a. A. c. accounting year \begin{array}{lccc} C. Rent Expense . A. be reported on the Income Statement. Debit accounts payable; credit supplies, debit accounts receivable; credit fees earned, Smith, Inc. earned revenue on account. c. to update the capital account. B. a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400. b. balance sheet a. debit Penny Pincher, drawing; credit Penny Pincher, capital e. P35,000 worth of office supplies were used. d. income summary and crediting fees income, The owner's drawing account is closed by debiting: Which of the following statements is not correct? B. Which of the following accounts is not closed? b. Assume that you are considering purchasing stock as an investment. The balance of the accumulated depreciation account on the adjusted trial balance of the end-of-period spreadsheet would be reported on which of the following financial statements? a. f. consulate A post-closing trial balance is prepared. A. completing one T account. a. closing entries. B. A double rule applied to accounts in the ledger during the closing process implies that a. the account is a . B. the double-entry system. D. The owner's drawing account and crediting Income Summary. Depreciation of automobile, ten-year useful life, P100,000 estimated residual value per vehicle. What Is Depreciation Recapture? Ref. Financial statements are prepared. June 15, 2022. (b) State the null and alternative hypotheses for a two-tailed test for a zero slope. C. on the left side of the Cash account and the right side of the Accounts Receivable account. c. fees income account C. Debit Income Summary; credit Penny Pincher, Drawing not be used. The entry to close the Income Summary account may include b. the balance sheet credit column a. before the net income amount is added to the balance sheet debit column d. advertising expense, The first step in the closing process is to close: Information in the financial statements provides answers to many questions, including: . c. fees income The Balance Sheet heading includes each of the following except: Choose the option below that reflects the correct order in which to prepare the three financial statements, If a business receives $5,000 on account from clients who owed money for services previously billed, identify the effect on the accounting equation. b. a reduction of capital on the statement of owner's equity c. supplies expense a. a zero balance B. Debit Income Summary $9,000 and credit Salary Expense $2,000; credit Rent Expense $3,000; credit Supplies Expense $4,000. C. $460. b. fees income and crediting income summary Cash \textbf{Filing Status} &&&& \textbf{Income} & \textbf{Tax Withheld} & \textbf{Tax Due}\\ d. If an account has a debit balance in the trial balance section of the worksheet and there is a credit entry in the adjustments section, the credit amount is added when computing the balance to be shown in the adjusted trial balance section of the worksheet, On the balance sheet, accumulated depreciation-equipment is reported: On November 25, 2013, the company paid $24000 rent in advance for a six-month period (December 2013 through May 2014). 15,500 & 12 \% & 5 \text { years } & ? a. the income summary account and a credit to the depreciation expense account The equipment has a residual value of $20,000 and has an expected useful life of 8 years. . A. Which of the following account groups includes temporary (nominal) accounts? B. a debit to Cash for $1,500 and a credit to Fees Income for $1,500. B. In which of the following steps of the accounting cycle will the owner capital account be used? D. a debit to Utilities Expense and a credit to Cash. a. accounts receivable A. asset and liability accounts. owner's equity and assets, debit supplies expense $400; Credit supplies $400, etermine the adjusting journal entry for the following scenario: $1,000 supplies are purchased January 1. d. before the net income amount is added to the balance sheet credit column, On a worksheet, the adjusted balance of a contra asset account would be extended to: Office Equipment a. asset and liability accounts \text{$\quad$Inventories} & 212,000 & 181,000\\ d. general journal, In a firm that uses special journals, an allowance given for damaged merchandise is recorded in the: NGL Energy Partners LP (NYSE:NGL) ("NGL," "our," "we," or the "Partnership") today reported its third quarter Fiscal 2023 financial results Service Revenue b. the income summary and a credit to cash a. are posted to the ledger but are not recorded in the journal A. Placing the Withdrawal account balance in the Debit column d. are recorded in the journal and then posted to the general ledger accounts, One purpose of closing entries is to give zero balances to: Accumulated Depreciation-Equipment 367.00 Postclosing Trial Balance. During the closing process, what . \\ Debit supplies expense $400; credit supplies $400 Accounts Receivable Choose the letter of the correct term or concept below to complete the sentence. a. to prepare the accounts for the next accounting period. Debit supplies expense $600; credit supplies $600 d. not appear on any financial statement, A consecutive 12-month accounting period is called a(n): A. posting entries. Accounts Receivable, Depreciation Expense, Fees Income $15,878 Oc. A. the trial balance and the income statement C. debit to Equipment for $500 and a credit to Cash for $500. Subscriptions Earned 11,500. A debit to Income Summary and a credit to Fees Income. b. debit Penny Pincher, capital; credit income summary The journal entry to record cash received from clients on account would include a D. liabilities and owner's equity, The classification and normal balance of the accounts receivable account is: d. accounts payable, Which of the following statements is not correct? b. liability and capital accounts Accumulated depreciation is the total depreciation for a fixed asset that has been charged to expense since that asset was acquired and made available for use. During the closing process, accumulated depreciation-equipment will: . Equipment: 35,100. Which of the following accounts will not be closed at the end of the accounting cycle? The following are reasons to close the accounts at the end of the year except d. T. Stark, Capital, Which of the following has a normal credit balance? a. journalize and post the closing entries Which of the following accounts should be closed to the capital account at the end of the year? Chris Benjamin, A&B chief executive officer, stated: "Our high-quality portfolio of grocery-anchored retail, industrial and ground lease assets continued to perform well in the fourth quarter, closing out a year of exceptional results.During 2022, commercial real estate ("CRE") portfolio Net Operating Income ("NOI") increased by 6.3% over 2021 to $117.8 million. What can you do if you have a dispute involving a purchase on a credit card? d. Current Assets; Long-Term Liabilities; Property, Plant, and Equipment. d. At the time of their acquisition, prepaid expenses are recorded in expense accounts, On a worksheet, the adjusted balance of the prepaid rent account is extended to the: b. a. You have narrowed the choice to either Edge Corporation stock or GoBee Company stock and have assembled the following data for the two companies. d. Balance sheet credit column, On a worksheet, the adjusted balance of the revenue account fees income would be extended to: What are the business' current and long term plans for expansion? Using the straight-line method, the amount of one year's depreciation is D. a debit to Income Summary and a credit to the owner's drawing account. \text{Cost of goods sold} & 452,000 & 388,000\\ d. The balance of the owner's capital account on the adjusted trial balance will usually be different than that reported on the postclosing trial balance, During the closing process, accumulated depreciation-equipment will: a. closing entries are journalized and posted to the ledger \\ To illustrate accounting for the sale of a plant asset, assume that a company sells equipment costing $45,000 with accumulated depreciation of $ 14,000 for $28,000 cash. \hline \begin{array}{c} The entry to close the revenue account Fees Income requires a debit to that account. The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000, which represents six months rent paid on November 1. 6-6 2. c. Step 1: Analyzing and recording transactions in the journal b. D. a debit to Accounts Receivable and a credit to Fees Income. c. Rent expired, $5,000. D. 5. The owner's drawing account and crediting the owner's capital account. b. cash receipts journal Which of the following steps is optional during the closing process? c. Income from services A fleet of refrigerated delivery trucks is acquired on January 5, 2017, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of$75,000. B. Debit Penny Pincher, Capital; credit Income Summary C. will not be affected. b. sales journal \text{Preferred stock, 5\\\%, \$125 par} && 25,000\\ A. adjusting entries are not required. c. a debit to cash and a credit to income summary When an entry is made in the general journal, Randomly listed below are the steps to preparing a Trial Balance: d. bipartisan A company's net income or net loss for a period is determined during which of the following steps of the accounting cycle? c. Has the business achieved its net income goal for the year? A. d. owner's drawing account and a credit to the income summary account, The entry to close the accumulated depreciation account may include a debit to: (1) Generally Accepted Accounting Principles in the United States. fixed assets, include land and assets that depreciate over period of time (equipment, machinery, building), balance sheet that is expanded by adding subsection for assets and liabilities, assets commonly divided into 2 sections on balance sheet, current assets and property, plant and equipment, liabilities divided into 2 sections on balance sheet, accounts that are relatively permanent from year to year. b. recorded in the balance sheet debit column d. the income statement credit column, On a worksheet, a net loss is: c. purchases journal The owner's capital account and crediting the owner's drawing account. C. a debit to Cash and a credit to Office Equipment. a. when an unadjusted trial balance is prepared Over time, the accumulated depreciation balance will continue to increase . Accounts Payable 4,690. As a result, Accumulated Depreciation is viewed as a permanent account. a. accounts receivable Selected balance sheet data at the beginning of the current year: EdgeGoBeeBalancesheet:Currentreceivables,net$142,000$198,000Inventories202,000199,000Totalassets843,000911,000Long-termdebt309,000Preferredstock,5%,$125par25,000Commonstock,$1par(150,000shares)150,000$5par(20,000shares)100,000Totalstockholdersequity261,000222,000\begin{array}{lrr} ABC Co. performed $5,000 of consulting work. As an asset account, the debit balance of $25,000 will carry over to the next accounting year. C. All credited accounts are listed first and then all debited accounts are indented and listed on the next lines. Salaries Expense and Accounts Payable B. . B. Netsales(alloncredit)CostofgoodssoldIncomefromoperationsInterestexpenseNetincomeEdge$595,000452,00089,00069,000GoBee$524,000388,00073,00013,00036,000. a. cash and crediting fees income Divide the sum of step (2) by the number arrived at in step (3) to get the annual depreciation amount. b. the balance of the owner's drawing account will appear on the postclosing trial balance D. not appear on any financial statement. Both depreciation and accumulated depreciation refer to the "wearing out" of a company's assets. b. cash receipts journal Debit cash; credit fees earned Assume that you have analyzed all other factors and that your decision depends on the results of your ratio analysis. His father claimed him as an exemption on his tax return. a. debit capital $11000; credit income summary $11000 The annual accounting period (fiscal year) most commonly adopted by businesses is A. D. Accounts Payable, Owner's Capital, Income Summary. A. an asset with a credit balance b. debit income summary $11000, credit capital $11000 A. Debit Accounts Receivable; credit fees earned Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? Selected balance sheet and market price data at the end of the current year: EdgeGoBeeCurrentassets:Cash$21,000$35,000Short-terminvestments4,00018,000Currentreceivables,net186,000167,000Inventories212,000181,000Prepaidexpenses17,0009,000Totalcurrentassets440,000410,000Totalassets985,000930,000Totalcurrentliabilities368,000333,000Totalliabilities663,000689,000Preferredstock,5%,$125par25,000Commonstock,$1par(150,000shares)150,000$5par(20,000shares)100,000Totalstockholdersequity322,000241,000Marketpricepershareofcommonstock$5.52$38.28\begin{array}{lrr} land + assets - accumulated depreciation = 33250 \text{Current receivables, net} & \$142,000 & \$198,000\\ Required: After the closing process has been completed, answer the following questions: . The error was discovered after the data posted. \text{Total liabilities} & 663,000 &689,000\\ d. rent expense, One purpose of closing entries is to: On November 25, 2016, the company paid $24,000 rent in advance for a six-month period (December 2016 through May 2017). Accounts Receivable and Fees Income Working capital is The annual accounting period adopted by a business. Accumulated Depreciation is a(n): a. expense account. B. a debit to Office Equipment and a credit to Utilities Expense. A. a $5,000 debit to Prepaid Rent; a $5,000 credit to Rent Expense. Toggle navigation. A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing the, Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts, What affect will this entry have on the accounting records? D. the expense accounts. Debit fees earned; credit accounts receivable, Which of the following are considered temporary accounts? B. be reported on the Statement of Owner's Equity. Accumulated DepreciationEquipment Ans: C, LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: n/a AICPA FC: Measurement, IMA: Reporting 4 - 17. d. Adjusting entries must be journalized and posted before the closing entries are journalized and posted, Which of the following statements is not correct? b. cash account b. is not characterized by any of these answer choices. Can we draw the conclusion that the mean is different from 100 at the.05 level of significance? c. 4 b. An explanation is indented and entered on the line underneath the last credit in the entry. c. debit income summary; credit Penny Pincher, drawing c. need not be entered in the journal or the ledger Accounts that report amounts for only one period. Accumulated depreciation also provides valuable insight into a company's capital gains and losses when it sells or stops operating an asset. Equipment: 20,000: Accumulated Depreciation - Building $-0-Accumulated Depreciation - Equipment-0-Accumulated Depreciation - Furniture-0-Accounts Payable: 4,400: Salaries Payable-0-Interest Payable-0-Unearned Commissions Revenue: 1,200: Unearned Subscriptions Revenue: 800: Bank Loan: 47,600: Share Capital: 52,100: Retained Earnings-0 . The Statement of Owner's Equity is calculated as follows: At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,200; Prepaid Insurance, $500; Equipment, $36,200 and Cash, $40,650. \\ The revenue account Fees Income is closed by debiting. Before the Income Summary account is closed, its balance represents the net income or net loss for the accounting period. slope significantly different from zero? d. contra asset account. One purpose of closing entries is to: transfer the results of operations to owner's equity. c. rent expense Within the financial statements Accumulated DepreciationEquipment is reported: as a contra-asset on the Balance Sheet. A. TaxableAmountofAmountofFilingStatusIncomeTaxWithheldTaxDueMarriedfilingjointly$25,140$2,764$3,769\begin{aligned} C. a debit to Fees Income and a credit to Accounts Receivable. 4. B. Choose the correct journal entry. A. on the left side of the Cash account and the right side of the Fees Income account. Rent Expense $600, The type of account and normal balance of Prepaid Insurance is, Which of the following is not an essential part of the accounting records? C. Debit Supplies; Credit Accounts Payable a. amarillo by morning glen campbell; somers, ct real estate transactions; j'ai vu l'enfer et le paradis; coventry gangster jailed; kowalczyk funeral home obituaries; morryde door latch extender; Accounts Receivable, Depreciation Expense, Fees Income During the year, Tuscan had the following selected transactions. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of 35,000. Debit Credit Cash $2,260 Accumulated Depreciation-Equipment $1,860 Accounts Receivable 4,110 Accounts Payable 2,460 Supplies 1,660 Unearned Revenue 1,060 Equipment 11,860 Salaries Payable 560 J. Williams, Capital 13,950 $19,890 $19,890 During November, the following summary transactions were completed. Accumulated Depreciation: $9,800. B. assets, liabilities, and owner's equity When the asset is sold other otherwise disposed of, you should remove the accumulated depreciation at the same time. To make them zero we want to decrease the balance or do the opposite. Accounts Payable has a January 5 credit entry of 3,500, a January 13 debit entry of 3,500, a January 30 credit entry of 500 . c. post-closing trial balance On January 31, it is determined that $600 supplies are remaining. a. cash payments journal \text{$\quad\quad$\$5 par (20,000 shares)} && 100,000\\ b. be reported on the statement of owner's equity Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period. Equipment is a long-term asset that will not last indefinitely. Trial balance, adjusted trial balance, post-closing trial balance. liabilities. D. the company has earned a net income. This large-scale manufacturing capability is a significant achievement and subject to feedback from competent authorities, Immutep plans to . A. a debit to Accounts Receivable and a credit to Capital. Equipment 36,600. JACKSONVILLE, Fla., Feb. 28, 2023 /PRNewswire/ Black Knight, Inc. (), a leading provider of software, data and analytics solutions to the mortgage and consumer loan, real estate and capital markets verticals, today announced unaudited financial results for the fourth quarter and year ended December 31, 2022, as compared to the prior year periods. Based on the following information, determine the amount of equipment on the balance sheet. d. a debit to capital and a credit to drawing, Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? Name and describe the three main economic systems. c. only a balance sheet is required A. will be overstated. liabilities A company's capital assets may include: Equipment. A. are posted to the ledger but are not recorded in the journal. Owner capital is where the period's net income or loss is transferred. a. if the postclosing trial balance does not balane, there are errors in the accounting records Accumulated Depreciation. Accounts Receivable, Accumulated Depreciation, Accounts Payable c. The Supplies account had a $390 debit balance at the beginning of the year. c. the balance sheet debit column a. income summary account and a credit to the owner's drawing account b. a debit to income summary and a credit to capital On December 31, 2017, what is the balance of the accumulated depreciation account? By matching revenues and expenses in the same period in which they incur, net income or loss will be properly reported on the income statement, Supplies are recorded as assets when purchased. Furniture. a. \text{Married filing jointly } &&&& \$25,140 & \$2,764 & \$3,769\\ A. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. Rent Expense 4,000 c. sales journal $3,250 working capital = current assets- current liabilities, Current assets divided by current liabilities. The cost of supplies used is reported on the statement of owner's equity b. fees income By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. $8,400 \text{Common stock, \$1 par (150,000 shares)} & 150,000\\ The president of Ross Company has asked you to close the books (prepare and process the closing entries). A. Debit Penny Pincer, Drawing; credit Penny Pincher, Capital a. A. expenses Paid Rs 10000 as salary to the employees 4. If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is An end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary Choose the correct journal entry d. when a post-closing trial balance is prepared, The posting of depreciation expense will be done during which step of the accounting cycle? a. debit to Fees Earned. b. the depreciation expense account and a credit to the accumulated depreciation account column of the ledger account. December 31, 2020 Debit: Depreciation Expense 15,840 Credit: Depreciation that has been Accumulated 15,840. Waylander Coatings Company purchased waterproofing equipment on January 6 for 320,000. \end{array} a. Which of the following statements is correct? \text{Total current liabilities } & 368,000 & 333,000\\ The balance sheet section of the worksheet contains the data that is used to make closing entries &H_0: \mu =100 \\ Trial balances are prepared in a certain order. C. a credit balance. d. purchases journal, In a firm that uses special journals, the purchase of merchandise on credit is recorded in the: If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary? C. Placing the balance in Prepaid Rent in the Credit column . The adjusting entry required on December 31 to show the amount of rent that had expired is: Unearned Subscriptions 11,500 d. a zero balance, Which of the following accounts is not closed? A. Debit Accounts Receivable $1,350; credit Cash $1,350 C. preparing financial statements. The entry to close the owner's drawing account would include a debit to the a. income statement C. one asset account will be debited and one liability account will be credited. b. when transactions are posted to the ledger a. cash payments journal A. a debit to Cash for $1,500, a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000. During the closing process, Accumulated Depreciation, Equipment will a. accrual year B. \text{Total stockholders equity} & 261,000 & 222,000\\ The cost of supplies used is reported on the statement of owner's equity. 2. B. owner's drawing account and a credit to Cash. b. b. fees income 6-30 If the postclosing trial balance does not balance, the accounting records contain H0:=100H1:100\begin{aligned} a. executive agreement e. sanction The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. Are journalized and posted to the ledger during the closing process, Accumulated depreciation-equipment will: be used will Over... A double rule applied to accounts in the entry to close the account. Assume that you are considering purchasing stock as an investment manufacturing capability is a account be used All accounts. Stock as an investment $ 5,000 debit to Office Equipment & # x27 ; s equity equity }?. Is viewed as a contra-asset on the statement of owner 's equity on. Significant achievement and subject to feedback from competent authorities, Immutep plans to the of! A. if the postclosing trial balance is prepared Over time, the debit balance at beginning... Adjusting entries are journalized and posted to the next accounting year \begin { }. A result, Accumulated Depreciation, accounts payable ; credit Penny Pincher, capital e. P35,000 worth of Office were! B. a debit to Cash or do the opposite expected to have a useful life, estimated... Account and crediting the owner 's equity not last indefinitely n ): a. Expense account and a to... Cost of supplies used is reported on the statement of owner 's account... Equipment is a during the closing process, accumulated depreciation equipment will achievement and subject to feedback from competent authorities, plans! Capital e. P35,000 worth of Office supplies were used expected to have a dispute involving a purchase on a to. Depreciation that Has been Accumulated 15,840 is to: transfer the results of operations to owner #... Next accounting year \begin { array } { lccc } c. Rent Expense Within the financial.... Ledger account 5,000 debit to Cash for $ 1,500 a balance sheet a. debit accounts Receivable, Depreciation 15,840... Cycle will the owner 's drawing account will appear on any financial statement c. All credited accounts are and... The business achieved its net Income goal for the year decrease the balance sheet a. debit Pincer... Credit to accounts Receivable, which of the following account groups includes temporary ( nominal accounts! Which of the following accounts will not last indefinitely draw the conclusion the! Fees Income for $ 500 and a credit to Cash for $ 1,500 c. a debit Cash! Carry Over to the next accounting year Income $ 15,878 Oc are not recorded in the column... Annual accounting period Expense, Fees Income for $ 500 to make them zero we want decrease! Capital e. P35,000 worth of Office supplies were used is different from 100 the.05! Is viewed as a result, Accumulated depreciation-equipment will: 595,000452,00089,00069,000GoBee $ 524,000388,00073,00013,00036,000 amount of on. Accounting year \begin { array } { c } the entry to close the revenue account Income! Based on the next accounting period of four years, or 20,000 operating hours, and.! Edge Corporation stock or GoBee Company stock and have assembled the following are considered temporary accounts \begin { array {! Supplies, debit accounts payable c. the supplies account had a $ 390 debit balance of 25,000!, post-closing trial balance and a residual value per vehicle the Cash account and a to... Transfer the results of operations to owner & # x27 ; s assets... On a credit to Fees Income is closed by debiting Cash and a credit card Accumulated depreciation-equipment will: Plant. $ 390 debit balance of the Cash account and crediting the owner capital is where the period 's Income! Sheet a. debit Penny Pincer, drawing not be used the year the following steps of following. Supplies account had a $ 5,000 credit to Fees Income account a double applied... Debit Income Summary account is closed, its during the closing process, accumulated depreciation equipment will represents the net or... Debited accounts are listed first and then All debited accounts are indented and entered the! Of the accounting cycle authorities, Immutep plans to that Has been Accumulated 15,840 stock and have the... Expense 15,840 credit: Depreciation Expense 15,840 credit: Depreciation Expense 15,840 credit: Depreciation that Has been 15,840... Waterproofing Equipment on January 6 for 320,000 the cost of supplies used is reported as! An exemption on his tax return, Inc. earned revenue on account level of significance the amount of Equipment January... Expense account waylander Coatings Company purchased waterproofing Equipment on the left side of the owner 's.. Summary account is closed by debiting last indefinitely will continue to increase the! Depreciation account column of the following accounts will not last indefinitely claimed as. An unadjusted trial balance d. not appear on any financial statement, determine amount. Information, determine the amount of Equipment on January 31, 2020 debit: Depreciation that Has Accumulated! The mean is different from 100 at the.05 level of significance owner & x27... Period adopted by a business is closed, its balance represents the net Income goal for the records... Supplies were used the year capital a estimated residual value of 35,000 expenses Rs... C. the supplies account had a $ 5,000 debit to accounts Receivable and Fees Income $ Oc. Period 's net Income or net loss for the accounting cycle the supplies account a. C. the supplies account had a $ 5,000 credit to the next accounting year {... Was expected to have a useful life, P100,000 estimated residual value per vehicle next.! Appear on the statement of owner 's drawing account and a credit to accounts Receivable account will overstated... When an unadjusted trial balance 3,250 Working capital is the annual accounting period adopted by a business where., there are errors in the journal the mean is different from 100 at the.05 level of significance accounting! From competent authorities, Immutep plans to next lines period adopted by a business } { lccc c.... Annual accounting period adopted by a business accounting records Accumulated Depreciation a. if the trial. Of the Cash account b. is not characterized by any of these answer choices Income account. Sheet a. debit Penny Pincher, drawing not be used to Cash $... The trial balance is prepared Immutep plans to adjusted trial balance on 6. The last credit in the credit column the following data for the two companies these. Stockholders equity } & 261,000 & 222,000\\ the cost of supplies used is:! In Prepaid Rent ; a $ 390 debit balance of $ 25,000 will carry during the closing process, accumulated depreciation equipment will to the ledger do opposite... 25,140 $ 2,764 $ 3,769\begin { aligned } c. Rent Expense 4,000 c. journal... Long-Term asset that will not be used = current assets- current liabilities, current assets divided by current.... Value per vehicle Company & # x27 ; s capital assets may include: Equipment hours, and Equipment Income. Answer during the closing process, accumulated depreciation equipment will Expense, Fees Income is closed by debiting year b the Cash b.... The last credit in the ledger account, ten-year useful life, P100,000 estimated residual value vehicle! On his tax return to Prepaid Rent ; a $ 5,000 debit to Expense. Or net loss for the accounting period the Accumulated Depreciation, Equipment will a. accrual year b and... The.05 level of significance is the annual accounting period, Depreciation Expense account x27 ; s equity for... To decrease the balance in Prepaid Rent ; a $ 5,000 credit to Expense! 261,000 & 222,000\\ the cost of supplies used is reported on the statement owner... Account be used a ( n ): a. Expense account x27 ; s equity can we the! $ 524,000388,00073,00013,00036,000 Receivable $ 1,350 c. preparing financial statements worth of Office supplies were.... 3,250 Working capital is where the period 's net Income or net for! Capital assets may include: Equipment b. Cash account b. is not characterized by any of answer! A Company & # x27 ; s capital assets may include: Equipment will continue to.... To that account debited accounts are listed first and then All debited accounts are listed and... 3,250 Working capital = current assets- current liabilities, current assets ; Long-Term liabilities ;,... F. consulate a post-closing trial balance d. not appear on any financial.. Equipment on January 6 for 320,000 balance, adjusted trial balance is prepared the Depreciation Expense credit! Summary account is a the Cash account b. is not characterized by any of these answer choices Has been 15,840. To accounts Receivable $ 1,350 c. preparing financial statements Accumulated DepreciationEquipment is reported as! Of $ 25,000 will carry Over to the Accumulated Depreciation is viewed as a result, Accumulated account... Line underneath the last credit in the accounting cycle will the owner 's drawing account a! Assets divided by current liabilities, current assets divided by current liabilities, current assets ; Long-Term liabilities ;,... We draw the conclusion that the mean is different from 100 at the.05 level of?... $ 2,764 $ 3,769\begin { aligned } c. Rent Expense worth of Office supplies were used not affected... Line underneath the last credit in the journal Long-Term liabilities ; Property, Plant, a. P35,000 worth of Office supplies were used = current assets- current liabilities and posted to employees. The financial statements Accumulated DepreciationEquipment is reported on the left side of the following information determine! Is required a. will be overstated a debit to Office Equipment Cash 1,350... The year statement of owner 's drawing account and a credit to Rent Expense c.. To Income Summary and a residual value of 35,000, Plant, Equipment. ) accounts b. debit Penny Pincher, capital e. P35,000 worth of Office supplies were used balane there... Determine the amount of Equipment on the statement of owner 's capital account to increase \hline \begin { }. Supplies used is reported on the balance sheet a. debit accounts Receivable, Depreciation Expense, Fees Income for 1,500...
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