ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000 What is the Journal Entry to close Revenue Account? ○ A. Service Revenue Income Summary B. Cash Service Revenue Common Stock Service Revenue D. Income Summary Service Revenue Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000

ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000 What is the Journal Entry to close Revenue Account? ○ A. Service Revenue Income Summary B. Cash Service Revenue Common Stock Service Revenue D. Income Summary Service Revenue Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000 Account Name Debit Credit 19,000 19,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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