after preparing and posting the closing entries for revenues and expenses the income summary accounts has a debit balance of 24000 the entry to close the income summary account will be?

Q: Carter Corp. uses the "Income Summary" account when it makes its closing entries. The following…

A: Lets understand the basics. Temporary accounts are accounts which needs to be closed at the year end…

Q: Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been…

A: drawings is the amount drawn by the owners for their personal use, which should be charged to owners…

Q: The president of Hill Company has asked you Required: After the closing process has been completed,…

A: Closing entries are those entries which are passed at the end of accounting period and these helps…

Q: Post the closing entries to the general ledger in RED order and calculate ending balances for each…

A: Post the closing entries to the general ledger.

Q: From the general journal below prepare the closing ledger accounts and their balances, the Income…

A: The closing entries are made to close the accounts of revenue and expenses which can not be…

Q: When the "Income Summary" account has a credit account balance of $100,000 after closing entries…

A: The closing entries are required at the year end. The closing entries close the temporary accounts…

Q: ANSWER THE FOLLOWING   Complete the statement: closing entries ________ A.    Reflect the net…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Set up T-accounts for each account and record the above amounts in each account. Then, post the…

A: Answer:   Option a.

Q: The following information is available from the adjusted trial balance of the Harris Vacation Rental…

A: Lets understand the basics. Retained earning is a earnings that are retained after paying expenses…

Q: The following accounts and their balances are listed below:  Prepare the first journal entry to…

A: Given information is: Fees Earned  $5,000 Rent Expense  $2,000 Supplies Expense $1,000 Toby, Capital…

Q: Closing entries with net income Assume that the entry closing total revenues of $3,190,000 and total…

A: Closing entries are made at the end of the period to close the temporary accounts by transferring…

Q: accounts, prepare closing entries in general journal form dated May 31, 20--. Then post the CLOSING…

A: Closing entries are defined as the type of journal entries which are prepared at the end of the…

Q: The following information is available for Crandall Company before closing the accounts. After all…

A: First we have to calculate Net Income summary: Net Income = Total Revenue - Total Expenses Net…

Q: The journal entry to close the Fees Earned, $120, and Rent Revenue, $22, accounts during the…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: The following information is available for the Travis Travel Agency. After these closing entries…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Prepare Income statement,Balancesheet,closing entries,pos-closing trial balance and opening entry on…

A: Income Statement is a statement which shows the financial results of a business during the…

Q: The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the…

A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…

Q: Prepare closing entries from the following end-of-period spreadsheet.    Austin Enterprises…

A: A closing entry is the journal entry made at the end of the accounting period. All income statement…

Q: The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made.…

A: As per Golden rules of Accounting Debit - All Expenses and Losses Credit - All Incomes and Gains

Q: Closing entries with net income After all revenue and expense accounts have been closed at the end…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: 4. Capstone Consulting Company is preparing the closing entries at the end of the accounting period.…

A: 1. Closing Entries - Closing entries are required to close the temporary accounts after making…

Q: F. Mercury, Capital account has a credit balance of $23,8000 before closing entries are made. If…

A: Solution: net income for the period closed to capital account = Revenues - expenses = 75200 - 55000…

Q: Complete the statement: closing entries ________ A.    Reflect the net income for the accounting…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: The following information is available for Zephyr Company before closing the accounts. After all of…

A: Ending Capital: It is calculated by adding the opening capital with net income and subtracting the…

Q: The F. Mercury, Capital account has a credit balance of $50,000 before closing entries are made.…

A: solution concept Temporary account Revenue is a temporary account Temporary account is closed at the…

Q: The ledger of Blossom Company contains the following balances: Owner's Capital $ 28,600, Owner's…

A: The question is based on the concept of Financial Accounitng.

Q: From the partial worksheets of Mr. Quickie Repair Shop for the quarter ended June 30, 2020, prepare…

A: Closing entries of Mr. Quickie repair shop for quarter ending 30.06.2020 Particulars LF Debit…

Q: Brett Taka Enterprises had the following accounts and normal balances listed on its December 31st…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: A company's ledger accounts and their end-of-period balances before closing entries are posted are…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: Analysis of the Income Summary Account The following is the income summary account of Rosemarie…

A: The Numerical has covered the concept of the Income Summary account.  The income summary account is…

Q: After preparing and posting the closing entries for revenues and expenses, the income summary…

A: Closing entries are made every year in order to ascertain the results. For a manufacturing…

Q: The following information is available for the Higgins Travel Agency. After closing entries are…

A: Retained earning opening balance = $132000 Net income = $46500 Dividends = $13600

Q: Exercise 1 Prepares the closing entries for the temporary accounts with the following information:…

A: “Since you have asked multiple question, we will solve the first question for you. If youwant any…

Q: Assume that the entry closing total revenues of $267,600 and total expenses of $199,700 has been…

A: Net Income = Total revenues - Total expenses = $267,600 - $199,700 = $67,900

Q: The following accounts and their balances are listed below:  Prepare the first journal entry to…

A: Temporary account: Temporary accounts are those final balances of accounts which are transfer to the…

Q: Let's select two accounts from an Adjusted Trial Balance:  Accounts receivable (Dr. balance $12,000)…

A: Closing entries are posted to transfer the revenue and expenses accounts to Income summary account…

Q: Let's select two accounts from an Adjusted Trial Balance:  Accounts receivable (Dr. balance $12,000)…

A: Closing entries: Closing entries are posted to transfer the revenue and expenses accounts to Income…

Q: Using the partial worksheet image shown, the correct closing entry for the Advertising Expense…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: After preparing and posting the closing entries for revenues and expenses, the income summary…

A: Income summary balance = DR$ 30,000

Q: The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the…

A: Closing entries are passed at the end of the financial year to close all the temporary accounts by…

Q: Exercise 1 Prepares the closing entries for the temporary accounts with the following information:…

A: Only accounts relating to income and expenses need to be closed. Other accounts will be be presented…

Q: After preparing and posting the closing entries to close revenues (and gains) and expenses (and…

A: Income summary is closed to Owner's capital by crediting the gains and debiting the losses.

Q: Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to…

A: Income summary account is used for closing out all revenues and expenses account of the business. To…

Q: The following information is available for Zephyr Company before closing the accounts. After all of…

A: The closing entries are prepared to close the temporary accounts of the business including revenue,…

Q: After preparing and posting the closing entries for revenues and expenses, the income summary…

A: The closing entries are prepared to close the temporary accounts of the business including revenue,…

Q: Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been…

A: (a) Prepare the journal entry that is required to close the person T’s drawings account.