College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 12, Problem 4QY
What is the third entry of the closing procedure for a merchandising business?
- a. Sales to Income Summary
- b. Income Summary to Capital
- c. Expenses to Income Summary
- d. Drawing to Capital
- e. Capital to Income Summary
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Entity A’s income statement shows a line item described as “Cost of goods sold.” Entity A is most likely aA. service business.B. merchandising business.C. sole proprietorship business.D. partnership business.
Which of the following accounts is increased by a credit?A. CashB. Accounts receivableC. Accounts payableD. Owner’s drawings
At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account?
A. 230,000B. 210,000C. 350,000D. 90,000
When comparing a retail business to a service business, the financial statement that changes the least is the
a. balance sheet
b. income statement
c. statement of owner's equity
d. statement of cash flows
Identify which one of the following formula is used to calculate the net income of the service companies in an accounting period?
a.Net Purchases – Cost of goods sold
b.Net Sales – Cost of goods sold
c.Services Revenue – Operational and Administrative Expenses
d.Operational and Administrative Expenses – Service Revenue
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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