or the following accounts which mighs appear in the a tial balane t in the postdosing...
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or the following accounts which mighs appear in the a tial balane t in the postdosing trial balance A) Income Smary O Oveners Capital By Unearned Reve D) Depreciation Eapene 2) Mark Tree Service depreciation for the month i o. The adjusting joumal try A) Accumulated Depreciation Depreciation Epense B) Equipment Accumulated Depreciation O Depreciation Expense Equipment D) Depreciation Expense Accumulated Depreciation 2) 500 S00 500 500 500 500 500 S00 3) Journal entries that are needed in order to update account balances for internal business transactions (such as supplies and prepaid rent) at the end of the period are A) sales entries. C) dosing entries. B) adjusting entries D) None of the above are correct. 4) The balance in the Rent Expense account on the worksheet was $150. The journal entry to dose the Rent Expense account is: A) Rent Expense Capital B) Income Summary Rent Expense C) Rent Expense Income Summary D) Rent Expense Prepaid Rent 150 150 150 150 150 150 150 150 5) To close the Withdrawals account: A) debit Withdrawals credit Income Summary. B) debit Income Summary; credit Withdrawals. C) debit Withdrawals credit Capital. D) debit Capital: credit Withdrawals. or the following accounts which mighs appear in the a tial balane t in the postdosing trial balance A) Income Smary O Oveners Capital By Unearned Reve D) Depreciation Eapene 2) Mark Tree Service depreciation for the month i o. The adjusting joumal try A) Accumulated Depreciation Depreciation Epense B) Equipment Accumulated Depreciation O Depreciation Expense Equipment D) Depreciation Expense Accumulated Depreciation 2) 500 S00 500 500 500 500 500 S00 3) Journal entries that are needed in order to update account balances for internal business transactions (such as supplies and prepaid rent) at the end of the period are A) sales entries. C) dosing entries. B) adjusting entries D) None of the above are correct. 4) The balance in the Rent Expense account on the worksheet was $150. The journal entry to dose the Rent Expense account is: A) Rent Expense Capital B) Income Summary Rent Expense C) Rent Expense Income Summary D) Rent Expense Prepaid Rent 150 150 150 150 150 150 150 150 5) To close the Withdrawals account: A) debit Withdrawals credit Income Summary. B) debit Income Summary; credit Withdrawals. C) debit Withdrawals credit Capital. D) debit Capital: credit Withdrawals.
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1 Income summary is an account which receives all the temporary balances of all account on closing a... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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