A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could NOT be a closing entry? a. Debit Income Summary $75,000; credit Revenues $75,000. b. Debit Revenues $75,000; credit Income Summary $75,000. c. Debit Income Summary $62,000, credit Expenses $62,000. d. Debit Income Summary $13,000; credit Owner's, Capital $13,000.

Q: The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees…

A: A balance sheet is also known as a statement of financial position considered as one of the most…

Q: Bava Consulting has the following account balances at December 31, the end of its fiscal year.…

A: T- accounts are as follows:

Q: The balances of Up-in-the-Air Travel Service’s accounting equation items for the year ended April…

A: Balance sheet refers to the one of the financial statement which is prepared at the end of period…

Q: After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: ohn Sullivan started a business. During the first month (February 20--), the following transactions…

A: Accounting equation is the basic tool of accounting i.e., Assets=Liabilities + Owner’s equity.

Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…

A: Statement of owner's equity describes the total investment value of the owner till a particular…

Q: Journalize the closing entries necessary to close out all permanent accounts.

A: Closing entries Closing entries are recorded in order to close the temporary accounts such as…

Q: Show the effects of each transaction on the accounting equation by indicating under the proper…

A: As per the Accounting Equation,Assets =Liabilities +Shareholder's Equity

Q: The following accounts and balances are taken from Evan Company's adjusted trial balance:…

A: Closing entries are prepared at the time of preparation of financial statements for a specific…

Q: The following selected accounts and balances were taken from the adjusted trial balance of CV…

A: A closing journal entry is an entry passed at the end of the accounting period. The entry is passed…

Q: he following accounts and normal balances existed at year-end. Make the four journal entries…

A: Closing entries means the entries to be made on the closing of any particular period . All revenue…

Q: The Mendholm Company entered into the following transactions: Performed services on account,…

A: Accounting Equation = Assets = Liabilities + Shareholder’s Equity (Capital + Retained Earnings)(a)…

Q: At December 31, Rolison Consulting’s financial records show the following selected account…

A: Introduction: Retained earnings are a significant accounting topic. The word refers to a company's…

Q: debit to Income Summary of:

A: It is pertinent to note that nominal accounts include incomes, expenses, losses and profits . These…

Q: The following account balances were taken from Calsoft Corporation’s year-end adjusted trial balance…

A: The question is based on the concept of Journal Entries.

Q: The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,400…

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: a company had revenues of 50,000 and expenses 41500 for the account period dividends of 5500 were…

A: Closing entry: At the end of an accounting period, each nominal account needs to be closed to income…

Q: The following transactions were completed by the company. a. The owner invested $17,400 cash in the…

A: The accounting equation states that the total assets are the summation of the total liabilities and…

Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as…

A: Closing entries are recorded at the end of the period to close the temporary accounts to calculate…

Q: The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed…

A:

Q: A business had $52.000 in revenue at the end of its accounting period and $60.000 in Expenses. The…

A: Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In…

Q: A company had revenues of $58,500 and expenses of $45,500 for the accounting period. The owner…

A: In the context of the given question, we are required to find the correct option from the available…

Q: Refer to the following adjusted trial balance after the first year of operations.   Accounts Debit…

A: Formula: Net Income = Total Revenues - Total Expenses.

Q: For the year ended December 31, a company has revenues of $324,000 and expenses of $199,500. The…

A: The closing entries are prepared to close the temporary accounts of the business including revenue,…

Q: he following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial…

A: Current Assets = Cash + Accounts Receivable + Prepaid Expenses

Q: On May 1, 2021, the Cash balance in X Company was $76,000. During May, the company rendered services…

A: Cash balance at the end of May = Beginning cash balance + cash collected - expenses paid - withdrew

Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…

A: The statement of the owner's equity states the changes in the capital balance of the company over…

Q: At December 31, Rolison Consulting’s financial records show the following selected account…

A: Introduction: Retained profits are an important topic in accounting. The term refers to a company's…

Q: At the beginning of the period, a company reports a balance in office supplies of $500. During the…

A: Adjusting Entries are the required entries at the end of the period to provide the correct balance…

Q: At the beginning of the period, a business has accounts payable of ₱200,000. During the period, the…

A: Accounts payable have credit balance therefore Total credits during the period has been added to…

Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following…

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Q: Johnson Company had the following account balances at the end of the most recent fiscal year: Cash:…

A: Sometimes, two or more transactions pertaining to a single account take place on the same date. In…

Q: The following selected accounts and normal balances existed at year-end. Notice that expenses exceed…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: or the year ended December 31, a company had revenues of $190,000 and expenses of $114,000. The…

A: Solution: Closing entries are entries which are made to close the temporary accounts balance to…

Q: The following accounts and normal balances existed at year-end. Advertising expense Dividends Rent…

A: Definition: Closing entries: The journal entries prepared to close the temporary accounts to…

Q: John Sullivan started a business. During the first month (February 20--), the following transactions…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: The following selected transactions were completed by Roberto Orcajada Delivery Service during July…

A: As per the accounting equation, the total assets of the firm will always be equal to the sum of…

Q: Cromwell Corporation has the following trial balance account balances, given in no certain order, as…

A: The income statement is an essential part of the income statement. It is prepared by the management…

Q: Cromwell Corporation has the following trial balance account balances, given in no certain order, as…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Rus Company was organized on April 1, 2X20. The company’s adjusted trial balance is shown below.…

A: Financial Statements are prepared by the management for reporting purposes. These are the essential…

Q: J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year.…

A: Solution: Owner's withdrawl account is closed to owner's capital account at year end by debiting…

Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the…

A: Supply Consumed: The Supplies is an asset account falls under current assets since supplies will be…

Q: Walston Company provides consulting services. Here are the account totals for the month ended…

A: Equity: It is the amount shareholder invested in the company. This is the difference between total…

Q: Cromwell Corporation has the following trial balance account balances, given in no certain order, as…

A: Solution Working note Calculation of net income for the period Revenue   Fees earned…

Q: The post-closing trial balance of Zuhoor Muscat Company shows the following balances at 31 March…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings…

A: The financial statements are prepared by the management to display the performance of the business…

Q: Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings…

A: Formula: Net income = Revenues - Expenses

Q: After the accounts have been adjusted at November 30, the end of the fiscal year, the following…

A: Closing entries are entries made at the end of an accounting period, for transferring temporary…

Q: The ledger of Ivanhoe Company contains the following balances: Owner's Capital $31,800, Owner's…

A: Total expenses = $25,600 + $6,300 Total expenses = $31,900   Net income = $50,000 - $31,900 Net…