30,000

Accumulated Depreciation 44,000 Interest Expense 3,000

Note Payable 50,000 Service Revenue 60,000

Dividends 4,000 Goodwill 7,000

The closing entry to close the Income Summary would include a debit to Income Summary for:

A. $101,000

B. $189,000

C. $105,000

D. $ 77,000

Expert Solution

The closing entry to close the income summary would include a debit to income summary for

B.$189,000

ekkarill92 answered 1 year ago

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