ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300

ABC Company has $3,100 in Rent Expense, $2,800 in Salaries Expense, and $300 in Supplies Expense at the end of the period. What would be the closing entry? A. Owner, Capital 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 B. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Owner, Capital 6,200 C. Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300 Income Summary 6,200 D. Income Summary 6,200 Rent Expense 3,100 Salaries Expense 2,800 Supplies Expense 300

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 7DQ: Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital...

See similar textbooks

Similar questions

*see attached In its income statement for the year ended June 30, 20x1, what amount should Oren report as rent expense?a. P 10,000b. P 10,500c. P 40,000d. P 50,000
On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answer
The following income statement pertains to Bins Limited as of 12/31/2019: Revenue Operating Expenses: Wages Expense Depreciation Expense Other Expenses: Interest Expense Net Income 590,000 Account (120,000) (50,000) (15,000) 405,000 Based on this income statement, what closing entries should Bins Limited record as of 12/31/2019 Debit Credit
If a business has paid rent of $1,000 for the year to 31 March 20X9, what is the prepayment in the accounts for the year to 31 December 20X8? A $250 B $750
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)
The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.
The following are account balances of Graham Corporation: Account Title Amount in Balance Unadjusted Trial Balance $ -0- 1,800 after Adjustment $110 Interest Receivable Prepaid Insurance Interest Payable Salaries Payable 600 -0- 90 -0- 450 Unearned Rent 700 200 Required: a. Enter the unadjusted balance for each account in the following T-accounts: Interest Receiv- able, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense. b. Reconstruct the adjusting entry that must have been recorded for each account. c. Post these adjusting entries and agree ending balances in each T-account to the adjusted balances above.
A. You are provided with the following information form the accounts of BBS Ltd for the yearending 30 June 2019Cash Sales 950 000Cost of Goods Sold 35 000Amount received in advance for services to be performed in August 2019 9 500Rent expenses for year ended 30 June 2019 9 000Rent Prepaid for two months to 31 August 2019 1 200Doubtful debts expenses 1 200Amount provided in 2019 for employees’ long-service leave entitlements 5 000Goodwill impairment expenses 7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per c
For the following independent cases, in the space provided, calculate the amount of revenue that should be recorded in 2019 under the revenue recognition principle (point of sale). O they collect dvane rent 1. ompany 18,000 19 a customer paid a uipment. The was delivered on January 16, 2020 and the balance was pad that date. equipment. On December $50,000 2. wards the eq 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020.
Consider the following independent situations for Island Vista: (Click the icon to view the indipendent situations.) a. Island Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $2,200. During the year the company made payments for prepaid rent of $1,400. At the end of the year, December 31, 2024, the balance in the Prepaid Rent account was $300. What was the amount of rent expense for the year? Rent expense for the year =