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A business had the following account balances on January 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances. General
A business had the following account balances on January 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances. General Ledger Accounts Uneamed rent Rent revenue Accounts receivable Depreciation expense Maintenance expense Cash Building Wage expense Owner's drawings Accumulated depreciation Owner's capital, Feb. 1. 2019 Prepaid insurance Balances 2,500 78,700 2,100 21,300 15,700 8,500 210,100 50,100 22,600 168,300 104,100 2,400 Part A: select the correct response When the closing entry is prepared for the Drawings account: Drawings will be credited Part B: select the correct response When the closing entry is prepared, the Rent Revenue account will be: Part C: select the correct response Accumulated depreciation Owner's capital, Feb. 1, 2019 Prepaid insurance 168,300 104,100 2,400 Part A: select the correct response When the closing entry is prepared for the Drawings account: Drawings will be credited 20 Part B: select the correct response When the closing entry is prepared, the Rent Revenue account will be: Part C: select the correct response When income summary is closed, the Owner's Equity account will be: Part D: select the correct response After the closing entries are journalized, the post-closing balance of Owner's Capital will be: Page
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