The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues Total expenses Retained earnings Dividends Multiple Choice $65,000. $95,000. $130,000. $145,000. $280,000. $ 125,000 60,000 80,000 15,000

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues Total expenses Retained earnings Dividends Multiple Choice $65,000. $95,000. $130,000. $145,000. $280,000. $ 125,000 60,000 80,000 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an adjusting entry to which of the following accounts? Multiple select question. Credit to Salaries and Wages Payable. Credit to Cash. Debit to Cash. Credit to Vacation Benefits Payable. Debit to Vacation Benefits Expense. Debit to Salaries and Wages Expense.
Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for the full year. On November 30, how much rent expense should be recorded for the period January 1 through November 30?
The following information Is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues $195,000 93,600 Total expenses Retained earnings 124,800 Dividends 23,400 Multiple Choice $101,400 $202,800. $93,600. $226,200. 10 of 10 Next < Prev
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Which is the correct adjusting entry for accrued rent revenue? Multiple Choice Debit Credit Rent Receivable $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Expense $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Payable $ 7,500 Rent Expense $ 7,500 Debit Credit Rent Revenue $ 7,500 Rent Payable $ 7,500
Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: Account Debit Credit Nursing Services Expense. . . . . . . . . . Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . . General and Administrative Expense . . . . . . . . . . . . Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . . Repairs and Maintenance Expense . . . . . . . . . . . . . . . . Provision for Uncollectible Accounts . . . . . . . . . . . . . . Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . . Seminar Income.. . . .. . . . . . . . . . .. . . . . . . . Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . . Parking Fees. . . .. . . . . . . . . . .. .…
The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a Statement of Comprehensive Income for the year ended 31 October 2021 and a Statement of Financial Position as at the same date. (All figures in thousands) DEBITCREDIT ££Purchases 16,950 Sales 23,240Stock in hand 31 October 20204,135 Postages and telephone 228 Motor expenses 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors (Receivables) 4,698 Creditors(Payables) 3,174Premises 10,000 Motor vehicles 2,350 77Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings 3,850 Capital _____20,850 48,72248,722 Notes at 31st October 2021:1. Stock on hand was £2,8592. Expenses owing: Sundry expenses £22; Motor expenses £58.3. Expenses prepaid: Rates £23; Telephone £11.4. Provide for depreciation of Premises at 10 percent on cost and Fixtures and Fittings and Motor vehicles at 5 percent on cost per annum.
Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be: __ Debit owner Withdrawals $28,000; credit Income Summary $28,000. __ Debit Income Summary $28,000; credit Owner Withdrawals $28,000. __ Debit Income Summary $28,000; credit Owner Capital $28,000. __ Debit Owner Capital $28,000; credit Income Summary $28,000. __ Credit Owner Capital $28,000; debit Owner Withdrawals $28.000.
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…