Question
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts,
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts, then income summary gets closed into retained earnings.
During the closing process, what is the total dollar amount initially DEBITED to income summary? (you should assume that the balances given are the "normal" balances for the account - as far as whether the amount listed is a debit or credit).
Supplies Expense | 3,847 |
Service Revenue | 69,136 |
Accounts Payable | 9,926 |
Salaries Expense | 11,477 |
Dividends | 1,534 |
Equipment | 51,944 |
Accumulated Depreciation | 21,044 |
Depreciation Expense | 3,507 |
Retained Earnings | 104,443 |
2.
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts, then income summary gets closed into retained earnings.
During the closing process, what is the total dollar amount transferred from income summary to retained earnings? (you should assume that the balances given are the "normal" balances for the account - as far as whether the amount listed is a debit or credit).
Supplies Expense | 4,632 |
Service Revenue | 51,953 |
Accounts Payable | 8,184 |
Salaries Expense | 11,614 |
Dividends | 1,613 |
Equipment | 71,284 |
Accumulated Depreciation | 21,600 |
Depreciation Expense | 4,883 |
Retained Earnings | 105,246 |
3.
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts, then income summary gets closed into retained earnings.
After the closing process is complete, what is the final balance of the dividends account ? (you should assume that the balances given are the "normal" balances for the account - as far as whether the amount listed is a debit or credit).
Supplies Expense | 2,222 |
Service Revenue | 50,861 |
Accounts Payable | 7,224.4 |
Salaries Expense | 10,523 |
Dividends | 1,164 |
Equipment | 70,650 |
Accumulated Depreciation | 21,623 |
Depreciation Expense | 3,630 |
Retained Earnings | 115,554
|
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