Which of the Following Accounts Would Be Closed into Income
Which of the following accounts would be closed into Income Summary in the procedure of closing accounts at the end of a fiscal period?
A) Rent Payable
C) Insurance Expense
D) Accumulated Depreciation
Which of the following account(s) would remain open after closing entries?
A) Accounts Payable
C) Owner's capital
D) All of the answers listed
The Income Summary account would be reported on which financial statement?
A) Income Statement
B) Balance Sheet
C) Statement of Owner's Equity
D) None. The Income Summary account is not reported on a financial statement.
The adjusted balances for Tomas Co. are listed below. Cash, $20,000
Accounts Receivable, $2,500
Prepaid Insurance, $3,500
Accumulated Depreciation, $2,000
Accounts Payable, $4,000
J) Tomas, Capital, $30,000
J) Tomas, Drawing, $10,000
Income from Services, $35,000
Wages Expense, $12,000
Rent Expense, $8,000
The entry to close revenue would involve a
A) debit to Income Summary, $35,000.
B) credit to Income from Services, $35,000
C) debit to Income from Services, $35,000.
D) None of the answers listed