Question
Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 150,000 Income Summary 150,000 To close Revenue Date Accounts and Explanation Debit Credit Dec. 31
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Service Revenue | 150,000 | |
Income Summary | 150,000 | ||
To close Revenue |
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Income Summary | 69,000 | |
Retained Earnings | 69,000 | ||
To close Income Summary |
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Retained Earnings | 23,000 | |
Dividends | 23,000 | ||
To close Dividends |
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Income Summary | 81,000 | |
Depreciation Expense--Furniture | 13,000 | ||
Interest Expense | 18,000 | ||
Rent Expense | 8,000 | ||
Salaries Expense | 15,000 | ||
Supplies Expense | 27,000 | ||
To close Expenses |
before posting the entry to close out the account.
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Service Revenue | 150,000 | |
Income Summary | 150,000 | ||
To close Revenue |
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Income Summary | 69,000 | |
Retained Earnings | 69,000 | ||
To close Income Summary |
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Retained Earnings | 23,000 | |
Dividends | 23,000 | ||
To close Dividends |
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | Income Summary | 81,000 | |
Depreciation Expense--Furniture | 13,000 | ||
Interest Expense | 18,000 | ||
Rent Expense | 8,000 | ||
Salaries Expense | 15,000 | ||
Supplies Expense | 27,000 | ||
To close Expenses |
Depreciation Expense--Furniture | |||
Adj. Bal. | 13,000 | correct | Bal.DEIRincorrect |
Bal.DEIRcorrect | incorrect | correct | Bal.DEIRcorrect |
Rent Expense | |||
Adj. Bal. | 8,000 | correct | Bal.DEIRincorrect |
Bal.DEIRincorrect | incorrect | correct | Bal.DEIRcorrect |
Dividends | |||
Adj. Bal. | 23,000 | correct | Bal.DEIRincorrect |
Bal.DEIRincorrect | incorrect | correct | Bal.DEIRcorrect |
Service Revenue | |||
Bal.DEIRincorrect | correct | 150,000 | Adj. Bal. |
Bal.DEIRcorrect | correct | incorrect | Bal.DEIRincorrect |
Interest Expense | |||
Adj. Bal. | 18,000 | correct | Bal.DEIRincorrect |
Bal.DEIRincorrect | incorrect | correct | Bal.DEIRcorrect |
Salaries Expense | |||
Adj. Bal. | 15,000 | correct | Bal.DEIRincorrect |
Bal.DEIRincorrect | incorrect | correct | Bal.DEIRcorrect |
Retained Earnings | |||
Bal.DEIRincorrect | incorrect | 27,000 | Adj. Bal. |
Bal.DEIRcorrect | correct | incorrect | Bal.DEIRincorrect |
Bal.DEIRcorrect | correct | incorrect | Bal.DEIRincorrect |
Income Summary | |||
Bal.DEIRincorrect | incorrect | incorrect | Bal.DEIRincorrect |
Bal.DEIRcorrect | correct | incorrect | Bal.DEIRincorrect |
Bal.DEIRincorrect | incorrect | correct | Bal.DEIRcorrect |
Bal.DEIRcorrect | correct | incorrect | Bal.DEIRincorrect |
Supplies Expense | |||
Adj. Bal. | 27,000 | correct | Bal.DEIRcorrect |
Bal. DEIR incorrect | incorrect | correct | Bal. DEIR correct |
A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
HINT
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