Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a business has the following account balances on d

A business has the following account balances on December 31, 2020, after posting all adjusting...

70.2K

Verified Solution

Question

Accounting

image

image

A business has the following account balances on December 31, 2020, after posting all adjusting entries. All accounts have normal balances. Balances General Ledger accounts Owner's drawings n $15,600 Accounts receivable $12,200 Depreciation expense $21,500 $3,400 Prepaid expense Accumulated depreciation 79,100 Advertising expense $9,800 Unearned revenue $5,700 $78,500 Wage expense Owner's Capital $98,700 Service revenue $198,000 Rent expense $49,300 Interest revenue $2,900 For each of the following questions, select the correct response using the drop-down menus. Part A: When the closing entry is prepared for the Revenue accounts: Income summary will be debited For each of the following questions, select the correct response using the drop-down menus. Part A: When the closing entry is prepared for the Revenue accounts: Income summary will be debited Part B: When the closing entry is prepared for the expense accounts, Income Summary will be: debited for $162,500 - Part C: When the closing entry is prepared for Income Summary, the Owner's Capital account will be: credited for $38,900 - Part D: After the closing entries are journalized, the post-closing credit balance in Owner's Capital will be: $124,900

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Complete the t-chart for the function: h(x) = 2x + 1 x ...

Algebra
Q

Projectile Motion A projectile, launched over level ground from a height of 450 meters above the...

Physics
Q

Thermal Properties of Matter 261 22 100 g of ice latent heat 80 cal g...

Physics
Q

P and Q as two equally intense coherent sources emitting radiations of wavelength 20m as...

Physics
Q

JK is tangent to a circle with centre H as shown below What is HK...

Geometry
Q

52 4 i 8 0 Enter the solution in the box Hide Hints 1 Begin...

Geometry
Q

A doctor gives a patient a 60% chance of surviving bypass surgery after a heart...

Basic Math
Q

Equations and Inequalities Tito's little brother, Luis, earns money during the summer by mowing...

Accounting
Q

Custom Metal Works received an offer from a big-box retail company to purchase 2,800 metal...

Accounting
Q

Barlow sold merchandise to a customer on 5/1 for $2,500 with credit terms of 2/10,n/30....

Accounting
Q

Whirly's contribution format income statement for the most recent month is shown below: Sales (11,200...

Accounting
Q

A company is experiencing the following long-term trend on a month-over-month basis: Sales are increasing...

Finance