Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. given the partial list of accounts below, the entr

Given the partial list of accounts below, the entry to close the temporary credit balance...

50.1K

Verified Solution

Question

Accounting

Given the partial list of accounts below, the entry to close the temporary credit balance accounts would include a:
Account
Debit
Credit
Sales
$20,000
Sales Discounts
$ 500
Cost of Goods Sold
$1,900
Merchandise Inventory
$5,000
Accounts Payable
$ 500
Owner, Capital
$10,000
Multiple choice question.
credit to Income Summary, $30,000.
credit to Income Summary, $19,500.
credit to Income Summary, $30,500.
credit to Income Summary, $20,000.

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

You are given the following information:      State of Economy Return on Stock A Return on Stock B   Bear .119 ?.062                Normal .098 .165                Bull .090 .250                 Assume each state of the...

Finance
Q

hello i wanted to know the process for finding the z value when area is given...

Basic Math
Q

Payback, NPV, and IRR   Rieger International is evaluating the feasibility of investing ​$86 comma 00086,000 in a piece of...

Finance
Q

write the importance of initial setting time of cement in various operation of making cement mortar...

Civil Engineering
Q

Acetylene gas (C2H2) with 20% excess air, fully in continuous regime incinerated. Air and fuel, separate...

Mechanical Engineering
Q

The balances in the accounts of Maybe Ltd at 30 June 2019 and 30 June 2020...

Accounting
Q

In Young s double slit experiment with slit separation 0 1 mm one observes a...

Physics
Q

Write an equation for a line that passes through the origin and is perpendicular to...

Geometry
Q

K Determine which of the four levels of measurement nominal ordinal interval ratio is most...

Statistics
Q

Given the relative frequency table below which of the following is the corresponding cumulative relative...

Statistics
Q

a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine...

Accounting
Q

Somerset Company, a manufacturer, uses the indirect method for preparing its statement of cash flows....

Accounting