50.1K
Verified Solution
Link Copied!
4a Identify which of the following are temporary accounts of San Migael Company.
Owners Capital
Owners Drawings
Equipment
Accumulated Depreciation
Depreciation Expense
4b) Identify which of the following accounts would have balances on a post-closing trial balance.
Service Revenue
Income Summary
Notes Payable
Interest Expense
Cash
4c. The closing entry process consists of closing
all asset and liability accounts.
out the owners capital account.
all permanent accounts.
all temporary accounts.
4d.The final closing entry to be journalized is typically the entry that closes the
revenue accounts.
owners drawings account.
owners capital account.
expense accounts.
4e.Compute the dollar amount of current assets based on the following account balances.
Accounts Receivable $22,000
Accumulated DepreciationEquipment 27,000
| Cash | 8,400 |
| Equipment | 93,000 |
| Prepaid Rent | 7,000 |
| Short-term Investments | 15,000 |
4f.Rodriguez Company reported the following balances at June 30, 2014:
Sales Revenue $16,000
Sales Returns and Allowances 600
Sales Discounts 300
Cost of Goods Sold 7,500
What are the net sales for the month?
What is the gross profit for the month?
Answer & Explanation
Solved by verified expert
