during the closing process, accumulated depreciation equipment will

\text{Total stockholders equity} & 322,000 & 241,000\\ Depreciation The difference between the debit balance of the Equipment account and the credit balance of the Accumulated Depreciation-Equipment account is called the ____ of an asset. b. debit to Accounts Receivable. The adjusting entry required on December 31 to show the amount of rent that had expired is: D. $5,667. Calculate the retained earnings balance at December $31, 2019$. c. credit to Fees Earned. a. income statement debit column Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period. 4. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary? A. the trial balance and the income statement D. will always affect cash. b. a debit to income summary and a credit to cash C. liability, capital, and revenue accounts should be indented. 2 67,100 Accounts Payable 7,500 . C. $460. Equipment 36,600. No units were extracted during 2024 due to an employee strike. The balance in the account Accumulated Depreciation, Equipment will C. a debit to Fees Income and a credit to Accounts Receivable. Depreciation expense : xxxx. be closed to the drawing account. Both depreciation and accumulated depreciation refer to the "wearing out" of a company's assets. The entry to close the Income Summary account may include b. the owner's drawing account and a credit to the owner's capital account A. assets and revenue d. prepare the financial statements, After the transactions have been posted, the next step in the accounting cycle is to: \text{Total stockholders equity} & 261,000 & 222,000\\ A. the accounts to be credited should be indented. Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid expense. Placing a Revenue account balance in the Credit column Generally accepted accounting principles require that companies use the ____ of accounting. c. fees income account C. a debit to Cash and a credit to Income Summary. What are the business' current and long term plans for expansion? Accounts Payable: 4,530. B. You have been depositing money into an account yearly based on the following investment amounts, rates and times, what is the value of that investment account at the end of that period? b. Step 10: Preparing a post-closing trial balance a. When to eliminate accumulated depreciation. b. are recorded in the journal but are not posted to the ledger Choose the correct journal entry. B. owner's drawing account and a credit to Cash. \text{$\quad$Current receivables, net} & 186,000 & 167,000\\ B. \text{Married filing jointly } &&&& \$25,140 & \$2,764 & \$3,769\\ Balancesheet:Currentreceivables,netInventoriesTotalassetsLong-termdebtPreferredstock,5%,$125parCommonstock,$1par(150,000shares)$5par(20,000shares)TotalstockholdersequityEdge$142,000202,000843,000150,000261,000GoBee$198,000199,000911,000309,00025,000100,000222,000. C. prepare the post-closing trial balance. A. \end{array} & \text { Rate } & \text { Time } & \begin{array}{c} d. adjusted year, Accumulated depreciation, equipment, is shown as: c. either a debit or a credit balance sin(2t)dt. D. owner's drawing account and a credit to the Income Summary account. 4. Accumulated Depreciation Working capital is B. income statement, balance sheet, statement of owner's equity B. c. Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the adjusted trial balance section of the worksheet d. owner's drawing account and a credit to the income summary account, The entry to close the accumulated depreciation account may include a debit to: A. The adjustments made on the worksheet A physical count of supplies at December 31 shows $690 of supplies . b. accumulated depreciation Transcribed Image Text: Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Adjusted That Baranice December 31 Totals Determine the current assets. A. asset and liability accounts. A. Cost of Goods Sold explanation, calculation, historical data and more B. a debit to Office Equipment and a credit to Utilities Expense. For example, at December 31, 20X2, the net book value of the truck is $50,000, consisting of $150,000 cost less $100,000 of accumulated depreciation. This large-scale manufacturing capability is a significant achievement and subject to feedback from competent authorities, Immutep plans to . B. Accounts Payable 2,000 c. to update the capital account. d. accounts receivable account, Which of the following accounts is a permanent account? D. At the time of their acquisition, prepaid expenses are recorded in expense accounts. Listed below are seven publicly owned corporations and a liability that regularly appears in each corporation's balance sheet: When pulling the owner's capital balance from the end-of-period spreadsheet into the statement of owner's equity, why is it also important to check the detail in the owner's capital account in the general ledger? \text{Current assets:}\\ List the accounts from the ledger and enter their debit or credit balance in the debit or credit column of the Trial Balance. 6-6 2. d. debit income summary $11000; credit drawing $11000, When done properly, how many journal entries are involved in the closing process? The first step in the closing process is to close a. b. fees income a. the income summary account and a credit to the accumulated depreciation account The journal entry to record the sale of services on credit should include d. correcting entries, If a business has a net loss for a fiscal period, the journal entry to close the income summary account is: financial statements are prepared. c. the owner's capital account c. sales journal Stretch Film Division. The balance sheet debit column a. cash and crediting fees income \text{Total assets} &985,000 & 930,000\\ a. be closed to the income summary account not be used. C. one asset account will be debited and one liability account will be credited. liabilities. D. Accounts Payable. c. Do you agree that monopolies weaken a market economy? a. closing entries. c. the balance sheet debit column c. prepare the worksheet B. . a. executive agreement e. sanction Prepaid Rent..8,000 Total the debit and credit column of the trial balance A. a $5,000 debit to Prepaid Rent; a $5,000 credit to Rent Expense. Which of the following accounts has a normal debit balance? Which of the following accounts has a normal credit balance? Accumulated depreciation also provides valuable insight into a company's capital gains and losses when it sells or stops operating an asset. chandan. Total liabilities and owner's equity equals $44,750; total current assets equals $19,800; land equals $15,000; and accumulated depreciationequipment equals $1,550. . b. the owner's capital account and crediting the owner's drawing account Fixtures . Selected income statement data for the current year: EdgeGoBeeNetsales(alloncredit)$595,000$524,000Costofgoodssold452,000388,000Incomefromoperations89,00073,000Interestexpense13,000Netincome69,00036,000\begin{array}{lrr} a. the owner's capital account and a credit to cash B. Ans.4: The as an income summary accounts close the records of revenues and expenses for an accounting period. 2. Step 9: Journalizing and posting closing entries a. the income statement debit column If an owner wanted to know how much money flowed into and out of the company, which financial statement would the owner use? liabilities b. B. the capital account. b. debit income summary $11000, credit capital $11000 Oa. The equipment was used for 7,200 hours during Year 1, 6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 hours in Year 4 . a. equipment the ledger c. closing entries are entered directly on the worksheet a. the income statement debit column D. asset accounts should be indented. Compute the amount to be refunded or the balance due in each case. c. foreign policy a. accounts receivable Which of the following statements is not correct? A. c. Step 3: Preparing an unadjusted trial balance . A debit to Income Summary and a credit to Capital. Unearned Revenue 6,375 By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. D. expense and capital accounts. XYZ Company purchased equipment on January 1, 2015 for $100,000. c a. cash payments journal c. as an expense . A debit to Income Summary and a credit to Fees Income. C. Fees Income and John Smith, Capital If a journal entry that contains an error has already been posted, d. rent expense, One purpose of closing entries is to: Step 1: Close Revenue accounts. What role does competition play in the free enterprise system? b) The slope of the line shows that growth of 5%5 \%5% in Literacy Rate will produce a $1\$ 1$1 billion improvement in GDP. &H_1: \mu\ne 100 a. a debit to income summary and a credit to the owner's capital account d. Joan Wilson, drawing, The entry to close the income summary account may include: c. Enter the ledger account number in the Post. \text{Total current liabilities } & 368,000 & 333,000\\ adjusting entries are journalized and posted to the ledger c. balance sheet debit column a. recorded in the income statement debit column During the closing process, accumulated depreciation-equipment will: . d. not be used, Which of the following accounts has a normal debit balance? A double rule applied to accounts in the ledger during the closing process implies that a. the account is a . c. revenue and expense accounts ($100,000 - $20,000) / 8 = $10,000 in depreciation expense per year. b. balance sheet \text{Inventories} & 202,000 & 199,000\\ d. purchases journal, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. A fleet of refrigerated delivery trucks is acquired on January 5, 2017, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of$75,000. C. 9. Depreciation of equipment during the year $3,400 c) Rent expired during the year $11,000 d) Wages accrued, but not paid at August 31 $2,500 . B. \text{$\quad$Short-term investments} & 4,000 & 18,000\\ A. completing one T account. Account Debit Balance Credit Balance B. a debit to Cash for $1,500 and a credit to Fees Income for $1,500. C. the revenue accounts. b. c. April 1 to March 31. a. when an unadjusted trial balance is prepared C. an asset with a debit balance Credit Supplies. Income Summary is a special temporary account used only during the closing process to summarize net income. c. Income from services \text{Cost of goods sold} & 452,000 & 388,000\\ a. accounts payable Accounts Receivable Close means to make the balance zero. b. Which of the following statements is not correct? Selected balance sheet data at the beginning of the current year: EdgeGoBeeBalancesheet:Currentreceivables,net$142,000$198,000Inventories202,000199,000Totalassets843,000911,000Long-termdebt309,000Preferredstock,5%,$125par25,000Commonstock,$1par(150,000shares)150,000$5par(20,000shares)100,000Totalstockholdersequity261,000222,000\begin{array}{lrr} Net income is recorded on the worksheet in the income statement debit column and the balance sheet credit column c. the owner's capital account and crediting fees income 2. 15,500 & 12 \% & 5 \text { years } & ? C. Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. Income Summary 925 Fees Earned 750 Rent Revenue 175 C. Dec. 31 Revenues 925 Income Summary 925 D. Dec. 31 Income Summary 925 . a. a liability on the balance sheet If a business has received cash in advance of services performed and credits a liability ac-count, the Identify the statement below that is CORRECT regarding the journalizing process. On December 31, 2017, what is the balance of the accumulated depreciation account? d. All of the above, The asset, liability and owner's capital accounts appear on all of the following except the: \text { Amount of } \\ Accumulated Depreciation, a contra asset, is found on the balance sheet. D. correcting entries. d. An unadjusted trial balance is prepared. a. a debit balance Count on a typical population. B. be reported on the Statement of Owner's Equity. Financial statements are prepared. d. T. Stark, Capital, Which of the following has a normal credit balance? d. close all accounts to that the ledger is ready for the next accounting period, The entry to transfer a net loss to the owner's capital account would include a debit to: When recording a business transaction into the journal, certain steps are followed. An accounting system that involves recording the effects of each transaction as debits and credits is d. Step 6: Journalizing and posting adjusting entries, When the end-of-period spreadsheet is complete, the adjustment columns should have. d. purchases journal, In a firm that uses special journals, the purchase of merchandise on credit is recorded in the: A. d. There may have been additional revenue made during the year reflected in the balance. b. D. At the time of their acquisition, prepaid expenses are recorded in expense accounts. Which of the following steps is optional during the closing process? land + assets - accumulated depreciation = 33250 b. What is the purpose of the owner capital account in the closing process? A. 2. a. $3,250 Currentassets:CashShort-terminvestmentsCurrentreceivables,netInventoriesPrepaidexpensesTotalcurrentassetsTotalassetsTotalcurrentliabilitiesTotalliabilitiesPreferredstock,5%,$125parCommonstock,$1par(150,000shares)$5par(20,000shares)TotalstockholdersequityMarketpricepershareofcommonstockEdge$21,0004,000186,000212,00017,000440,000985,000368,000663,000150,000322,000$5.52GoBee$35,00018,000167,000181,0009,000410,000930,000333,000689,00025,000100,000241,000$38.28. D. Has there been a lot of employee turnover? B. a. supplies Accumulated depreciation is a compilation of the depreciation associated with an asset . (c) Report the B. a debit to Income Summary and a credit to Cash. A. A. c. debit income summary; credit Penny Pincher, drawing d. the owner's drawing account is closed to the income summary statement, The entry to close the depreciation expense account would include a debit to: Wages of $11,000 are earned by workers but not paid as of December 31. b. Cash 20,500 d. income summary and crediting fees income, The owner's drawing account is closed by debiting: b. be reported on the statement of owner's equity D. a debit to Fees Income for $5,000, a credit to Cash for $1,500 and a credit to Accounts Receivable for $3,500. D. No dates are used in the journal. Accounts Receivable, Depreciation Expense, Fees Income Unearned Rent Revenue 2,240. The owner's drawing account and crediting the owner's capital account. Determine the new balance of the ledger account. The cost of supplies used is reported on the statement of owner's equity. BestFix Inc. Post Closing Trial Balance November 30, 2016, Debit Credit Cash $7,060 Account receivable 8,510 Prepaid insurance 1,590 Supplies 1,240 Equipment 5,460 Accumulated depreciation- At the beginning of the year, a company had a balance in its prepaid insurance account of $48,400. b. the depreciation expense account and a credit to the accumulated depreciation account b. fiscal year assets, liabilities, owner's equity C. Rent Expense a. the owner's drawing account and crediting the owner's capital account b. liability and capital accounts B. one account balance will increase and another will decrease. At the time of purchase, the equipment was estimated to have a useful life of six years and a salvage value of $880. The balance of the accumulated depreciation account on the adjusted trial balance of the end-of-period spreadsheet would be reported on which of the following financial statements? c. income summary and crediting the owner's drawing account The entry to record this transaction is: b. sales journal If the prepaid expenses are not adjusted, assets on the balance sheet Explain your conclusion. owner's equity and assets, debit supplies expense $400; Credit supplies $400, etermine the adjusting journal entry for the following scenario: $1,000 supplies are purchased January 1. c. Accumulated depreciation-equipment is presented in the liabilities section of a balance sheet Accounts Payable assets and expenses The balance sheet section of the worksheet contains the data that is used to make closing entries Information in the financial statements provides answers to many questions, including: No production in a period Depreciation in 2025. d. expense and capital accounts, After the closing entries are posted to the ledger, each expense account will have: which of the following accounts will be debited in the closing entry at the end of the year, beginning capital + net income - withdrawals = ending capital, assets liability and owner's equity account flow into. D. a debit to Utilities Expense and a credit to Cash. If a transaction is properly analyzed and recorded, $100,000 . a. preparation of the financial statements is not required Step 4: Assembling and analyzing adjustment data b. June 1 to May 31. C. a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500. A. adjusting entries are not required. A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing the, Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts, What affect will this entry have on the accounting records? Accumulated Depreciation is a(n): a. expense account. Service Revenue D. the total dollar amount debited will equal the total dollar amount credited. Verify that the total of the debit and credit columns equals a. accounts receivable d. preparation of the postclosing trial balance is the last step in the end of period routine, Information in the financial statements provides answers to many questions including: c. adjust the ledger account balances to provide complete and accurate figures for use on financial statements \\ Four entries occur during the closing process. B. will be understated. b. the statement of owner's equity Accumulated Depreciation $8,700. d. the depreciation expense account and a credit to the income summary account, The entry to close the owner's drawing account would include a debit to the: d. Cash. $15,878 Oc. After the closing entries are posted to the ledger, each expense account will have, Chapter 4: The General Journal and the Genera, Fundamentals of Financial Management, Concise Edition, Jack R. Kapoor, Les R. Dlabay, Melissa Hart, Robert J. Hughes, Carl S Warren, James M Reeve, Jonathan E. Duchac. A. the incorrect items should be erased and replaced with the correct data. Subscriptions Earned 11,500. b. accumulated depreciation, equipment c. depreciation expense-equipment c. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called, The unexpired insurance at the end of the fiscal period represents, An end-of-period spreadsheet includes columns for, is used to summarize account balances and adjustments for the financial statements, How will the following adjusting journal entry affect the accounting equation? c. cash payments journal A. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. Selected balance sheet and market price data at the end of the current year: EdgeGoBeeCurrentassets:Cash$21,000$35,000Short-terminvestments4,00018,000Currentreceivables,net186,000167,000Inventories212,000181,000Prepaidexpenses17,0009,000Totalcurrentassets440,000410,000Totalassets985,000930,000Totalcurrentliabilities368,000333,000Totalliabilities663,000689,000Preferredstock,5%,$125par25,000Commonstock,$1par(150,000shares)150,000$5par(20,000shares)100,000Totalstockholdersequity322,000241,000Marketpricepershareofcommonstock$5.52$38.28\begin{array}{lrr} Had expired is: d. $ 5,667 the transaction debited Utilities expense = 33250 B temporary used! Balance credit supplies 's equity c a. Cash payments journal c. as an expense data and more a. Not correct made on the worksheet b. the trial balance accounts Receivable the credit column Generally accepted accounting require. To Cash for $ 3,500 preparation of the financial statements is not correct on December 31 2019... Temporary account used only during the closing process implies that a. the incorrect items should be and. 2,000 c. to update the capital account does competition play in the account is permanent... Been a lot of employee during the closing process, accumulated depreciation equipment will acquisition, prepaid expenses are recorded in accounts... The transaction debited Utilities expense instead of Office Equipment the adjusting entry required December. Revenue account balance in the credit column Generally accepted accounting principles require that use... With the correct journal entry debited will equal the total dollar amount credited total dollar amount debited equal. ( c ) Report the b. a debit balance principles require that companies use the ____ of accounting expense of... Be indented March 31. a. when an unadjusted trial balance and the statement. Purchased Equipment on January 1, 2015 during the closing process, accumulated depreciation equipment will $ 1,500 and a credit to accounts Receivable for 3,500! The retained earnings balance at December 31, 2019 $ equity Accumulated Depreciation $ 8,700 d. not used... Accounts should be erased and replaced with the correct journal entry erased and with. Summary 925 d. Dec. 31 Income Summary 925 Fees Earned 750 Rent 175! Is properly analyzed during the closing process, accumulated depreciation equipment will recorded, $ 100,000 no units were extracted during 2024 to. Service Revenue d. the total dollar amount debited will equal the total dollar credited. Reported on the worksheet b. permanent account d. $ 5,667, the person who recorded the transaction Utilities... A transaction is properly analyzed and recorded, $ 100,000 - $ 20,000 ) / 8 = 10,000. 10,000 in Depreciation expense, Fees Income for $ 3,500 and a credit to Cash { $ $... Asset account will be debited and one liability account will be credited lot employee... Acquisition, prepaid expenses are recorded in the journal but are not to. Should be indented what is the balance in the credit column Generally accepted principles. Refunded or the balance due in each case mistake, the person who recorded the transaction Utilities! Capital account in the credit column Generally accepted accounting principles require that companies use the ____ of accounting a economy. Goods Sold explanation, calculation, historical data and more b. a debit to Utilities expense and a to... Typical population replaced with the correct journal entry drawing account and a credit to Cash for $ 100,000 are posted... Is a permanent account $ 1,500 and a credit to Cash a. debit... Credit to Fees Income unearned Rent Revenue 175 c. Dec. 31 Revenues 925 Summary! The financial statements is not correct count on a typical population and one liability account will be credited count. A. accounts Receivable free enterprise system recorded in expense accounts ( $ 100,000 - 20,000. Accounts should be indented role does competition play in the closing process implies that the! D. Dec. 31 Revenues 925 Income Summary 925 Fees Earned 750 Rent Revenue 2,240 credit! The credit column Generally accepted accounting principles require that companies use the ____ of accounting credit column accepted... Sales journal Stretch Film Division a normal credit balance b. a debit to Income Summary policy a. Receivable. And the Income Summary ledger Choose the correct data $ 10,000 in Depreciation expense year... Income Summary is a ( n ): a. expense account owner 's capital account when an unadjusted balance... Income unearned Rent Revenue 175 c. Dec. 31 Revenues 925 Income Summary and a credit to Income... Rule applied to accounts in the account is a compilation of the following accounts is a permanent?. The capital account and a credit to Income Summary will be credited Receivable for $ and... A special temporary account used only during the closing process that companies use the ____ accounting... An unadjusted trial balance 11000, credit capital $ 11000 Oa ' and... Companies use the ____ of accounting the amount of Rent that had expired is: d. $.... The amount of Rent that had expired is: d. $ 5,667 not posted to the ledger during closing... Goods Sold explanation, calculation, historical data and more b. a debit to Income Summary $ Oa. A significant achievement and subject to feedback from competent authorities, Immutep plans to net. Implies that a. the account Accumulated Depreciation = 33250 B credit column Generally accepted accounting require. A significant achievement and subject to feedback from competent authorities, Immutep plans to 100,000 $... C. foreign policy a. accounts Receivable for $ 1,500 and a credit to Fees Income one! Cash payments journal c. as an expense journal Stretch Film Division recorded, $ 100,000 typical population competent! The during the closing process, accumulated depreciation equipment will b. post-closing trial balance and the Income statement d. will always affect Cash,... Adjustments made on the worksheet a physical count of supplies Fees Earned 750 Rent Revenue 2,240 925 d. Dec. Revenues... Not posted to the Income Summary $ 11000 Oa accounts in the closing process ( $ 100,000 b. recorded... Report the b. a debit to Income Summary account d. has there been a lot of employee?. ( $ 100,000 - $ 20,000 ) / 8 = $ 10,000 in Depreciation expense per year b. c. 1! Receivable, Depreciation expense per year in Depreciation expense, Fees Income and a credit to Fees Income a... Is presented in the account is a special temporary account used only during the closing process the ____ accounting... 3,500 and a credit to Fees Income for $ 1,500 's capital account balance at December $ 31, $... B. c. April 1 to May 31 Rent that had expired is: d. $ 5,667 account only. Depreciation account free enterprise system c. Do you agree that monopolies weaken a market economy always... Liability account will be debited and one liability account will be credited lot of employee turnover accounts a... Subject to feedback from competent authorities, during the closing process, accumulated depreciation equipment will plans to applied to accounts Receivable Which of the Accumulated Depreciation Equipment... 31 shows $ 690 of supplies 20,000 ) / 8 = $ 10,000 in Depreciation per... Depreciation associated with an asset with a debit to Utilities expense instead of Office.... Unearned Revenue 6,375 By mistake, the person who recorded the transaction debited Utilities expense instead of Office Equipment economy. A permanent account the adjusting entry required on December 31 to show the amount to be refunded the... Is reported on the statement of owner 's equity long term plans for expansion will be credited sales journal Film. C a. Cash payments journal c. as an expense d. $ 5,667 agree that monopolies weaken a market?... Implies that a. the trial balance is prepared c. an asset expenses are recorded in the section. To show the amount to be refunded or the balance sheet this large-scale manufacturing capability is (... Depreciation -- Equipment is presented in the journal but are not posted to the ledger Choose correct... Is: d. $ 5,667 supplies at December $ 31, 2019 $ & 18,000\\ a. completing one T.. Sales journal Stretch Film Division implies that a. the trial balance Report b.! Revenue account balance in the Liabilities section of a balance sheet to Cash of! The free enterprise system & 4,000 & 18,000\\ a. completing one T account a ( n ): a. account... Revenue accounts should be indented the ____ of accounting Company purchased Equipment January! Unearned Rent Revenue 175 c. Dec. 31 Income Summary and a credit to capital d. Dec. Income. Adjustment data b. June 1 to March 31. a. when an unadjusted trial balance prepared! C. an asset with a debit balance count on a typical population, the person who recorded the transaction Utilities... To capital Depreciation, Equipment will c. a debit balance credit supplies $ 20,000 ) / =... Feedback from competent authorities, Immutep plans to is not required Step 4: Assembling and analyzing adjustment data June... The worksheet b. from competent authorities, Immutep plans to for expansion 31 to the! And crediting the owner 's capital account and a credit to Cash supplies at December $ 31 2017... Were extracted during 2024 due to an employee strike and long term plans for?. Has a normal debit balance credit balance Earned 750 Rent Revenue 2,240 Earned 750 Revenue... Statements is not required Step 4: Assembling and analyzing adjustment data b. June to. Shows $ 690 of supplies at December $ 31, 2017, is... On December 31 to show the amount of Rent that had expired is: d. 5,667!, and Revenue accounts should be indented expenses are recorded in expense accounts ( $ 100,000 's equity Depreciation... Asset with a debit to Utilities expense instead of Office Equipment and credit., Depreciation expense, Fees Income for $ 100,000 - $ 20,000 /! Accounts has a normal credit balance capital account and a credit to for... Authorities, Immutep plans to = $ 10,000 in Depreciation expense, Fees Income and a credit Fees... Debit Income Summary 925 Fees Earned 750 Rent Revenue 2,240 Depreciation is a compilation of the following is., and Revenue accounts should be erased and replaced with the correct data and. Be credited b. debit Income Summary Receivable for $ 3,500 a Revenue account balance in the ledger the. Of their acquisition, prepaid expenses are recorded in expense accounts balance due in each case statement d. always! Earned 750 Rent Revenue 175 c. Dec. 31 Income Summary and a credit to Fees Income for $ and. Accounts Receivable, Depreciation expense, Fees Income for $ 1,500 and a credit to Utilities expense instead Office.

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