If L. Green's total revenue for the year was $38,000 and total expenses were $30,000, the...
If L. Green's total revenue for the year was $38,000 and total expenses were $30,000, the third closing entry would be
Select one:
a. debit Income Summary; credit L. Green, Capital.
b. debit L. Green, Capital; credit Income Summary.
c. debit Income Summary; credit Income from Services.
d. debit Income from Services; credit Income Summary.
e. debit L. Green, Capital; credit L. Green, Drawing.
Homework Answers
The entry would be
| Account | Debit | Credit |
| Income summary | 8000 | |
| L green, capital | 8,000 |
Option A is the answer i
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If L. Green's total revenue for the year was $38,000 and total
expenses were $30,000, the...
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000...
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000 after revenue of $32,000 and expenses of $62,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,300 and Madison Wells, Capital has a credit balance of $51,000. Required: Record the journal entries necessary to complete closing the accounts. *Closing entry for entry of the balance of income summary and closing entry for the drawing account* What is the new...
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The first two closing entries to the Income Summary account indicate a debit of $55,500 and a credit of $67,000. The third closing entry would be: Multiple Choice O debit Revenue 567,000; credit Expenses $55,500. debit Income Summary $11,500; credit Drawing $11,500. debit Income Summary $11,500; credit Capital $11,500. debit Capital $11,500; credit Income Summary $11,500.
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
When the income summary has total debits of $10,500 and total credits $15,500, the closing entry...
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The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
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he adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance,...
he adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J. Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000 The entry to close revenue would involve a Select one: a. debit to Income Summary, $35,000. b. credit to Income from Services, $35,000 c. debit to Income from Services, $35,000. d. None of the answers listed
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
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*
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Credit...
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Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
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*
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*
Debit to income summary $12,900
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Record the closing entry for revenue.
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Record the closing entry for the balance of income
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