Answered: hich of these accounts is never closed?…

Name: Which of these accounts is never closed? Service Fee Revenue Income Su
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Which of these accounts is never closed? Service Fee Revenue Income Summary Dividends Retained Earnings

Business

Accounting

hich of these accounts is never closed? Service Fee Re

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 7MC: Which of these accounts is never closed? A. Dividends B. Retained Earnings C. Service Fee Revenue D....

See similar textbooks

Related questions

Q: The balance in the income summary account before it is closed will be equal to O the net income or…

A: Income summary account is defined as the account which receives all the temporary account of firm…

Q: What is the account that is used to close out the revenue and expense accounts at the end of the…

A: The closing entries are prepared to close the temporary accounts of the business. The temporary…

Q: What differences are there between the trial balance before closing and the trial balance after…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Journalize the transactions. (Include entries to close net income and dividends to Retained…

A: Journal entries record the transaction in such a way that there are 2 effects in the financial…

Q: Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting…

Q: The Business is in loss, when ________" a) Revenue exceeds Expenditure b) Assets exceeds…

A: The Question has covered the concept of Loss. Note:- Since you posted multiple question we will…

Q: Consider the following transactions associated with accounts receivable and the allowance for…

Q: Having issue with the attached problem. Thanks

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Which of these accounts is included in the post-closing trial balance? Group of answer choices:…

A: Post Closing trail balance is the trail balance that is prepared after closing entries are passed.…

Q: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts…

A: Solution: Accounts receivables, Unearned service revenue and sales tax payable are permanent account…

Q: Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do…

A: Accounting equation helps management to analyze the balance of total assets to total liabilities…

Q: Indicate whether a debit or credit is required to close each of the following accounts. Use the…

A: Rules of Debit and Credit: Following rules are followed for debiting and crediting different…

Q: What do closing entries accomplish? Zero out the revenues, expenses, and dividends Transfer…

A: Closing entries: Closing entries are those journal entries which are passed to transfer the balances…

Q: Debits increase accounts . . . For assets and expenses Never Always For income statement…

A: A Debit in an account increases its balance only if the accounts are of Assets and Expenses.

Q: (d) Prepare closing entries for net income and cash dividends. (Credit account titles are…

A: 1. CALCULATION OF PROFIT CALCULATION PARTICULAR AMOUNT A Revenue 518,000 B…

Q: entry to record sales on account is not posted: O Stockholders' equity will be overstated.. O Assets…

A: There may be some cases wherein the Debit and credit side of trial balance is not matched in trial…

Q: Which of the following accounts does not increase with a debit entry?A. Retained EarningsB.…

A: Debit and credit are two sides of the account, used in accounting. For all assets, expenses and…

Q: 18. The entry to close the income summary account when there is net income at the end of the…

A: Accounting Principles are the general rules and regulations for making financial statements of…

Q: Explain why the Dividends account is closed directly to theRetained Earnings account.

A: Dividend: It can be defined as the distribution of the net profits of the company to its…

Q: All of the following accounts are temporary accounts except fora. sales revenue.b. salaries…

A: Temporary accounts in bookkeeping allude to accounts you close toward the finish of every period.…

Q: Which of the following journal entries would decrease Shareholders' equity? Multiple Choice Debiting…

A: Shareholders' equity would be decreased due to expenses, losses, or withdrawals and increases due to…

Q: fter closing the expense accounts, the total of the expense accounts will appear on the debit side…

A: True. This is because when expense accounts are closed income summary is debited. Therefore they…

Q: Which account has a normal credit balance? O Prepaid Rent Expense. O Dividends. O Common Stock. O…

A: The accounts in the business have debit or credit balance depending on the nature of account.

Q: The Dividends account a) appears on the income statement along with the expenses of the business. b)…

A: Dividend is actually what is paid to share holder. it is is distribution of profit that company…

Q: Which of the following accounts would not be closed at the end of an accounting period? Select one:…

A: Types of accounts: There are mainly three types accounts namely 1) Personal 2) Real and 3) Nominal.…

Q: When there is Debit, some accounts increase and some decrease. Which among the following accounts…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Toronto Institute received payments from customers who had been billed earlier for services…

A: Accounting equation is made up of two sides that shows Assets = Liabilities + Equity. Every…

Q: True or False 1. If income summary has a credit balance after closing revenue and expense accounts,…

A: 1. At the end of the accounting period, all the closing entries of revenue and expense accounts are…

Q: Which account or accounts will be closed directly to Owner’s Capital? Income Summary only.…

A: Owner’s Drawings only is right answer

Q: A revenue account is closed by debiting Income Summary and crediting Service Revenue. True or False

A: A major step in the accounting cycle that must not be skipped by any company is the closing process.…

Q: ce revenue that are not yet received in cash are recorded as follows: Group of answer choices Debit…

Q: 3. What account will not be found in the trial balance of a company using cash basis of accounting?…

A: Cash basis of accounting refers to that type of accounting system where expenses and revenues are…

Q: Which of the following accounts is considered a temporary or nominal account?A. Fees Earned…

A: There are two type of accounts used in business. One is permanent accounts and other is temporary…

Q: 9- Which of the following accounts will be closed by debiting the Income Summary? a) Depreciation…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: Which of the following statements is correct about closing entries?

A: The answer for the multiple choice question and relevant explanation are presented hereunder : At…

Q: What do closing entries accomplish? a. Zero out the revenues, expenses, and dividends b. Transfer…

Q: Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful…

A: Introduction: Permanent Accounts: At the end of accounting period the account doesn't closed, The…

Q: Which of the following accounts is not closed? a. Depreciation Expense b. Dividends c. Service…

A: Concept introduction: At the end of every accounting period, temporary accounts are closed and the…

Q: Which of the following accounts will be closed to Income Summary?

A: Amswer

Q: Which account has a normal debit balance? Advertising expense Salaries payable Service revenue…

Q: The concept that business is assumed to exist for an indefinite period and is not established with…

A: Solution: The concept that business is assumed to exist for an indefinite period and is not…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

100%

Which of these accounts is never closed? Service Fee Revenue Income Summary Dividends Retained Earnings

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenue
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
Which of the following accounts does not increase with a debit entry? A. Retained Earnings B. Buildings C. Prepaid Rent D. Electricity Expense
Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payable
Which of these accounts is not included in the post-closing trial balance? A. Land B. Notes Payable C. Retained Earnings D. Dividends
Which of the following accounts will normally have a debit balance? A. Common Stock B. Fees Earned C. Supplies D. Accounts Payable
Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earning
State whether the balance in each of the following accounts increases with a debit or a credit. A. Office Supplies B. Retained Earnings C. Salaries Expense D. Accounts Receivable E. Service Revenue
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividends