A company had revenues of $54-500 and expenses of $43-750 for the acco.docx
A company had revenues of $54,500 and expenses of $43,750 for the accounting period. The owner withdrew $6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary $10,750; credit Owner\'s, Capital $10,750. 2)Debit Income Summary $54,500; credit Revenues $54,500. 3)Debit Revenues $54,500; credit Income Summary $54,500. 4)Debit Income Summary $43,750, credit Expenses $43,750. 5)Debit Owner\'s, Capital $6,000, credit Owner\'s, Withdrawals $6,000. Solution Answer: Following shall be closing entries for the company : 1. To close Revenue : Debit Revenues $54,500; credit Income Summary $54,500 2. To Close Expenses: Debit Income Summary $43,750, credit Expenses $43,750. 3. To Close Income Summary: Debit Income Summary $10,750; credit Owner\'s, Capital $10,750 4. To Close Withdrawals: Debit Owner\'s, Capital $6,000, credit Owner\'s, Withdrawals $6,000. Hence The closing entry that could not be there is : Debit Income Summary $54,500; credit Revenues $54,500. .
A company had revenues of $54-500 and expenses of $43-750 for the acco.docx
A company had revenues of $54,500 and expenses of $43,750 for the accounting period. The owner withdrew $6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary $10,750; credit Owner\'s, Capital $10,750. 2)Debit Income Summary $54,500; credit Revenues $54,500. 3)Debit Revenues $54,500; credit Income Summary $54,500. 4)Debit Income Summary $43,750, credit Expenses $43,750. 5)Debit Owner\'s, Capital $6,000, credit Owner\'s, Withdrawals $6,000. Solution Answer: Following shall be closing entries for the company : 1. To close Revenue : Debit Revenues $54,500; credit Income Summary $54,500 2. To Close Expenses: Debit Income Summary $43,750, credit Expenses $43,750. 3. To Close Income Summary: Debit Income Summary $10,750; credit Owner\'s, Capital $10,750 4. To Close Withdrawals: Debit Owner\'s, Capital $6,000, credit Owner\'s, Withdrawals $6,000. Hence The closing entry that could not be there is : Debit Income Summary $54,500; credit Revenues $54,500. .
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A company had revenues of $54-500 and expenses of $43-750 for the acco.docx
- 1. A company had revenues of $54,500 and expenses of $43,750 for the accounting period. The owner withdrew $6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary $10,750; credit Owner's, Capital $10,750. 2)Debit Income Summary $54,500; credit Revenues $54,500. 3)Debit Revenues $54,500; credit Income Summary $54,500. 4)Debit Income Summary $43,750, credit Expenses $43,750. 5)Debit Owner's, Capital $6,000, credit Owner's, Withdrawals $6,000. A company had revenues of $54,500 and expenses of $43,750 for the accounting period. The owner withdrew $6,000 in cash during the same period. Which of the following entries could not be a closing entry? 1)Debit Income Summary $10,750; credit Owner's, Capital $10,750. 2)Debit Income Summary $54,500; credit Revenues $54,500. 3)Debit Revenues $54,500; credit Income Summary $54,500. 4)Debit Income Summary $43,750, credit Expenses $43,750. 5)Debit Owner's, Capital $6,000, credit Owner's, Withdrawals $6,000. Solution Answer: Following shall be closing entries for the company : 1. To close Revenue :
- 2. Debit Revenues $54,500; credit Income Summary $54,500 2. To Close Expenses: Debit Income Summary $43,750, credit Expenses $43,750. 3. To Close Income Summary: Debit Income Summary $10,750; credit Owner's, Capital $10,750 4. To Close Withdrawals: Debit Owner's, Capital $6,000, credit Owner's, Withdrawals $6,000. Hence The closing entry that could not be there is : Debit Income Summary $54,500; credit Revenues $54,500.