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4a  Identify which of the following are temporary accounts of San Migael Company. Owner’s Capital Owner’s Drawings...

4a  Identify which of the following are temporary accounts of San Migael Company.

Owner’s Capital

Owner’s Drawings

Equipment

Accumulated Depreciation

Depreciation Expense

4b) Identify which of the following accounts would have balances on a post-closing trial balance.

Service Revenue

Income Summary

Notes Payable

Interest Expense

Cash

4c. The closing entry process consists of closing

all asset and liability accounts.

out the owner’s capital account.

all permanent accounts.

all temporary accounts.

4d.The final closing entry to be journalized is typically the entry that closes the

revenue accounts.

owner’s drawings account.

owner’s capital account.

expense accounts.

4e.Compute the dollar amount of current assets based on the following account balances.

        Accounts Receivable                                     $22,000

        Accumulated Depreciation—Equipment        27,000

Cash     

8,400

Equipment

93,000

Prepaid Rent

7,000

Short-term Investments

15,000

4f.Rodriguez Company reported the following balances at June 30, 2014:

                                Sales Revenue                                                           $16,000

                                Sales Returns and Allowances                                          600

                                Sales Discounts                                                                300

                                Cost of Goods Sold                                                        7,500

What are the net sales for the month?

What is the gross profit for the month?

Business   Accounting   
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Answer #1

4a  Identify which of the following are temporary accounts of San Migael Company.

Owner's drawing and depreciation expense

4b) Identify which of the following accounts would have balances on a post-closing trial balance.

Notes payable and cash

4c. The closing entry process consists of closing

all temporary accounts.

4d.The final closing entry to be journalized is typically the entry that closes the

Owner's drawing account

4e.Compute the dollar amount of current assets based on the following account balances.

Current assets = 8400+22000+7000+15000 = $52400

4f.Rodriguez Company reported the following balances at June 30, 2014:

Net Sales = 16000-600-300 = 15100

Gross profit = 15100-7500 = 7600

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