1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mr Goodwill [35]
3 years ago
9

Assume the account number for income summary is 901.2

Business
1 answer:
kipiarov [429]3 years ago
3 0

Answer and Explanation:

The closing entries are shown below

a. Service revenue Dr $44,000

       To Income summary $44,000

(being the service account is closed)

b. Income summary Dr $33,100

        To Depreciation expense - equipment $3,000

        To Salaries expense $22,000

        To Insurance expense $2,500

        To Rent supplies $3,400

       To Supplies expense $2,200

(being the expenses are closed)

c. Income summary $10,900

         To C capital $10,900

(Being the income summary to capital is recorded)

4. C capital Dr $7,000

        To C withdrawals $7,000

(Being withdrawals of C capital is recorded)

The post closing trial balance is presented below;

<u>Particulars            Debit         Credit</u>

Cash                    $19,000

Supplies             $13,000

Prepaid insurance $3,000

Equipment           $24,000

Accumulated

depreciation                        $7,500

Capital

($47,600 + $10,900 - $7,000)  $51,500

<u>Total                $59,000       $59,000</u>

You might be interested in
What are five foundations of economics? increasing trade between two countries makes everyone in those countries better off.
geniusboy [140]

The five foundations of trade are:

  • incentives
  • tradeoffs
  • opportunity cost
  • marginal thinking,
  • principle that trade creates value.

<h3>Why do we engage in trade?</h3>

There are five main foundations of trade that are the reason why people engage in trade. One of them is the profit incentive to make money from trade. Another is the tradeoffs that people are forced to make to survive.

Opportunity cost also leads to trade because people give up one thing for another and so may have to sell the thing they gave up to receive the thing they want. There is also the principle which posits that when we trade, value is created. Finally, there is marginal thinking which is thinking along the lines of the benefit of one additional unit.

Find out more on the foundations of trade at brainly.com/question/2710473

#SPJ1

5 0
2 years ago
____________ is best defined as a statistical procedure, which involves quantitatively pooling the data from a group of independ
Ludmilka [50]
The meta-analysis is the best represent as a statistical action, that which involves quantitatively pooling the data from a group of independent studies that have studied the same or similar clinical problems, by using the same or similar research methods.
3 0
3 years ago
Unearned revenues are generally: Multiple Choice Revenues that have been earned and received in cash. Increases to common stock.
Leto [7]

Answer:

i dont get it, is there a question?

Explanation:

6 0
3 years ago
Define the term communication
Kazeer [188]

the imparting or exchanging of information or news.

4 0
3 years ago
Timothy works at Sunshine Mailing, a daily newspaper, and is responsible for editing the sports column. Chloe, Timothy's manager
Anastasy [175]

Answer:

B) Job Enlargement    

Explanation:

Job enlargement refers to addition of different tasks and activities to the already existing job responsibilities of an individual, at the horizontal level. Such practice enhances job scope and also referred to as horizontal job expansion.

Job enlargement increases the job responsibility and at the same time breaks the monotony of performing the same routine tasks as new job responsibilities are added.

Such an activity also promotes creativity and develops employee skills w.r.t new tasks and activities.

In the given case, an employee has been assigned an additional column for editing apart from the usual sports column he handles. This is a case of job enlargement wherein, the existing job has been enlarged owing to the additional responsibility which has been assigned.

5 0
3 years ago
Other questions:
  • A master plan is devised for
    11·1 answer
  • 3. Working with Numbers and Graphs Q3 Suppose that a small business sells 975 units of goods per month at $30 per unit. The unit
    7·1 answer
  • Your total cash income is $80,000. You pay $8,000 in taxes and $60,000 in other expenses. Your savings ratio is
    11·1 answer
  • 1. Consider the purchase of a can of soda at a convenience store. Describe the various stages in the supply chain and the differ
    13·1 answer
  • Detailing's cost formula for its materials and supplies is $2,060 per month plus $12 per vehicle. For the month of August, the c
    10·2 answers
  • The Italy can produce 20 Gas turbines and 60 Tyres. France can produce 80 Gas turbines and 30 Tyres.
    13·1 answer
  • 22. Find the effective rate of interest to the nearest hundredth percent if $60.94 is earned in one year on a deposit of
    5·1 answer
  • Thad, a single taxpayer, has taxable income before the QBI deduction of $176,000. Thad, a CPA, operates an accounting practice a
    11·1 answer
  • What happen when unity is not there?​
    8·2 answers
  • The basis of strategic position through serving few needs of many customers is known as:_____.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!