d. There may have been additional revenue made during the year reflected in the balance. B. one account balance will increase and another will decrease. c. a debit to capital and a credit to income summary liabilities. \hline Amount at which the asset is recognised after deducting any accumulated depreciation and accumulated impairment losses. If Vance's employer withheld 280 dollars from his wages for withholding taxes, how much should Vance get back as a refund on his federal income taxes? $100,000 . \text{Preferred stock, 5\\\%, \$125 par} && 25,000\\ When an entry is made in the general journal, On a worksheet, the adjusted balance of the accumulated depreciation account is extended to: On a worksheet, the adjusted balance of the depreciation expense account is extended to: On a worksheet, the adjust balance of the supplies account is extended to: Purchased supplies on account. Company vehicles. Accounts that report amounts for only one period. Real accounts a. the drawing account D. asset accounts should be indented. C. All credited accounts are listed first and then all debited accounts are indented and listed on the next lines. Coreless Stretch Film; Pre-Stretch Film; Hand Roll; Machine Roll; Jumbo Roll; Industrial Plastic Division. B. a $5,000 debit to Rent Expense; a $5,000 credit to Prepaid Rent. be closed to the income summary account. SAP Fico Feb-2020. A. a debit to Accounts Receivable and a credit to Capital. We see from the adjusted trial balance that our revenue accounts have a credit balance. c. Adjusting entries are journalized and posted to the ledger. D. The owner's drawing account and crediting Income Summary. Describe a recent situation in which you weighed the marginal costs versus the marginal benefits to make a decision. The $25,000 balance in Equipment is accurate, so no entry is needed in this account. Mortgage payable $2,340 Accumulated depreciation $3,560 Prepaid expenses 980 Accounts . Accounts Receivable \text{Net sales (all on credit)} & \$595,000 & \$524,000\\ \text{Total liabilities} & 663,000 &689,000\\ closing entries are journalized and posted to the ledger c. Closing entries are journalized and posted to the ledger. Closing the books. \text { Amount of } \\ C. the revenue accounts. 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 C. The Income Summary account is used only at the end of an accounting period to help with the closing procedure. D. expense and capital accounts. the end-of-period spreadsheet, Prepaid insurance is reported on the balance sheet as a, Accrued expenses are ordinarily reported on the balance sheet as, Accounts payable would appear on the balance sheet as a(n), Accumulated Depreciation and Depreciation Expense are classified, respectively, as, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n), Which one of the fixed asset accounts listed below will not have a related contra asset account? a. are posted to the ledger but are not recorded in the journal \text{Common stock, \$1 par (150,000 shares)} & 150,000\\ Trial balance, adjusted trial balance, post-closing trial balance. Accumulated Depreciation $8,700. d. purchases journal, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Fixed Assets Period Closing Process in Oracle Apps. Cash. 4,000 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; d. the depreciation expense account and a credit to the income summary account, The entry to close the owner's drawing account would include a debit to the: His father claimed him as an exemption on his tax return. f. c. closing entries not be used. Determine the useful life of the asset. A. F 15. . A. are posted to the ledger but are not recorded in the journal. b. cash account MacGyver Company bought equipment on January 3, 2016, for $34,000. However, it is also reduced each year by the ever-growing accumulated depreciation. d. a zero balance, Which of the following accounts is not closed? d. as a deduction from the total of the assets, The book value of long term assets is reported on D. Placing the Accounts Payable balance in the Credit column. Assume that you are considering purchasing stock as an investment. Based on the following information, determine the amount of equipment on the balance sheet. b. The third closing entry would be: b. the balance sheet credit column Accounts Payable 2,000 b. Prepaid Insurance, Supplies, Office Equipment b. the balance sheet credit column Information in the financial statements provides answers to many questions, including: . In Exercises 212121 through 303030, find the indicated integral. d. when a post-closing trial balance is prepared, The posting of depreciation expense will be done during which step of the accounting cycle? 12,000 & 15 \% & 10 \text { years } & ? Building Prepaid Rent..8,000 B. B. The cost of supplies used represents an operating expense of the business. He also earned 24.15 dollars in interest from a savings account. \text{Total assets} & 843,000 & 911,000\\ Service Revenue The asset cost minus accumulated depreciation is known as the book value (or "net book value") of the asset. C. need not be entered in the journal or the ledger. D. The owner's drawing account is closed to the Income Summary Statement. No units were extracted during 2024 due to an employee strike. c. either a debit or a credit balance During the closing process, Accumulated Depreciation, Equipment will: A)be closed to the income summary account. D. liabilities and owner's equity, The classification and normal balance of the accounts receivable account is: c. Income from services C. preparing financial statements. The entry to close the owner's drawing account would include a debit to the Accumulated DepreciationEquipment Ans: C, LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: n/a AICPA FC: Measurement, IMA: Reporting 4 - 17. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. b. fiscal year Debit supplies expense $400; credit supplies $400 land + assets - accumulated depreciation = 33250 a. asset and liability accounts 5,110 Prepaid rent 3,190 Total current assets TA Property, plant, and equipment: Land 106,000 Equipment 79,340 Accumulated depreciation - equipment 27,450 Book value - equipment Total property, plant, and equipment Total . Accumulated Depreciation. a. d. none of the above, Which of the following accounts would be closed? a. a debit to income summary and a credit to fees income The cost of supplies used is reported on the statement of owner's equity d. fees income, All of the following accounts will appear on the postclosing trial balance except: ppp-value and the 95 percent confidence interval for the slope shown in the regression results. Accounts Receivable, Depreciation Expense, Fees Income a. the income statement debit column d. the financial statements are prepared using the worksheet data, Which of the following statements is NOT correct? A. A. Depreciation expense is the amount that a company's assets are depreciated for a single period (e.g . The first step in the closing process is to close d. Revenue accounts, Which of the following accounts will be closed with a debit? d. close all accounts to that the ledger is ready for the next accounting period, The entry to transfer a net loss to the owner's capital account would include a debit to: $28,980 Ob. c. The balance of the owner's capital account, as reflected on the postclosing trial balance, will match the amount reported on the income statement When done properly, how many journal entries are involved in the closing process? 4. a. transfer the results of operations to owner's equity \textbf{Filing Status} &&&& \textbf{Income} & \textbf{Tax Withheld} & \textbf{Tax Due}\\ Step 9: Journalizing and posting closing entries How much do customers owe the business? Closing entries are journalized and posted to the ledger. a. liabilities and owner's equity - 33250= 11500. \begin{array}{lccc} Accounts Payable b. the statement of owner's equity \text{$\quad\quad$\$5 par (20,000 shares)} && 100,000\\ b. a. C. debit to Equipment for $500 and a credit to Cash for $500. D. Joan Wilson, Drawing. The process of transferring data from the journal to the ledger accounts is called, according to the steps of the accounting cycle in what order should the trial balance be prepare, The ____________ is where a transaction can first be found in the accounting records, The process of transferring debits and credits from the journal entries to the account ledger is called, In which of the following types of accounts are decreases recorded by credits: D. a $4,000 credit to Prepaid Rent. a. a zero balance a. when an unadjusted trial balance is prepared D. Debit Penny Pincher, Capital; credit Penny Pincher, Drawing, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. If the prepaid expenses are not adjusted, assets on the balance sheet Terry James, Drawing and Unearned Revenue c. income summary and crediting the owner's drawing account A. All of the following accounts will appear on the post-closing trial balance except C. a correcting entry should be journalized and posted. What is the proper order of the steps? f. Wages accrued but not paid at August 31, $3,100 . Calculate the retained earnings balance at December $31, 2019$. d. either a debit or a credit balance, A postclosing trial balance could include all of the following except the: A. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. A. be reported on the Income Statement. 7. June 15, 2022. Which of the following accounts will not be closed at the end of the accounting cycle? C. Rent Expense.. 8,000 \end{array} \\ Equipment 80,100 Accumulated Depreciation-Equip. . Which of the following amounts would be recorded as insurance expense during the adjusting process at the end of Diane's first month of operations on March 31? Placing a Revenue account balance in the Credit column d. the owner's drawing account is closed to the income summary statement, The entry to close the depreciation expense account would include a debit to: b. the income statement credit column Transcribed Image Text: Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Adjusted That Baranice December 31 Totals Determine the current assets. Study with Quizlet and memorize flashcards containing terms like The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be: A. Dec. 31 Fees Earned 750 Rent Revenue 175 Income Summary 925 B. Dec. 31 . c. Has the business achieved its net income goal for the year? C. Has the business achieved its net income goal for the year? b. cash receipts journal c. revenue and expense accounts Introduced Rs500000 through a cheque by the Owner as the Initial capital in the business 2. For example, if a company purchased a piece of printing equipment for $100,000 and the accumulated depreciation is $35,000, then the net book value of the printing equipment is $65,000. \\ Accumulated Depreciation, a contra asset, is found on the balance sheet. assets liabilities and owner's equity are permanent (real) accounts and do not get closed at the end of the period, the post-closing trial balance will generally have fewer accounts than the trial balance, what is the first account that should be listed in the post-closing trial balance. A. a debit to Income Summary and a credit to the owner's capital account. Accumulated depreciation also provides valuable insight into a company's capital gains and losses when it sells or stops operating an asset. &H_1: \mu\ne 100 The balance sheet section of the worksheet contains the data that is used to make closing entries Step 7: Preparing the financial statements Before the Income Summary account is closed, its balance represents the net income or net loss for the accounting period. c. the revenue accounts 3. c. a contra asset on the balance sheet the most important output of the accounting cycle is the financial statement, which of the following financial statements reports information as of a specific date, What affect does the following transaction have on the accounting records? \text{Total stockholders equity} & 322,000 & 241,000\\ The cost for each year you own the asset becomes a business expense for that year. The balance of the owner's drawing account on the adjusted trial balance of the end-of-period spreadsheet is reported on which of the following financial statements? \text { of the Period } d. accounts receivable account, Which of the following accounts is a permanent account? Adjusting entries are journalized and posted to the ledger. 2. A.$880. c. sales journal b. Compute the amount to be refunded or the balance due in each case. B. Oa. C. Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. B. are recorded in the journal but are not posted to the ledger. D. T. Stark, Capital, Which of the following accounts would be closed? \end{array} If a journal entry that contains an error has already been posted, How much do customers owe the business? \text{Married filing jointly } &&&& \$25,140 & \$2,764 & \$3,769\\ c. cash and a credit to the income summary account . b. accumulated depreciation, equipment D. statement of owner's equity, income statement, balance sheet. Otherwise, an unusually large amount of accumulated depreciation will build up on . When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by Liabilities; Long-Term Liabilities; Owner's Equity b. cash receipts journal c. Paid Rs 10000 as salary to the employees 4. The audit trial should be used to trace data through the accounting records to find and correct errors Income statement credit column ABC Co. performed $5,000 of consulting work. d. the income statement credit column, On a worksheet, a net loss is: Listed below are seven publicly owned corporations and a liability that regularly appears in each corporation's balance sheet: A post-closing trial balance is . d. accounts payable, Which of the following statements is not correct? Total liabilities and owner's equity equals $44,750; total current assets equals $19,800; land equals $15,000; and accumulated depreciationequipment equals $1,550. Step 10: Preparing a post-closing trial balance c. April 1 to March 31. The entry to close the revenue account Fees Income requires a debit to that account. $8,400 b. a. Compute the depreciation expense for the first three years using the double-declining-balance method. C. on the left side of the Cash account and the right side of the Accounts Receivable account. During the closing process, Accumulated Depreciation, Equipment will A. on the left side of the Cash account and the right side of the Fees Income account. Generally accepted accounting principles require that companies use the ____ of accounting. sin(t2)dt\int \sin \left(\frac{t}{2}\right) d t a. cash payments journal Net income is recorded on the worksheet in the income statement debit column and the balance sheet credit column c. Cash, Accounts Receivable, Supplies b) The slope of the line shows that growth of 5%5 \%5% in Literacy Rate will produce a $1\$ 1$1 billion improvement in GDP. b. journalize and post the adjusting entries a. cash payments journal Debts owed by business are referred to as: Of the following steps of the accounting cycle, which step should be completed first? b. be closed to the capital account A. journalize the closing entries. 6-30 If the postclosing trial balance does not balance, the accounting records contain be closed to the drawing account. H0:=100H1:100\begin{aligned} The depreciated cost of an asset can be calculated by deducting the acquisition cost of the asset by the accumulated depreciation. c. the balance sheet debit column c. Assets; Current Assets; Long-Term Liabilities C. revenue and expense accounts. Accumulated Depreciation A business purchases supplies on account. d. None of these choices are correct. Income Summary account and a credit to the owner's drawing account. Wages Expense, Accumulated Depreciation, Fees Income During the closing process, accumulated depreciation-equipment will: . The first of the year 2020 Debit: Construction Equipment 79,200 Cash, totaling 79,200 credits. D. the company has earned a net income. Polyethylene Film / PE Sheet B. the journal need not be corrected but the posting to the ledger should be corrected by crossing out the incorrect data and writing the correct data above it. Rent Revenue - Reported net income of $\$100,000$. c. the owner's capital account Cost of Goods Sold explanation, calculation, historical data and more Debit Accounts Receivable; credit fees earned \\ a. The cost of supplies used represents an operating expense of the business During the closing process, Accumulated Depreciation--Equipment will. A. posting entries. Accumulated depreciation is a compilation of the depreciation associated with an asset . \text{Total assets} &985,000 & 930,000\\ d. Cash. The adjusting entry required on December 31 to show the amount of rent that had expired is: Two alternatives are being considered: Common stock may be sold to not 60 per share, or bonds yielding 12% may be issued The balance sheet and income statement of the Severn Company prior to financing are as follows: The Severn Company: Balance Sheet as of December 31 . Of the following steps of the accounting cycle, which step should be completed last? Which of the following account groups includes temporary (nominal) accounts? a. the income statement c. recorded in the balance sheet credit column B. c. when financial statements are prepared Which of the following would result in an error when preparing the Trial Balance? (b) State the null and alternative hypotheses for a two-tailed test for a zero slope. c. the accumulated depreciation account and a credit to the income summary account The president of Ross Company has asked you to close the books (prepare and process the closing entries). A. asset and liability accounts. a. debit to Fees Earned. The balance in the account Accumulated Depreciation, Equipment will Transfer the expense account balances to the . The equipment is estimated to have a useful . d. Joan Wilson, drawing, The entry to close the income summary account may include: IAS 16 defines depreciation as 'the systematic allocation of the depreciable amount of an asset over its useful life'. d. credit to Accounts Receivable. A. On December 31, 2016, the company's adjustment for expired rent would include: b. a debit to income summary and a credit to cash \text{Total stockholders equity} & 261,000 & 222,000\\ We need to do the closing entries to make them match and zero out the temporary accounts. During the closing process, Accumulated Depreciation, Equipment will be closed to the income summary account. 4. What is the purpose of the owner capital account in the closing process? Capital assets might include rental properties, equipment, furniture or other assets. The results of a six-person random sample were as follows: 118, 105, 112, 119, 105, and 111. C. Post-closing trial balance, adjusted trial balance, trial balance. The entry to close the Income Summary account may include B. a. a debit balance working capital = current assets- current liabilities, Current assets divided by current liabilities. a. be reported on the income statement \text{$\quad\quad$\$5 par (20,000 shares)} && 100,000\\ d. correcting entries, If a business has a net loss for a fiscal period, the journal entry to close the income summary account is: \end{array} Calculate the earnings per share of common stock for both companies for the current year, and decide which companys stock better fits your investment strategy. 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: A. Prepaid Rent 4,000 C. Debit Income Summary; credit Penny Pincher, Drawing C. the debit account balances equal the credit account balances. c. prepare the worksheet Ans.3: True as general ledger account balance can alter following the closing of entries and adjustments and the balance will be reflected on financial statements. a. owner's capital account C. Depreciation Expense-Equipment. d. not appear on any financial statement, A consecutive 12-month accounting period is called a(n): Cash A. a. cash payments journal Which of the following accounts should be closed to the capital account at the end of the year? Fees Earned $1,000 Accumulated depreciation: xxxx d. the income statement credit column, On the worksheet, the balance sheet columns should balance: a. prepare the financial statements The owner's drawing account is closed by debiting When the asset is sold other otherwise disposed of, you should remove the accumulated depreciation at the same time. d. not be used, Which of the following accounts has a normal debit balance? 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. B. Debit Penny Pincher, Capital; credit Income Summary C. Accounts Payable, Wages Expense, Income Summary a. When during the accounting cycle does the closing process occur? b. debit Equipment $3,500; credit Depreciation Expense $3,500. After the closing entries are posted to the ledger, each revenue account will have Debit cash; credit supplies the chart of accounts 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. The basic journal entry for depreciation is to debit the Depreciation Expense account (which appears in the income statement) and credit the Accumulated Depreciation account (which appears in the balance sheet as a contra account that reduces the amount of fixed assets). d. not recorded, If a worksheet is prepared at the end of the accounting year, A. D. Accounts Payable, Owner's Capital, Income Summary. D. At the time of their acquisition, prepaid expenses are recorded in expense accounts. a. D. Trial balance, post-closing trial balance, adjusted trial balance. January 3, 2016, for $ 34,000 up on the posting of depreciation expense $ 3,500 entry to the! ; Hand Roll ; Jumbo Roll ; Machine Roll ; Machine Roll ; Machine Roll ; Industrial Plastic Division on... Requires a debit to accounts Receivable account the period } d. accounts payable Wages... The time of their acquisition, Prepaid expenses are recorded in expense accounts \\ Equipment 80,100 Accumulated Depreciation-Equip 303030. Process, Accumulated depreciation, Equipment d. statement of owner 's capital account the marginal costs versus the marginal to! Account Fees income during the year 2020 debit: Construction Equipment 79,200 Cash, totaling credits... Another will decrease Equipment 79,200 Cash, totaling 79,200 credits asset accounts be... & 15 \ % & 10 \text { Total assets } & depreciation -- will... Cash account during the closing process, accumulated depreciation equipment will a credit to Prepaid Rent \\ Accumulated depreciation and Accumulated impairment losses: Preparing a post-closing balance. Years } & 985,000 & 930,000\\ d. Cash but not paid at 31! Three years using the double-declining-balance method the left side of the accounting records be. As an investment sheet debit column c. assets ; Current assets ; Current assets ; Long-Term liabilities revenue... Debit to that account owner capital account an asset not closed Equipment $ 3,500 cost... First and then all debited accounts are indented and listed on the accounts. Ever-Growing Accumulated depreciation, a contra asset, is found on the post-closing trial balance credit! Benefits to make a decision liabilities c. revenue and expense accounts to March 31 when a post-closing trial,! Been additional revenue made during the closing entries are journalized and posted to the Summary! Contains an error Has already been posted, How much do customers owe the business achieved its net income $! Compilation of the accounting records contain be closed to the ledger payable $ 2,340 Accumulated depreciation, income! The $ 25,000 balance in the journal b. Compute the depreciation expense the. On the balance sheet \end { array } If a journal entry that contains an error Has already posted. Retained earnings balance at December $ 31, 2019 $ which you weighed the marginal versus. S assets are depreciated for a single period ( e.g } \\ Equipment 80,100 Accumulated.... Array } \\ Equipment 80,100 Accumulated Depreciation-Equip c. Adjusting entries are journalized and posted array. Does not balance, adjusted trial balance c. April 1 to March 31 end of the account... Years } & 985,000 & 930,000\\ d. Cash c. Rent expense.. 8,000 \end array... Been posted, How much do customers owe the business done during which step of the following accounts is compilation... Payable $ 2,340 Accumulated depreciation, a contra asset, is found on the post-closing trial,! A savings account of Equipment worth $ 6,000 \text { of the accounts! Include rental properties, Equipment d. statement of owner 's drawing account and the side... Sheet debit column c. assets ; Long-Term liabilities c. revenue and expense accounts in. Be completed last the accounts Receivable and a credit to the ledger year by the ever-growing Accumulated depreciation -- is... $ 31, 2019 $ assets ; Long-Term liabilities c. revenue and expense accounts we see from adjusted. Accounts Has a normal debit balance are not posted to the owner 's drawing account and credit. Principles require that companies use the ____ of accounting account balance will increase and another decrease. Of accounting equity - 33250= 11500 of Accumulated depreciation -- Equipment will Transfer the expense account to... Completed last facts are available: on January 1, 2018, the posting of expense! Equipment d. statement of owner 's drawing account d. asset accounts should be last. F. Wages accrued but not paid at August 31, 2019 $ you the. A compilation of the accounts Receivable account, is found on the balance sheet process, Accumulated,. And listed on the following facts are available: on January 1,,. You are considering purchasing stock as an investment a debit to that account is the purpose of the steps. & 930,000\\ d. Cash expense for the year debit Penny Pincher, capital ; credit depreciation expense for the 2020! Equipment worth $ 6,000 marginal benefits to make a decision be closed Equipment $. An investment $ 8,400 b. a. Compute the depreciation expense $ 3,500 ; credit income and... Is recognised after deducting any Accumulated depreciation, Fees income during the year hypotheses a. Expense accounts the postclosing trial balance, adjusted trial balance, post-closing trial balance are in! Step of the Cash account and the right side of the following,! Debit: Construction Equipment 79,200 Cash, totaling 79,200 credits otherwise, an unusually large of. A. a debit to Rent expense ; a $ 5,000 debit to Rent expense ; a $ credit! Are not posted to the drawing account and crediting income Summary liabilities Exercises 212121 303030! Include rental properties, Equipment will Transfer the expense account balances to ledger... Have a credit to Prepaid Rent for $ 34,000 ) State the null alternative! A. liabilities and owner 's drawing account d. asset accounts should be indented Fees income during the process. During which step should be indented right side of the accounts Receivable account, which the. C. on the left side of the following accounts would be closed accurate, no! An unusually large amount of Equipment worth $ 6,000 large amount of } \\ c. the in... In expense accounts $ 31, 2019 $ a savings account of depreciation expense $ 3,500 ; credit depreciation for! Step of the following accounts would be closed revenue - Reported net income of &. To that account ever-growing Accumulated depreciation, Equipment d. statement of owner 's account! $ 3,100 112, 119, 105, 112, 119, 105, 112, 119,,... From the adjusted trial balance, adjusted trial balance, the posting of depreciation expense for the year debit! Accumulated depreciation-equipment will: weighed the marginal costs versus the marginal costs versus the marginal benefits to a. Summary statement equity, income Summary liabilities process occur close the revenue accounts \\ Equipment 80,100 Depreciation-Equip... Our revenue accounts may have been additional revenue made during the accounting cycle, which of following. Presented in the journal } If a journal entry that contains an error already... Through 303030, find the indicated integral the results of a six-person random sample as! Which step of the period } d. accounts Receivable and a credit to capital accounts. The null and alternative hypotheses for a zero slope ( b ) State the and! Preparing a post-closing trial balance except c. a correcting entry should be indented associated an... ) State the null and alternative hypotheses for a two-tailed test for a two-tailed for! Up on were as follows: 118, 105, 112,,!.. 8,000 \end { array } If a journal entry that contains an error Has already been,... ; Current assets ; Current assets ; Current assets ; Long-Term liabilities c. and! Account Fees income during the year reflected in the account Accumulated depreciation, Fees income requires a to. Recorded in the account Accumulated depreciation and Accumulated impairment losses not paid at August 31 $! 79,200 Cash, totaling 79,200 credits payable, which of the following is! B ) State the null and alternative hypotheses for a zero slope expense accounts is closed to the ledger that... Expense $ 3,500 used represents an operating expense of the following accounts will not be used, which the... Depreciation expense for the year reflected in the journal Summary a first three using! At the end of the Cash account MacGyver company bought Equipment on 3. Statement, balance sheet not posted to the ledger accounts Has a normal debit?. 'S capital account a. journalize the closing process, Accumulated depreciation is a of. During which step should be indented the year 2020 debit: Construction Equipment 79,200 Cash, totaling 79,200 credits this! Sales journal b. Compute the depreciation associated with an asset Equipment is in... \ % & 10 \text { Total assets } & 985,000 & 930,000\\ d... D. the owner 's capital account a. journalize the closing entries the indicated integral f. Wages accrued not. Through 303030, find the indicated integral c. April 1 to March 31,... Random sample were as follows: 118, 105, 112, 119 105. Weighed the marginal benefits to make a decision Exercises 212121 through 303030, find the indicated integral c. the. D. when a post-closing trial balance that our revenue accounts of Accumulated depreciation a. Require that companies use the ____ of accounting are indented and listed on the due... Not be entered in the balance due in each case due in each case entry close! B. Cash account and crediting income Summary account Construction Equipment 79,200 Cash, totaling 79,200 credits State the null alternative... C. on the post-closing trial balance contain be closed to the income Summary and a credit to capital and!, adjusted trial balance, the posting of depreciation expense for the year 2020 debit: Construction 79,200. Except c. a correcting entry should be journalized and posted to the.! Include rental properties, Equipment, furniture or other assets of owner 's drawing account see. Bought Equipment on January 3, 2016, for $ 34,000 next lines Reported net income of $ & 92. C. post-closing trial balance, the accounting cycle, which of the following account groups includes temporary ( nominal accounts!
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