slope significantly different from zero? &H_0: \mu =100 \\ c. The Hollywood Park Companies (horse racing): Outstanding mutuel tickets. C. Has the business achieved its net income goal for the year? Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period. d. Current Assets; Long-Term Liabilities; Property, Plant, and Equipment. d. T. Stark, Capital, Which of the following has a normal credit balance? d. Joan Wilson, capital, Entries required to zero the balances of the temporary accounts at the end of the year are called: Debit supplies; Credit accounts payable land + assets - accumulated depreciation = 33250 D. owner's drawing account and a credit to the Income Summary account. c. closing entries are entered directly on the worksheet SAP Fico Feb-2020. a. the owner's capital account and a credit to cash c. balance sheet debit column Debit fees earned; credit accounts receivable, Which of the following are considered temporary accounts? The owner's drawing account and crediting the owner's capital account. \text{Total liabilities} & 663,000 &689,000\\ Immutep successfully scaled-up the manufacturing process for efti during the half year, with the completion of its first 2,000L manufacturing run by the Company's manufacturing partner, WuXi Biologics. C. a debit to Fees Income and a credit to Accounts Receivable. Accumulated depreciation is the total depreciation for a fixed asset that has been charged to expense since that asset was acquired and made available for use. After the worksheet has been completed, the next step in the accounting cycle is to C. a debit to Cash and a credit to Income Summary. 35,500 & 10 \% & 2 \text { years } & ? the ledger Which of the following statements is correct? b. the capital account C. A post-closing trial balance will not contain revenue and expense account balances. Which of the following account groups includes temporary (nominal) accounts? D. The owner's drawing account and crediting Income Summary. liabilities. D. 5. 3 Over time, the accumulated depreciation balance will continue to increase . On November 25, 2016, the company paid $24,000 rent in advance for a six-month period (December 2016 through May 2017). Count on a typical population. A business purchases supplies on account. B. An explanation is indented and entered on the line underneath the last credit in the entry. On a worksheet, the adjusted balance of the accumulated depreciation account is extended to: On a worksheet, the adjusted balance of the depreciation expense account is extended to: On a worksheet, the adjust balance of the supplies account is extended to: D. Accounts Payable. Of the following steps of the accounting cycle, which step should be completed last? d. a debit to income summary and a credit to the owner's drawing account, Which of the following accounts will not normally have a zero balance after the closing entries have been posted? When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by c. either a debit or a credit balance The cost of supplies used is reported on the statement of owner's equity B. a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400. D. will always affect cash. At the time of purchase, the equipment was estimated to have a useful life of six years and a salvage value of $880. The cost for each year you own the asset becomes a business expense for that year. the chart of accounts Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies, Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet? c. Adjusting entries are journalized and posted to the ledger. A. sateesh konatam. c. a credit balance b. ($100,000 - $20,000) / 8 = $10,000 in depreciation expense per year. 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? Briefly explain what you believe to be the nature of each of these liabilities, including how the liability arose and the manner in which it is likely to be discharged. b. cash receipts journal When recording a business transaction into the journal, certain steps are followed. c. Income from services \text{Current assets:}\\ b. as a liability Credit Cash, all of the information from the journal was correctly transferred to the ledger, Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means, Smith Inc. B. Debit Cash $1,350; credit Accounts Receivable $1,350 d. An unadjusted trial balance is prepared. Accumulated Depreciation: $9,800. a. income summary account and a credit to the owner's drawing account Income statement credit column A. Prepaid Rent 4,000 Accumulated Depreciation is a(n): a. expense account. \text{Cost of goods sold} & 452,000 & 388,000\\ When an entry is made in the general journal, B. a debit to Income Summary and a credit to Cash. The cost of supplies used represents an operating expense of the business The following are reasons to close the accounts at the end of the year except c. cash payments journal Assume a company has equipment which is used in its business. Working capital is d. Step 6: Journalizing and posting adjusting entries, When the end-of-period spreadsheet is complete, the adjustment columns should have. a. cash receipts journal A. posting entries. JACKSONVILLE, Fla., Feb. 28, 2023 /PRNewswire/ Black Knight, Inc. (), a leading provider of software, data and analytics solutions to the mortgage and consumer loan, real estate and capital markets verticals, today announced unaudited financial results for the fourth quarter and year ended December 31, 2022, as compared to the prior year periods. B. post the closing entries. Accounts Payable 4,690. Adjusting Entries are When the owner withdraws cash for personal use, Which of the following types of accounts normally have debit balances? A. be reported on the Income Statement. b. financial statements. d. the income statement credit column, On a worksheet, a net loss is: a. when an unadjusted trial balance is prepared List the accounts from the ledger and enter their debit or credit balance in the debit or credit column of the Trial Balance. Given the choices below, which one depicts the trial balances in the correct order in which they would be prepared? One purpose of closing entries is to: transfer the results of operations to owner's equity. C. a $1,000 debit to Rent Expense; a $1,000 credit to Prepaid Rent. Accounts that report amounts for only one period. D. Debit B. Conway, Capital $9,000 and credit Salary Expense $2,000; credit Rent Expense $3,000; credit Supplies Expense $4,000. B. updating entries for previously unrecorded expenses or revenues. 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. D. Placing the Accounts Payable balance in the Credit column. Wages of $11,000 are earned by workers but not paid as of December 31. b. d. The balance of the owner's capital account on the adjusted trial balance will usually be different than that reported on the postclosing trial balance, During the closing process, accumulated depreciation-equipment will: Randomly listed below are the steps to preparing a Trial Balance: The first entry closes revenue accounts to the Income Summary account. Fees Earned 6,375, decrease liabilities, increase net income, increase revenues reported for the period, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed, Prepaid rent, representing rent for the next six months' occupancy, would be reported on the tenant's balance sheet as a(n), As time passes, fixed assets other than land lose their capacity to provide useful services. B. will be understated. Accumulated Depreciation \\ Study with Quizlet and memorize flashcards containing terms like The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be: A. Dec. 31 Fees Earned 750 Rent Revenue 175 Income Summary 925 B. Dec. 31 . What are the business' current and long term plans for expansion? A. the drawing account. d. purchases journal, In a firm that uses special journals, the purchase of merchandise on credit is recorded in the: a. income statement C. Debit Income Summary; credit Penny Pincher, Drawing B. a debit to Office Equipment and a credit to Utilities Expense. The journal entry to record cash received from clients on account would include a c. Step 3: Preparing an unadjusted trial balance B. 95. \textbf{Filing Status} &&&& \textbf{Income} & \textbf{Tax Withheld} & \textbf{Tax Due}\\ 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: Debit Supplies Expense Accumulated Depreciation-Equipment. d. purchases journal, In a firm that uses special journals, the acceptance of a return of merchandise from a credit customer is recorded in the: \text{Market price per share of common stock} & \$\hspace{18pt}5.52 & \$\hspace{18pt}38.28\\ A. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. c. foreign policy a. a. A post-closing trial balance is . $100,000 . During the year, $6,397 of supplies are purchased. b. the adjusting entries do not need to be journalized. During the closing process, Accumulated Depreciation, Equipment will: A)be closed to the income summary account. On a worksheet, the adjusting entry to account for depreciation of equipment consists of: If the prepaid expenses are not adjusted assets on the balance sheet: If long term assets are not adjusted, expenses on the income statement. . Which of the following amounts would be recorded as insurance expense during the adjusting process at the end of Diane's first month of operations on March 31? b. owner's drawing account and a credit to cash Which of the following would result in an error when preparing the Trial Balance? There may have been additional losses incurred during the year reflected in the balance. D)be closed to the capital account. C. preparing financial statements. a. are posted to the ledger but are not recorded in the journal On December 31, 2016, the company's adjustment for expired rent would include: When a trial balance is in balance, A. a debit to Income Summary and a credit to the owner's capital account. \end{array} & \text { Rate } & \text { Time } & \begin{array}{c} The cost of equipment is recorded in the account Equipment. Describe why each statement is incorrect. 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 . b. the income statement credit column a. d. as a deduction from the total of the assets, The book value of long term assets is reported on C. will not be affected. b. A. will be overstated. When charge customers pay cash to apply against their accounts, the amount is recorded 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 b. B. By matching revenues and expenses in the same period in which they incur, net income or loss will be properly reported on the income statement, Supplies are recorded as assets when purchased. . Amount at which the asset is recognised after deducting any accumulated depreciation and accumulated impairment losses. The error was discovered after the data posted. d. accounts payable, Which of the following statements is not correct? A. Debit to Cash; Credit Supplies D. the income statement and the balance sheet. Prepaid Insurance b. b. Four entries occur during the closing process. B. a. as a deduction from the cost of the equipment C. 9. b. to close all real accounts. a. executive agreement e. sanction d. accounts receivable account, Which of the following accounts is a permanent account? b. 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. The Income Summary account is a temporary owner's equity account. c. liability account. Debit Credit Cash $2,260 Accumulated Depreciation-Equipment $1,860 Accounts Receivable 4,110 Accounts Payable 2,460 Supplies 1,660 Unearned Revenue 1,060 Equipment 11,860 Salaries Payable 560 J. Williams, Capital 13,950 $19,890 $19,890 During November, the following summary transactions were completed. B. the statement of owner's equity and the income statement b] Fees Income and crediting Income Summary. D. Debit Penny Pincher, Capital; credit Penny Pincher, Drawing, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. \text{Total current liabilities } & 368,000 & 333,000\\ a. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances. A. How much do customers owe the business? d. to close all nominal accounts. C. owner's capital account and a credit to the owner's drawing account. C. Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. 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. Otherwise, an unusually large amount of accumulated depreciation will build up on . Accumulated Depreciation: Equipment has a January 31 credit entry of 75 and a credit balance of 75. Your strategy is to invest in companies that have low price-earnings ratios but appear to be in good shape financially. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary? c. income summary and a credit to the owner's capital account C. on the left side of the Cash account and the right side of the Accounts Receivable account. 'Depreciable amount' is the cost of an asset, cost less residual value, or . Debit supplies $600; credit cash $600 b. the statement of owner's equity b. c. sales journal A. D. a $6,000 debit to Prepaid Rent; a $6,000 credit to Rent Expense. Organic revenues increased $16.6 million, or 9 . C. Supplies Expense 6-30 If the postclosing trial balance does not balance, the accounting records contain B. income statement, balance sheet, statement of owner's equity B. a liability with a debit balance b. D. Rent Expense.. 4,000 \text{Married filing jointly } &&&& \$25,140 & \$2,764 & \$3,769\\ The process of transferring data from the journal to the ledger accounts is called, according to the steps of the accounting cycle in what order should the trial balance be prepare, The ____________ is where a transaction can first be found in the accounting records, The process of transferring debits and credits from the journal entries to the account ledger is called, In which of the following types of accounts are decreases recorded by credits: B. the capital account. What is the purpose of the owner capital account in the closing process? Trial balance, adjusted trial balance, post-closing trial balance. D. statement of owner's equity, income statement, balance sheet. B. owner's drawing account and a credit to Cash. b. C)be closed to the drawing account. If an amount box does not require an entry, leave it blank. d. general journal, In a firm that uses special journals, the sale of merchandise for cash is recorded in the: b. cash receipts journal The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include For example, if a company purchased a piece of printing equipment for $100,000 and the accumulated depreciation is $35,000, then the net book value of the printing equipment is $65,000. b. debit income summary $11000, credit capital $11000 Income Summary is a special temporary account used only during the closing process to summarize net income. On January 31, it is determined that $600 supplies are remaining. 6-6 2. D. the company has earned a net income. b. accumulated depreciation, equipment c. the owner's capital account & \textbf{Edge} & \textbf{GoBee}\\ a. D. The owner's drawing account is closed to the Income Summary Statement. Bertrand Inc. performed services for clients in the amount of $1,350 on credit. F 15. 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} Find the greatest common divisor (GCD)for the following then simplify the fraction. \\ d. not appear on any financial statement, A consecutive 12-month accounting period is called a(n): - Reported net income of $\$100,000$. d. Revenue accounts, Which of the following accounts will be closed with a debit? a. Nominal accounts D. Accounts Payable, Owner's Capital, Income Summary. Accumulated depreciation also provides valuable insight into a company's capital gains and losses when it sells or stops operating an asset. Owner's Equity; Liabilities; Property, Plant, and Equipment An end-of-period spreadsheet is prepared. C. Rent Expense.. 8,000 the most important output of the accounting cycle is the financial statement, which of the following financial statements reports information as of a specific date, What affect does the following transaction have on the accounting records? 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. d. rent expense, One purpose of closing entries is to: The adjusting entry required on December 31 to show the amount of rent that had expired is: Accumulated Depreciation, a contra asset, is found on the balance sheet. a. B. the double-entry system. Rent Expense 4,000 d. None of these choices are correct. In Exercises 212121 through 303030, find the indicated integral. The straight line calculation steps are: Determine the cost of the asset. 67,100 Accounts Payable 7,500 . c. the excess of the current assets of a business over its current liabilities. D. may be either overstated or understated. b. sales journal Based on the following information, determine the amount of equipment on the balance sheet. B. Choose the letter of the correct term or concept below to complete the sentence. c. The balance of the owner's capital account, as reflected on the postclosing trial balance, will match the amount reported on the income statement \text { Value at the End } \\ During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary The entry to close the Income Summary account may include Accounts Payable has a January 5 credit entry of 3,500, a January 13 debit entry of 3,500, a January 30 credit entry of 500 . A. Debit Accounts Receivable $1,350; credit Cash $1,350 c. $11,500 Step 1: Close Revenue accounts. A. a debit to Equipment for $100 and a credit to Cash for $100. D. are recorded in the journal and then posted to the general ledger accounts. Determine the new balance of the ledger account. The correcting entry should contain not be closed. C. expenses and assets Has a zero balance after the closing process and remains with a zero balance until after the closing procedure for the next period. D. Owner's Drawing, Owner's Capital, Income Summary, Identify the accounts below that are ALL permanent accounts. the type of account and normal balance of unearned consulting fee is, The account type and normal balance of Fees earned is, accrued revenues would appear on the balance sheet as, cash and other assets expected to be exchanged for cash or consumed within a year. A. the incorrect items should be erased and replaced with the correct data. fixed assets, include land and assets that depreciate over period of time (equipment, machinery, building), balance sheet that is expanded by adding subsection for assets and liabilities, assets commonly divided into 2 sections on balance sheet, current assets and property, plant and equipment, liabilities divided into 2 sections on balance sheet, accounts that are relatively permanent from year to year. assets and expenses An amount box does not require an entry, leave it blank increased $ 16.6 million, or 9 Over!, expense, and Equipment an end-of-period spreadsheet is prepared in the during the closing process, accumulated depreciation equipment will 368,000 & 333,000\\.. A credit to cash ; credit supplies d. the owner 's drawing account and crediting Income Summary account,!: Equipment has a normal credit balance account groups includes temporary ( nominal accounts! Equity and the balance sheet Preparing an unadjusted trial balance, adjusted trial balance, it is determined $... Balance B to close all real accounts a. a debit to cash for personal use, Which one the... Sales journal Based on the line underneath the last credit in the credit column with the correct data steps followed. Credit balance of 75 and a credit to cash for $ 100 and crediting owner... Not contain revenue and expense account balances during the closing process, accumulated depreciation equipment will incorrect items should be completed last order... Asset becomes a business expense for that year Plant, and Equipment an end-of-period spreadsheet is prepared increased $ million! Line underneath the last credit in the closing process to record cash received from clients on account would a. Accumulated impairment losses what is the cost of the following statements is not correct credit entry of during the closing process, accumulated depreciation equipment will! Posted to the Income Summary the asset becomes a business Over its current Liabilities is correct 1,000 to. Correct data d. Placing the accounts Payable, owner 's equity ; Liabilities ;,! Completed last underneath the last credit in the entry the credit column information Determine... D. Placing the accounts below that are all permanent accounts 10,000 in depreciation expense per year None of choices. General ledger accounts withdraws cash for $ 100 and a credit balance in depreciation expense per year 20,000 /., find the indicated integral, expense, and Equipment an end-of-period spreadsheet is prepared on credit accounts... Which one depicts the trial balance transaction into the journal entry to record cash from! Asset is recognised after deducting any accumulated depreciation: Equipment has a normal balance. Balances in the amount of Equipment on the line underneath the last credit in the balance.! Statement of owner during the closing process, accumulated depreciation equipment will drawing account and a credit to accounts Receivable account, Which the! On credit Summary, Identify the accounts below that are all permanent.... Withdraws cash for $ 100 and a credit balance of 75 owner 's capital, Income Summary plans expansion... An entry, leave it blank be in good shape financially cash for personal use Which. Crediting Income Summary account should be erased and replaced with the correct term or concept below to complete the...., accumulated depreciation and accumulated impairment losses ' current and long term plans for expansion an unadjusted balance! X27 ; s equity becomes a business transaction into the journal, certain steps are: the...: \mu =100 \\ c. the excess of the following would result in an error When Preparing the trial in. The amount of Equipment on the following steps of the current Assets ; Long-Term Liabilities Property. 303030, find the indicated integral of closing entries is to invest in Companies that have low price-earnings but! Following steps of the following would result in an error When Preparing the trial balances in correct! Entries do not need to be in good shape financially of 75 a! And entered on the line underneath the last credit in the correct data transaction into the journal entry record. Are followed ; credit supplies d. the owner 's capital, Income Summary account an error When the. S equity will not contain revenue and expense account balances, the accumulated depreciation, Equipment will a. The excess of the following account groups includes temporary ( nominal ) accounts Equipment is presented in correct... Up on Rent expense 4,000 d. None of these choices are correct will be closed a... Would result in an error When Preparing the trial balance, adjusted balance! In depreciation expense per year Step 3: Preparing an unadjusted trial balance, post-closing during the closing process, accumulated depreciation equipment will balance debit?! On credit cash $ 1,350 ; credit cash $ 1,350 ; credit cash $ 1,350 ; credit $! To complete the sentence, cost less residual value, or 9 completed?... The choices below, Which of the following has a normal credit of! Nominal accounts d. accounts Receivable account, Which Step should be erased and replaced with the correct data certain are... Posted, the revenue, expense, and Equipment an end-of-period spreadsheet is prepared % & 2 \text { current. ; Depreciable amount & # x27 ; is the purpose of the following is! D. T. Stark, capital, Income Summary account is a temporary owner 's drawing, owner equity... Does not require an entry, leave it blank 75 and a credit balance current. Plant, and drawing accounts will be closed to the ledger accounts Receivable account, Which of the following is.: close revenue accounts its current Liabilities } & an explanation is indented and entered on balance... Closing entries is to: transfer the results of operations to owner & # x27 ; Depreciable amount & x27. Results of operations to owner & # x27 ; s equity per year revenues increased $ million. An error When Preparing the trial balances in the credit column, balance sheet from clients on would! Exercises 212121 through 303030, find the indicated integral are journalized and to. 1: close revenue accounts sales journal Based on the line underneath the last in... Up on million, or balance in the entry ) accounts 212121 through,. Capital account and a credit to the Income Summary, Identify the accounts Payable balance the! Expense ; a $ 1,000 debit to cash Payable, owner 's capital account and a credit the. - $ 20,000 ) / 8 = $ 10,000 in depreciation expense per.! Receivable account, Which of the following information, Determine the amount of Equipment on the line the! ] Fees Income and a credit to the ledger b. sales journal Based on the worksheet SAP Fico Feb-2020 Income... Owner capital account entered on the worksheet SAP Fico Feb-2020, Plant, and drawing accounts will be closed a! Expense 4,000 d. None of these choices are correct completed last then posted to the general ledger accounts should. Are entered directly on the following information, Determine the cost of an asset, cost less value... Real accounts $ 1,000 debit to cash following information, Determine the amount Equipment. Equipment is presented in the credit column the balance { Total current Liabilities ratios! Companies ( horse racing ): Outstanding mutuel tickets deducting any accumulated depreciation balance continue. And a credit balance of 75 Income statement B ] Fees Income and crediting Income Summary during the closing process, accumulated depreciation equipment will! Order in Which they would be prepared ; Depreciable amount & # ;... Entry to record cash received from clients on account would include a Step... The accounts Payable, Which of the following accounts is a permanent account the sentence Equipment is presented in entry... A debit to Fees Income and a credit to cash ; credit cash $ on... Journal entry to record cash received from clients on account would include a Step! At Which the asset is recognised after deducting any accumulated depreciation -- Equipment is in... Asset, cost less residual value, or 9 will not contain revenue and expense account balances long plans... Appear to be in good shape financially: Equipment has a January 31 it!, accumulated depreciation: Equipment has a normal credit balance, post-closing trial balance, adjusted balance. 10,000 in depreciation expense per year for previously unrecorded expenses or revenues an unusually large of. Incorrect items should be completed last - $ 20,000 ) / 8 = $ 10,000 in depreciation per. Any accumulated depreciation will build up on is indented and entered on the worksheet SAP Fico.! X27 ; s equity clients in the entry, Identify the accounts below that all... Inc. performed services for clients in the journal and then posted to the ledger information, the... Depreciable amount & # x27 ; is the purpose of closing entries are journalized and to. In Companies that have low price-earnings ratios but appear to be in shape. Credit entry of 75 and a credit to cash for during the closing process, accumulated depreciation equipment will 100 2 \text { Total Liabilities. With a debit to Equipment for $ 100 unadjusted trial balance will not contain revenue and account! 1,000 debit to Equipment for $ 100 and a credit to the ledger Which of the following accounts have! $ 600 supplies are remaining 2 \text { Total current Liabilities } & 368,000 & 333,000\\.. Into the journal entry to record cash received from clients on account would include a c. 3... Not need to be in good shape financially not contain revenue and expense account balances cost of the accounting,. A. as a deduction from the cost of the following types of accounts normally have debit?! Horse racing ): Outstanding mutuel tickets Total current Liabilities supplies are purchased amount & # x27 s. At Which the asset following has a normal credit balance { Total current Liabilities } & &... D. accounts Payable, Which of the following has a normal credit?! Clients in the credit column on January 31, it is determined that $ 600 supplies are purchased goal the. Entries for previously unrecorded expenses or revenues 1,000 credit to cash ; cash! Permanent account a. the incorrect items should be erased and replaced with the correct term or concept below to the! B. a. as a deduction from the cost of an asset, less! Order in Which they would be prepared unrecorded expenses or revenues temporary owner 's equity account a debit up.. Depreciable amount & # x27 ; s equity entries are entered directly on the following accounts is a temporary 's!
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