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2 years ago

The ledger of Mai Company includes the following accounts with normal balances: Common Stock $9,000;

Business

1 answer:

Amiraneli [1.4K]2 years ago

7 0

Answer: Please see explanation for answer

Explanation:

Journal to close Revenue account

Date Accounts and explanation Debit Credit

31 December Service Revenue $13,000

Income Summary $13,000

Journal to close expense account

Date Accounts and explanation Debit Credit

31 December Income Summary $10,000

Wages Expenses $8,400

Rent expenses $1,600

Journal to close Income Summary account

Date Accounts and explanation Debit Credit

31 December Income Summary $3,000

Retained earnings $3,000

Calculation

Retained Earnings =Services Revenue- (wages expense + rent expense)

$13,000 -$10,000-= $3,000

Journal to close Dividend account

Date Accounts and explanation Debit Credit

31 December Retained earnings $800

Dividends $800

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3 years ago

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Monetary and fiscal policies are similar as they both target aggregate demand to overcome business fluctuations.

Option A is correct.

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1 year ago

When a company records depreciation it debits:_____.

Svetlanka [38]

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Explanation:

Depreciation is an expense which means that when it is incurred, it will be debited because expenses are debited to show that they have increased.

Depreciation reduces the value of an asset so the asset needs to be credited which is what is done when an asset reduces. The full entry would therefore involved a debit to the Depreciation account and a credit to the asset account that is being depreciated.

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3 years ago

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b. prepare and rehearse

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3 years ago

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3 years ago