Use the following information to answer the next four questions The adjusted account balances at December 31, 2020 are as follows Accounts Cash Accounts Receivable Supplies Prepaid Insurance Building Accumulated Depreciation- Building Accounts Payable Owner's Capital Owner's Drawings Service Revenue Interest Revenue Depreciation Expense Insurance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Totals Account Balances Debit Credis $9.000 25,000 7,000 3.000 350,000 50,000 66,000 245.000 20,000 160.000 29.000 36.000 25,000 44,000 12,000 19.000 550,000 550.000 21. The closing entry for Owner's Drawing would include a: a. Credit to Owners Capital for $20.000. b. Credit to Income Summary for $20,000 c. Debit to Income Summary for $20,000. d. Debit to Owners Capital for $20,000 22. The closing entries would include a: a. Credit to Cash for $9.000 b. Debit to Accumulated Depreciation for $50,000. c. Debit to Interest Revenue for $29,000. d. Credit to Interest Revenue for $29,000. 23. The book value of the Building is: a. $350,000 b.$50,000 c.$300,000 d. $400,000 24. If the building has an expected useful life of 35 years (and no residual or salvage value) what is the annual depreciation expense for the building. a. $350,000 b.$300,000 c. $8,571 d. $10,000 25. Balance Sheet accounts are considered to be a. nominal b.permanent C.capital d.temporary Use the following information to answer the next four questions The adjusted account balances at December 31, 2020 are as follows Accounts Cash Accounts Receivable Supplies Prepaid Insurance Building Accumulated Depreciation- Building Accounts Payable Owner's Capital Owner's Drawings Service Revenue Interest Revenue Depreciation Expense Insurance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Totals Account Balances Debit Credis $9.000 25,000 7,000 3.000 350,000 50,000 66,000 245.000 20,000 160.000 29.000 36.000 25,000 44,000 12,000 19.000 550,000 550.000 21. The closing entry for Owner's Drawing would include a: a. Credit to Owners Capital for $20.000. b. Credit to Income Summary for $20,000 c. Debit to Income Summary for $20,000. d. Debit to Owners Capital for $20,000 22. The closing entries would include a: a. Credit to Cash for $9.000 b. Debit to Accumulated Depreciation for $50,000. c. Debit to Interest Revenue for $29,000. d. Credit to Interest Revenue for $29,000. 23. The book value of the Building is: a. $350,000 b.$50,000 c.$300,000 d. $400,000 24. If the building has an expected useful life of 35 years (and no residual or salvage value) what is the annual depreciation expense for the building. a. $350,000 b.$300,000 c. $8,571 d. $10,000 25. Balance Sheet accounts are considered to be a. nominal b.permanent C.capital d.temporary
