COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Textbook Question
Chapter 6, Problem 2CSR
A firm has the following expenses: Rent Expense, $3,600; Salaries Expense, $7,000; Supplies Expense, $1,500. Give the entry to close the expense accounts.
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Students have asked these similar questions
Castile Incorporated had a beginning balance of $3,200 in its Accounts Receivable account. The ending balance of Accounts
Receivable was $3,600. During the period, Castile recognized $50,000 of revenue on account. Castile's Salaries Payable account has
a beginning balance of $2,300 and an ending balance of $900. During the period, the company recognized $39,500 of accrued salary
expense.
Required
a. Based on the information provided, determine the amount of net income.
b. Based on the information provided, determine the amount of net cash flow from operating activities.
a. Net income
b. Net cash flow from operating activities
The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,000, Services Revenue $55,600, and Wages Expense $5,000. Adjustments are required for (a) prepaid rent expired $200; (b) accrued services revenue $900; and (c) accrued wages expense $700. Prepare a 10-column worksheet with six rows for the following accounts: Prepaid Rent, Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the unadjusted balances and the necessary adjustments on the work sheet and complete the work sheet for these accounts.
After preparing and posting the closing entries for revenues and expenses,
the income summary account has a debit balance of $27,000. The entry to
close the income summary account will be:
Multiple Choice
Debit Income Summary $27,000; credit Owner
Capital $27,000.
Debit Owner Withdrawals $27,000; credit Income
Summary $27,00.
Debit Income Summary $27,000; credit Owner
Withdrawals $27,000.
Debit Owner Withdrawals $27,000; Credit Owner
Capital $27,000.
Debit Owner Capital $27,000; credit Income
Summary $27,000.
Chapter 6 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQCh. 6 - Prob. 1.4SRECh. 6 - Prob. 1.5SRECh. 6 - Prob. 1.6SRACh. 6 - Prob. 2.1SRQCh. 6 - Prob. 2.2SRQCh. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE
Ch. 6 - Prob. 2.5SRECh. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSRCh. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSRCh. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQCh. 6 - Prob. 1ECh. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MFCh. 6 - Prob. 2MFCh. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MFCh. 6 - Prob. 1EDCh. 6 - Prob. 1ICCh. 6 - Prob. 1MPS
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- When the "Income Summary" account has a credit account balance of $100,000 after closing entries have been made to it, what does this imply?arrow_forwardAfter 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.arrow_forwardRequired: 1. Prepare the journal entries for the February transactions. 2. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post. The following are the other accounts used by the company: Supplies (130); Ventic, Withdrawals (320); School Revenues (410); Salaries Expense (510); Rent Expense (520); Gas and Oil Expense (530) and Utilities Expense (540). 3. Prepare a trial balance as at Feb. 28, 2014.arrow_forward
- I need prepare a journal entry with this information 1)The amount of $ 300.00 of the prepaid rent was used. 2) The amount of $ 200.00 of the prepaid insurance was used. 3) The $ 100.00 amount of depreciation expense was posted. 4) $ 400.00 was paid from the checking account in the payment of basic services (utilities). 5) A customer service was performed for $ 2,000.00 and the customer paid cash to the account of checks. 6) A team credit was purchased for $ 5,000.00. 7) The $ 300.00 phone bill was paid from the checking account. 8) A job was performed on a credit customer for $ 8,000.00. 9) There was a maintenance expense of $ 200.00 and it was paid in cash from the checking account. 10) A car was purchased for business use with a value of $ 10,000.00 of which was paid $ 2,000.00 in cash and the remainder on credit. 11) A payment was made to a debt for $ 1,000.00 in cash. 12) A customer was provided a service on credit for the maintenance of his vehicle for $ 600.00.arrow_forwardThe F. Mercury, Capital account has a credit balance of $29,750 before closing entries are made. If total revenues for the period are $92,700, total expenses are $68,300, and withdrawals are $15,750, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? Multiple Choice O оо O O $38,400. $14,000. $24,400. $54,150. $29,750.arrow_forwardThe F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Services revenue for the period is $55,200, wages expense is $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts? Debit Services revenue $55,200; credit Income Summary $55,200. Debit Services revenue $37,000; credit F. Mercury, Capital $37,000. Debit Income Summary $37,000; credit F. Mercury Capital $37,000. Debit Income Summary $55,200; credit Services revenue $55,200. Debit Services revenue $55,200; credit F. Mercury, Capital $37,000. Clear my choicearrow_forward
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