For each of the following, journalize the relevant closing entry. Make sure you include what account...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For each of the following, journalize the relevant closing entry. Make sure you include what account is debited and what account is credit. a-Turnkey Technology Co. has $50,000 of revenue generated in total during 2020. b- Turnkey Technology Co. paid $45,000 as expenses during 2020. c- The owner withdrew a total of $20,000 in cash from the business for his own use. For each of the following, journalize the relevant closing entry. Make sure you include what account is debited and what account is credit. a-Turnkey Technology Co. has $50,000 of revenue generated in total during 2020. b- Turnkey Technology Co. paid $45,000 as expenses during 2020. c- The owner withdrew a total of $20,000 in cash from the business for his own use.
Expert Answer:
Answer rating: 100% (QA)
a Journal entry for closing revenue account Debit Revenue 50000 ... View the full answer
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date:
Students also viewed these accounting questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
The following transactions for Nielsen Architects occurred during December of the current year. Follow the step-by-step instructions to record the transactions, process the adjusting entries, and...
-
Determine each of the following as being either true or false. If an angle has a cosine of 0.2, then the secant of the angle is 5.
-
In 2007, Yorkshire Company purchased land and a building at a cost of $700,000, of which $150,000 was allocated to the land and $550,000 was allocated to the building. As of December 31, 2011, the...
-
Show the result of rehashing the hash table shown in Figure 10.6 into a table of size 19 using the new hash function h(k) = 3k mod 17. 4 5 6 7 8 9 10 11 12 54 18 10 25 28 36 38 41 12 90 3.
-
A design modification to the house in Problem 9.5 is desired. A \(200 \mathrm{ft}^{2}\), vented, \(12 \mathrm{in}\). thick Trombe wall is to be added to the direct gain system. Assuming the same...
-
With vast experience at venues such as the American Airlines Arena ( in Miami), the Kentucky Derby, and Super Bowls, Chef John Nicely now also plans huge culinary events at Orlandos Amway Center,...
-
Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given...
-
A vertical aerial photograph reveals a tall building. The foot of one corner of the building has (x, y) coordinates (30.5, 62.0) (both measured in mm from the lower left-hand corner of the negative),...
-
How does the planning chart show evidence of sequencing learning?
-
What is the incentive for managers to overstate a restructuring reserve in the current period in order to reverse it in future periods, since overstating the restructuring reserve decreases net...
-
Sensormatic instructed employees to withhold certain bills of lading from the auditors because of: (a) Indication of a practice of unrealized revenue recognition. (b) Improper recognition of revenue...
-
Saturn Companys income statement for the current year shows \($100,000\) as its net income. Its depreciation expense is \($5,000\). The only changes to its working capital balances over the last year...
-
When CUC transferred some amounts for deferred club membership revenues to current period revenues, it had the following effect on CUCs financial statements. (a) Increasing the deferred revenue...
-
For each equation in Problems 7-18, find three ordered pairs that satisfy the equation, and then use this information to graph each line. \(y=2 x+5\)
-
Develop an abbreviated project management plan (PMP) that showcases the essential steps that you think would be effective in implementing your proposed solution. Based on your SWOT analysis, your...
-
What is the role of business risk analysis in the audit planning process?
-
Dr. Eger is a physician who operates on two different types of patients. He has been pressing the Hospital for Ordinary Surgery (HOS) for more operating-room time. HOS is busy and would have to turn...
-
Eger Township is preparing its budget for the fiscal year ending March 31, 2014. The township has a Management Department, a Public Works Department, a Recreation Department, and a Public Safety...
-
What is the internal rate of return for the stream of cash flows shown below? Period Cash Flow 0 ..............($ 10,000) 1 ...............1,000 2 ..................1,000 3 ...............1,000 4...
-
Nitrogen is compressed to a density of \(4 \mathrm{~kg} / \mathrm{m}^{3}\) under an absolute pressure of \(400 \mathrm{kPa}\). Determine the temperature in degrees Celsius.
-
A regulation basketball is initially flat and is then inflated to a pressure of approximately \(24 \mathrm{lb} / \mathrm{in}^{2}\) absolute. Consider the air temperature to be constant at...
-
The presence of raindrops in the air during a heavy rainstorm increases the average density of the air-water mixture. Estimate by what percent the average air-water density is greater than that of...
Study smarter with the SolutionInn App