Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ask the following questions below ARC Company recorded the below closing entries at the end of the year 2019: General Journal Date Accounts Ref. Debit

image text in transcribedimage text in transcribed

ask the following questions below

image text in transcribedimage text in transcribedimage text in transcribed
ARC Company recorded the below closing entries at the end of the year 2019: General Journal Date Accounts Ref. Debit Credit 2019 Revenues Dec. 31 Income Summary ??? Dec. 31 Income Summary 3,150 Expenses ??? Dec. 31 Income Summary ??? Owner's Capital Dec. 31 Owner's Capital 4,500 Owner's Drawings 4,500 The post-closing trial balance of the Company at the end of the year is: ARC Company Post-Closing Trial Balance December 31, 2019 Debit Credit Cash $10,600 Supplies 1,000 Equipment 15,500 Accumulated Depreciation $3,000 Accounts Payable 6,500 Unearned Revenue 2,200 Owner's Capital ??? Total $272 The Owner's Capital account balance at the beginning of the year was $14,450.What is the total credit amount of the post-closing trial balance? * C) $11.?oo C) $15.4oo Q $211M 0 None of the above What is the amount of the Owner's Capital account after the closing entries [in the post-closing trial balance]? * O $14.45o Q $15.4oo C) $211M 0 None of the above 1What is the balance of income summary recorded by the company? {the amount of the third closing entry] * 0 None of the above What is the amount of the company's Expenses in the closing entry? * O 33.15:] C) sateen O 35.45:] 0 None of the above What is the amount of the company's Revenues in the closing entrv? 1" Q $2.2m: C) $2.3M 0 $3.5M 0 None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald Hilton, David Platt

12th edition

1259969517, 1260566390, 978-1260417043

More Books

Students also viewed these Accounting questions

Question

What do you think your problem does to you?

Answered: 1 week ago

Question

Make eye contact when talking and listening

Answered: 1 week ago

Question

Do not go, wait until I come

Answered: 1 week ago

Question

Pay him, do not wait until I sign

Answered: 1 week ago