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
Stels [109]
2 years ago
12

Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income

statement accounts with credit balances. Multiple Choice debit Sales and credit Income Summary for $15,000. debit Sales $15,000; debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200. debit Sales for $15,000; debit R Holloway, Capital for $13,000 and credit Income Summary for $28,000. debit Income Summary for $15,000 and credit Sales for $15,000.
Business
1 answer:
max2010maxim [7]2 years ago
6 0

Answer:

debit Sales $15,000; debit Purchases Returns and Allowances $200 and credit Income Summary for $15,200

Explanation:

Based on the information given the CLOSING ENTRY that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances are:

Debit Sales $15,000

Debit Purchases Returns and Allowances $200 Credit Income Summary for $15,200

($15,000+$200)

(To close revenue accounts and income statement accounts)

You might be interested in
Keith enjoys cutting hair and he just graduated from a cosmetology program. He has opened up his own shop, but it has not grown
marysya [2.9K]

Answer:

Franchises.

Explanation:

A franchise is formed when a third party is given the right to market products using the brand name of a parent company. There is usually an agreement between the parent company and the third party on profit sharing from the franchise.

In this scenario Keith wants to try a brand recognition of a national chain, but he wants to stay in his local area and be the owner of the shop.

The best option is to form a franchise where he can use the national brand to grow his business locally.

3 0
3 years ago
Which of the following is an owner of a fee simple absolute NOT able to do...? Lease the property to another Pledge the property
xxTIMURxx [149]

Answer:

Correct Answer:

4. Build beyond the property line of the land

Explanation:

Fee simple absolute is an estate in land, which is a form of freehold ownership. It is a way that real estate and land may be owned in common-law countries. And, also is the highest possible ownership interest that can be held in real property.

7 0
3 years ago
Smart Stream Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and
weqwewe [10]

Answer:

A. $2,400,000

B. $36

C. $49

Explanation:

Base on the scenario been described in the question, we can use the following method to solve the given problem

a. Ascertain the variable costs and the variable cost amount per unit for the production and sale of 10,000 cellular phones:

The total variable cost = $2,400,000

Variable cost per unit =$240

help_outline

fullscreen

b. Ascertain the variable cost mark-up percentage for cellular phones:

Compute the desired ROI per unit:

help_outline

fullscreen

Compute the Fixed co

An attached image in given for the calculations

4 0
3 years ago
Best products, an Atlanta based company, is in the midst of its budgeting process. It has already prepared its direct materials
zubka84 [21]

Answer:

The target direct materials ending inventory is the correct answer.

Explanation:

8 0
3 years ago
On December 1, 2019, Ral received advance rental of $27,000 from a tenant for a three-year lease commencing January 1, 2020 to c
adelina 88 [10]

Answer:

Nil

Explanation:

On receipt of the amount, the entries to be posted would be;

Debit cash account   $27,000

Credit deferred revenue  $27,000

Being entries to recognize cash received in advance for rental income.

As such, no rental income was earned in 2019. Amount to be included in Ral's taxable income for rent revenue is nil.

8 0
3 years ago
Other questions:
  • Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,
    6·1 answer
  • Consider the $50,000 excess cash.Assume that Gary invests the funds in a one year CD
    15·1 answer
  • Elements within the requirements listing tables that should be reviewed annually under the internal control program will include
    7·2 answers
  • On March 1, Song Corp. receives a $100,000, 90-day, noninterest-bearing note receivable from a customer. The note has a 12% disc
    12·1 answer
  • Which of the following forms of business organizations does not have the pass-through feature of income and losses? a. partnersh
    6·1 answer
  • If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the
    10·1 answer
  • As a(n) ________, Katerina might tend to more honestly reveal her thoughts and feelings, bedramatic in her conversational tones,
    15·1 answer
  • A school at which you are likely to be accepted because you meet graduation requirements is called a:
    7·2 answers
  • Why do i sometimes need to chose between my wants and needs
    12·1 answer
  • About ____ percent of worldwide stocks of tuna, cod, and other large ocean fishes have disappeared in the last 50 years.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!