Use the following information for questions 1 to 7.The Income Statement for the year 2021 ofMira Co. contains the following information:RevenueP70,000Expenses:Salary ExpenseP45,000Rent Expense12,000Advertising Expense6,000Supplies ExpenseUtilities ExpenseInsurance ExpenseTotal Expenses73,500Net Income (Loss)(P3,500)1.The entry to close revenue accountincludes a:2.The entry to close the expense accountsincludes a3. After the revenue and expense accountshave been closed, the balance in IncomeSummary will be4.The entry to close Income Summary to MiraCo, Capital includes5.At January 1, 2021, Mira Co. reportedowner's equity of P50,000. Owner'sdrawings for the year totaled P10,000. AtDecember 31, 2021, the company willreport owner's equity of6. After all closing entries have been posted,the Income Summary account will have abalance of7. After all closing entries have been posted,the revenue account will have a balance of6,0002,5002,000

Name: Use the following information for questions 1 to 7.The Income Stateme
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Description: Use the following information for questions 1 to 7.The Income Statement for the year 2021 ofMira Co. contains the following information:RevenueP70,000Expenses:Salary ExpenseP45,000Rent Expense12,000Advertising Expense6,000Supplies ExpenseUtilities E

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The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500) 1. The entry to close revenue account includes a:

The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500) 1. The entry to close revenue account includes a:

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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