Capri Company began the current period with a $45,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances Include the following temporary accounts with normal balances. Services revenue Salaries expense Depreciation expense $ 76,000 Interest revenue 37,500 K. Capri, Withdrawals 9,000 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Step 2: Close Expenses to Income Summary Debit Debit Credit Credit Income Summary Debit After all closing entries are journalized and posted, what is the balance of e K. Capri, Capital account? ep 3: Close Income Summary to Capital Credit $ 10,000 18,000 6,900

Capri Company began the current period with a $45,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances Include the following temporary accounts with normal balances. Services revenue Salaries expense Depreciation expense $ 76,000 Interest revenue 37,500 K. Capri, Withdrawals 9,000 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Step 2: Close Expenses to Income Summary Debit Debit Credit Credit Income Summary Debit After all closing entries are journalized and posted, what is the balance of e K. Capri, Capital account? ep 3: Close Income Summary to Capital Credit $ 10,000 18,000 6,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Services revenue for the period is $57,200, wages expense is $40,800, and withdrawals are $9,800. What is the correct closing entry for the expense accounts? Multiple Choice O Debit Income Summary $40,800; credit Wages expense $40,800. Debit Income Summary $40,800; credit F. Mercury Capital $40,800. Debit Wages expense $39,000; credit F. Mercury, Capital $39,000, Debit Wages expense $40,800; credit Income Summary $40,800. Debit F. Mercury, Withdrawals accounts $40,800; credit Wages expense $40,800.
The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…
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Crane Company has the following year-end account balances on November 30, 2024: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $6,000; Supplies Expense $1,350; L. Johnson, Capital $42,000; and L. Johnson, Drawings $28,000. (a) Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries.) Date Account Titles Nov. 30 Nov. 30 Nov. 30 Nov. 30 To close revenue account) < To close expense accounts) To close income summary) To close drawings account) Debit Credit | |||| |||||
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Capri Company began the current period with a $30,000 credit balance in the K. Capri, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ 118,000 Interest revenue $ 8,000 Salaries expense 37,500 K. Capri, Withdrawals 18,500 Depreciation expense 11,600 Utilities expense 5,400
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The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…
Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $80,000 of services on account. 2. Collected $48,000 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $23,680 1,600 2,240 1,920 2,560 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Allowance Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?