Question

Question 32 2.5 pts The normal balance of Income Summary is: It depends on the change...

Question 32 2.5 pts
The normal balance of Income Summary is:
It depends on the change of the inventory balance.
credit.
debit.
The account does not have a normal balance.
Flag this Question
Question 33 2.5 pts
The first entry to adjust Merchandise Inventory includes:
a debit to Merchandise Inventory.
a credit to Income Summary.
a credit to purchases.
a credit to Merchandise Inventory.
Flag this Question
Question 34 2.5 pts
The second entry to adjust Merchandise Inventory includes:
a debit to Merchandise Inventory.
a debit to Income Summary.
None of these is correct.
a credit to Merchandise Inventory.
Flag this Question
Question 35 2.5 pts
Unearned Rent is what type of account?
Expense
Revenue
Liability
Asset

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
32
The Income Summary account does not have a normal balance.
It can have a debit balance in case of loss and a credit balance in case of Income
Option 4 is correct
33
The first entry to adjust Merchandise Inventory includes a credit to Merchandise Inventory.
Option 4 is correct
34
The second entry to adjust Merchandise Inventory includes a debit to Merchandise Inventory.
Option 1 is correct
35
Unearned Rent is a Liability account
Option 3 is correct
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Question 24 2.5 pts What inventory method is used when the inventory balance is updated only...
Question 24 2.5 pts What inventory method is used when the inventory balance is updated only at the end of the accounting period? Income Summary Perpetual Cost of Goods Sold Periodic Flag this Question Question 25 2.5 pts When using a periodic inventory method, what account is increased when you buy merchandise inventory? Beginning Inventory Supplies Purchases Cost of Goods Sold Flag this Question Question 26 2.5 pts Cost of Goods Sold equals: Beginning Inventory - Net Purchases + Freight-in...
Question 5 2.5 pts The reversing entry for Salaries is: debit Salaries Expense; credit Salaries Payable....
Question 5 2.5 pts The reversing entry for Salaries is: debit Salaries Expense; credit Salaries Payable. debit Salaries Payable; credit Income Summary. debit Salaries Expense; credit Accounts Payable. debit Salaries Payable; credit Salaries Expense. Flag this Question Question 6 2.5 pts Reversing entries are done when assets or liabilities are increasing and have no previous balance. True False Flag this Question Question 7 2.5 pts Reversing entries are the opposite of closing entries. True False Flag this Question Question 8...
Question 23 2.5 pts Gross Accounts Receivable is $20,000. Allowance for Doubtful Accounts has a credit...
Question 23 2.5 pts Gross Accounts Receivable is $20,000. Allowance for Doubtful Accounts has a credit balance of $400. Net credit sales for the year are $125,000. In the past, 2% of credit sales had proved uncollectible, and an aging of the receivables indicates $1,500 is doubtful. Under the income statement approach, Bad Debts Expense for the year is: $2,900 $1,100. $2,500. $1,900. Flag this Question Question 24 2.5 pts Gross Accounts Receivable is $20,000. Allowance for Doubtful Accounts has...
Question 142.5 pts Using the perpetual inventory system, the purchase of merchandise on account would include...
Question 142.5 pts Using the perpetual inventory system, the purchase of merchandise on account would include a: debit to Accounts Payable and a credit to Merchandise Inventory. debit to Sales and a credit to Accounts Receivable. debit to Merchandise Inventory and a credit to Accounts Payable. debit to Merchandise Inventory and a credit to Sales. Flag this Question Question 152.5 pts The return of merchandise to the supplier for credit using the perpetual inventory system would include a: debit to...
Question 21 2.5 pts The two methods of accounting for uncollectible receivables are the allowance method...
Question 21 2.5 pts The two methods of accounting for uncollectible receivables are the allowance method and the: interest method. cost method. equity method. direct write-off method. Flag this Question Question 22 2.5 pts In the direct write-off method, writing off an account causes: a decrease in the Allowance account. an increase in Accounts Receivable. an increase in expense. a decrease in expense. Flag this Question Question 23 2.5 pts Pittsburgh Tours collected $190 on an account that had been...
The income summary has a zero balance after which step in the closing process a. Step...
The income summary has a zero balance after which step in the closing process a. Step 2 b. Step 3 c. The income summary is permanent and therefore not closed d. Step 4 e. Step 1 On June 30, the Cash account of Majeau Company had a normal balance of $4,300. During July the account was debited for a total of $3,400 and credited for a total of $3,600. What was the balance in the Cash account on August 1?...
6. The net income reported on the income statement is $90,000. However, adjusting entries have not...
6. The net income reported on the income statement is $90,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300. Net income, as corrected, is a. $87,300 b. $90,000 c. $88,700 d. $86,000 7. The type of account and normal balance of Unearned Rent is a. revenue, credit b. expense, debit c. liability, credit d. liability, debit 8. Supplies are recorded as assets when purchased. Therefore,...
Young Corporation used a perpetual inventory system. By physical count, ending Merchandise Inventory is $82,300. The...
Young Corporation used a perpetual inventory system. By physical count, ending Merchandise Inventory is $82,300. The balance in the Merchandise Inventory account is $80,500. Which of the following is the correct adjusting entry? Select one: a. A debit to Income Summary of $1,800, and a credit to Merchandise Inventory of $1,800 b. A debit to Merchandise Inventory of $1,800, and a credit to Income Summary of $1,800 c. A debit to Cost of Goods Sold of $1,800, and a credit...
Question 1 2.5 pts 1. The perfectly competitive firm's demand curve is horizontal at the market...
Question 1 2.5 pts 1. The perfectly competitive firm's demand curve is horizontal at the market price. True False Flag this Question Question 2 2.5 pts 2. In perfect competition, the market price is established at the intersection of the market demand and market supply curves in the industry and the individual firms are "price takers" of that market price. True False Flag this Question Question 3 2.5 pts 3. The perfectly competitive firm will continue to produce in the...
Question 94 pts When using vertical analysis, net cost of goods sold is the 100% benchmark...
Question 94 pts When using vertical analysis, net cost of goods sold is the 100% benchmark against which all other income statement amounts are compared. net cost of goods sold is the 100% benchmark against which all other balance sheet amounts are compared. net sales is the 100% benchmark against which all other income statement amounts are compared. net sales is the 100% benchmark against which all other balance sheet amounts are compared. horizontal analysis cannot be applied to the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT