Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. G. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The entry to close the withdrawals account at the
1. G. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The entry to close the withdrawals account at the end of the year is: a-G. Venda, Capital 25,000 G. Venda, Withdrawals 25,000 b-G. Venda, Withdrawals .. 25,000 G. Venda, Capital 25,000 C-Income Summary 25,000 G. Venda, Capital 25,000 d-G. Venda, Withdrawals .. 25,000 Cash 25,000 2. The following information is available for the R. Kandamil Company before closing the accounts. After all of the closing entries are made, what will be the balance in the R. Kandamil, Capital account? Total revenues : $300,000, Total expenses: $ 195,000, R. Kandamil, Capital : $100,000 R. Kandamil, Withdrawals : $45,000 a-$360,000 b - $160,000 c- $250,000 d - $150,000 3. Trekker Bikes' current assets are $300 million and its current liabilities are $125 million. Its current ratio is a-2.10 b-0.95 C - 2.40 d-1.00 4. The Unadjusted Trial Balance columns of Supplies account with a balance of $750. The Adjustments columns show a credit of $425 for supplies used during the period. The amount shown as Supplies in the Balance Sheet columns is: a-$425 debit. b - $425 credit. C-$325 credit. d-$325 debit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started