6. Revenues total P10,200, expenses total P7,300, and the owner's withdrawalk account has a balance of P2,600. What is the balance in the income summary account prior to closing net income or net loss? a. P2,900 debit b. P300 debit c. P2,900 credit d. P300 credit Post-Closing Trial Balance Jewel Cherry, capital Cash Accounts receivable Accounts payable Unearned service revenue Supplies Equipment P 54,900 35,200 10,900 3,500 6,850 1,200 10,600 Land 15,400 Accumulated depreciation 7. Refer to the table; calculate the total amount in the credit column of the post- closing trial balance. a. P50,900 b. P73,300 C. P63,700 d. impossible to determine from the given data 8. Using the data in table, the balance in accumulated depreciation must be; а. Р8,050 b. P10,200 C. P65,250 d. impossible to determine from the given data 322
6. Revenues total P10,200, expenses total P7,300, and the owner's withdrawalk account has a balance of P2,600. What is the balance in the income summary account prior to closing net income or net loss? a. P2,900 debit b. P300 debit c. P2,900 credit d. P300 credit Post-Closing Trial Balance Jewel Cherry, capital Cash Accounts receivable Accounts payable Unearned service revenue Supplies Equipment P 54,900 35,200 10,900 3,500 6,850 1,200 10,600 Land 15,400 Accumulated depreciation 7. Refer to the table; calculate the total amount in the credit column of the post- closing trial balance. a. P50,900 b. P73,300 C. P63,700 d. impossible to determine from the given data 8. Using the data in table, the balance in accumulated depreciation must be; а. Р8,050 b. P10,200 C. P65,250 d. impossible to determine from the given data 322
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.21E: Adjustments for unearned and accrued fees The balance in the unearned fees account, before...
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