Question

At the end of an accounting period, state whether each of the following accounts are: a)...

At the end of an accounting period, state whether each of the following accounts are: a) closed with a debit to the account b) closed with a credit to the account c) not closed.

1. cash

2. sales revenues

3. salary expense

4. inventory

5. amortization expense

6. accumulated amortization

7. owner’s withdrawals

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The proper adjusting journal entry to record depreciation expense for the end of an accounting period...
The proper adjusting journal entry to record depreciation expense for the end of an accounting period would be to: (1pts) Question 4 - The proper adjusting journal entry to record depreciation expense for the end of an accounting period would be to: Select debit equipment; and credit depreciation expense as your answer debit equipment; and credit depreciation expense Select debit depreciation expense; and credit accumulated depreciation as your answer debit depreciation expense; and credit accumulated depreciation Select debit accumulated depreciation;...
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end...
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. GAOLEE FASHION CENTER Trial Balance November 30, 2017 Debit Credit Cash $ 20,700 Accounts Receivable 30,700 Inventory 44,700 Supplies 6,200 Equipment 133,000 Accumulated Depreciation—Equipment $ 28,000 Notes Payable 60,000 Accounts Payable 48,500 Owner’s Capital 93,000 Owner’s Drawings 12,000 Sales Revenue 755,200 Sales Returns and Allowances 8,800 Cost of Goods Sold 497,400 Salaries and Wages Expense 140,000 Advertising Expense 24,400...
Question 1 Please indicate whether the normal balance of each of the following accounts is a...
Question 1 Please indicate whether the normal balance of each of the following accounts is a debit or a credit: Debit Credit 1. Equipment 2. Land 3. Owner's, Withdrawals 4. Rent Expense 5. Interest Revenue 6. Prepaid Rent 7. Accounts Receivable 8. Office Supplies 9. Notes Receivable 10. Notes Payable 11. Owner's, Capital 12. Rent Earned 13. Rent Payable 14. Interest Expense 15. Interest Payable Question 2 The following transactions take place in April 2018 for Del Martin Consulting: Del...
Assume the following unadjusted account balances at the end of the accounting period for Emmie Company:...
Assume the following unadjusted account balances at the end of the accounting period for Emmie Company: Accounts Receivable, $300,000; Allowance for Doubtful Accounts, $4,200 (debit balance); and Net sales, $3,600,000. If Emmie’s past experience indicates credit losses of 1% of net sales, the adjusting entry to estimate doubtful accounts is: Select one: A. Bad Debts Expense 40,200 Allowance for Doubtful Accounts 40,200 B. Bad Debts Expense 31,800 Allowance for Doubtful Accounts 31,800 C. Bad Debts Expense 36,000 Accounts Receivable 36,000...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at all.   ...
MC Qu. 70 At the end of the accounting... At the end of the accounting period,...
MC Qu. 70 At the end of the accounting... At the end of the accounting period, the owners of debt securities: Multiple Choice -Must retire the debt. -Must report the dividend income accrued on the debt securities. -Must record any interest earned on the debt securities during the period. -Must record a gain or loss on the interest income earned. -Must record a gain or loss on the dividend income earned. MC Qu. 133 On November 12, Higgins... On November...
Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the...
Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained earnings statement, or balance sheet. 1. Accumulated Depreciation—Building 2. Cash 3. Fees Earned 4. Insurance Expense 5. Prepaid Rent 6. Supplies 7. Dividends 8. Wages Expense
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for...
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store...
Increases and decreases in various types of accounts are listed below. In each case, indicate by...
Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit. (a) (b) Recorded As Normal Balance 1. Increase in Denice Dickenson, Capital 2. Increase in Denice Dickenson, Drawing 3. Decrease in Accounts Receivable 4. Increase in Notes Payable 5. Increase...
At the beginning of the current period, Bramble had balances in Accounts Receivable of $276,000 and...
At the beginning of the current period, Bramble had balances in Accounts Receivable of $276,000 and in Allowance for Doubtful Accounts of $8,000 (credit). During the period, it had net credit sales of $845,000 and collections of $802,750. It wrote off as uncollectible accounts receivable of $6,100. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost...