Answered: How to close the Revenue accounts…

Name: How to close the Revenue accounts journal entry
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: How to close the Revenue accounts journal entry

Business

Accounting

How to close the Revenue accounts journal entry

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 2GI: What is the relationship between the accounting equation and the double-entry system of recording...

See similar textbooks

Related questions

Q: QuickBooks: For a purchase and the subsequent payment for the purchase, indicate which business…

A: QuickBooks: The QuickBooks is accounting software, which helps the small businesses to manage their…

Q: In recording an accounting transaction in a double-entry system

A: Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that…

Q: Record the entry to close the revenue account(s).

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Q: Distinguish the reasons for preparing closure entries at the conclusion of the accounting period.…

A: A sequence of journal entries known as closing entries is recorded in the bookkeeping system to…

Q: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…

A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: a. Prepare the entries to record sales and collections during the period b. Prepare the entry to…

A: Increase in assets and expense is recorded by debiting them and a decrease is recorded by crediting…

Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…

A: Pass necessary journal entry to record replenishment of cash fund.

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…

A: A general ledger is an account in which the total of all accounts are posted and the total of this…

Q: How is the account Income Summary used during the closing process?

A: Discussion of the how Income Summary account used during the closing process as follows:-…

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

Q: When using a manual accounting information system, which of the following transactions would be…

Q: The journal entry to close revenues and expenses would involve:

A: Journal entry refers to recording and classifying the business transaction into books of accounts…

Q: Sales invoices are first entered in The Sales Account The Purchases Journal O The Cash Book O The…

A: 1) Correct option is 'The sales journal' Reason :- Sales invoices are first entered in the sales…

Q: Date Account Titles and Explanation Debit Credit

A: A Journal entry is used to record a business transaction in the accounting records of a business.…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: Revenue and expenses closing entries and Income statement.

A: Formula: Net income = Revenues - Expenses

Q: Record the entry to close the expense account(s).

A: Closing entries: Revenue account will have credit balance, so a journal entry has to be passed by…

Q: Compute the balance of the Home Office account

A: In order to calculate balance of home office account we will do assets-liabilities.

Q: Why on closing journal entries you debit revenue and captial then credit expenses and drawing…

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

Q: . Master Supervisor E. Comptroller . Master Administrator What account type is considered a…

A: Correct option is (D) Master administrator. Master administrator is a person who is also known as…

Q: When closing income statement accounts having debit balances, which of the following accounts will…

A: In Income Statement expenses has debit balance and Revenue has credit balance. The detailed…

Q: Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance…

A: If company uses allowance method then at the end of the year business will evaluate the estimated…

Q: If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are…

A: There are various ledgers in a book which help in recording transactions of various nature, such…

Q: How do i adjust entries for a merchanting buisness

A: Adjusting entries are the journal entries passed at the end of the financial year to close all the…

Q: What is the relationship between the accounting equation and the double-entry system of recording…

A: The double-entry system is recorded in such a way that the accounting equation is always balanced.…

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: Kellogg's journal entry to close the revenue and expense accounts should include a:

A: For the closure of revenues and expense accounts, net income for the period should be transferred to…

Q: image below) Compute for the unadjusted balance of the Home Office Current account.

A: We are given the balance of branch current account and need to find the balance of home office…

Q: The controlling account in the general ledger that summarizes the debits and credits to the…

A: The control account is the summary balance of the subsidiary ledger's account. A subsidiary ledger…

Q: ayroll records serve as backup for

A: Payroll refers to the desired dum of money a company or an employer pays to its employees for the…

Q: How to know when the account is debited or credited

A: In order to know when the account is debited or credited the basic of type of accounts should be…

Q: a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control…

A: The main difference between Purchase Ledger and Purchase Ledger Control a/c is that the Purchase…

Q: This is a question from the Accounting Information Systems by James Hall. What is a source document?…

A: Source Document is considered as a supporting document for all the accounting transactions which…

Q: Can someone help me the analysis of income summary. Answed the following questions: - The income…

A: The income summary account is a temporary account into which all income statement revenue and…

Q: IIJructions Prepare a corrected classified statement of financial information, adjusting the account…

Q: Date Account Titles and Explanation Debit Credit > > > > > >

A: Preferred Stock- Preferred stock is a part of share capital that may have any arrangement of quality…

Q: Cash payments journal Sale on account General journal Collection on account Purchases journal…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: At the time of the event, which of the following does not result in a journal entry and an update of…

A: A general ledger is one of the basic foundations of any company's double-entry accounting system…

Q: Identify the normal balance (debit or credit) for each of the following accounts. Office Supplies

A: Office supplies are the small items which are used in daily office task. Some example of office…

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

How to close the Revenue accounts journal entry

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

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

A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
The __________ is used to determine where the amount in the ledger comes from. a. debit amount b. posting reference (or cross-reference) c. journal d. none of the above
Transferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.
The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
Using the information contained in the accounts receivable ledger, the accountant can prepare _________. a. The general ledger balance b. The balance sheet c. The income statement d. A schedule of accounts receivable e. None of the above
Should the purchases journal have a column that is a debit to Accounts Payable?
If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:
Under the allowance method, what journal entries are made if an account is collected that was previously written off?