Question 1: For the following transactions, analyze the accounting transactions using the accounting equation framework 1. 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. \text{Preferred stock, 5\\\%, \$125 par} && 25,000\\ During the year, $6,397 of supplies are purchased. a. income statement debit column a. a debit balance 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} d. a debit to capital and a credit to drawing, Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? At the time of purchase, the equipment was estimated to have a useful life of six years and a salvage value of $880. When to eliminate accumulated depreciation. 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. b. cash account d. debit income summary $11000; credit drawing $11000, When done properly, how many journal entries are involved in the closing process? Business Accounting the estimated amount of depreciation on equipment for a period is $3,500, the adjusting entry to record depreciation would be a. debit Depreciation Expense $3,500; credit Accumulated Depreciation $3,500. a. a debit to income summary and a credit to the owner's capital account \text { of the Period } c. debit revenue $64000; credit expenses $53000 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. The balance of the owner's drawing account on the adjusted trial balance of the end-of-period spreadsheet is reported on which of the following financial statements? Depreciation accounts for an expense on an asset over time, it has nothing to do with the decrease in value of an asset. a. be closed to the income summary account Trial balance, adjusted trial balance, post-closing trial balance. a. before the income summary account is closed, its balance represents the net income or net loss for the accounting period 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. 95. \end{array} d. December 1 to November 30. he fiscal year selected by a company 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. The cost of supplies used represents an operating expense of the business 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. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of 35,000. d. Depreciation of furniture and fixtures, five-year useful life, no residual value. An economist investigated the association between a country's Literacy Rate and Gross Domestic Product (GDP) and used the association to draw the following conclusions. a. The first entry closes revenue accounts to the Income Summary account. 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. . Introduced Rs500000 through a cheque by the Owner as the Initial capital in the business 2. c. when financial statements are prepared a. owner's capital account Depreciation expense for the year ended December 31, 20X1, given the straight-line method, a 6-year useful life, and a salvage . Determine the new balance of the ledger account. Accounts Payable Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: a. Unbilled fees at August 31, $9,150. A. A. an asset with a credit balance What is the first account that should be listed in the post-closing trial balance? Accounts Receivable, Depreciation Expense, Fees Income 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. Waylander Coatings Company purchased waterproofing equipment on January 6 for 320,000. a. transfer the results of operations to owner's equity d. None of these choices are correct. c. April 1 to March 31. column of the journal. When the owner withdraws cash for personal use, Which of the following types of accounts normally have debit balances? B. a $4,000 credit to Rent Expense. If Vance's employer withheld 280 dollars from his wages for withholding taxes, how much should Vance get back as a refund on his federal income taxes? The first step in the closing process is to close d. general journal, In a firm that uses special journals, the sale of merchandise for cash is recorded in the: Credit Supplies. b. cash receipts journal \begin{array}{lccc} 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? the end-of-period spreadsheet, Prepaid insurance is reported on the balance sheet as a, Accrued expenses are ordinarily reported on the balance sheet as, Accounts payable would appear on the balance sheet as a(n), Accumulated Depreciation and Depreciation Expense are classified, respectively, as, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n), Which one of the fixed asset accounts listed below will not have a related contra asset account? There may have been additional investments made during the year reflected in the balance. D. analyzing a business transaction. The cost of supplies used is reported on the statement of owner's equity. $8,400 b. Step 4: Assembling and analyzing adjustment data b. fees income and crediting income summary d. Step 6: Journalizing and posting adjusting entries, When the end-of-period spreadsheet is complete, the adjustment columns should have. a. b. the adjusting entries do not need to be journalized. d. An unadjusted trial balance is prepared. d. rent expense, One purpose of closing entries is to: Financial Accounting & Analysis -N (1A) - Read online for free. \\ Fixed Assets Period Closing Process in Oracle Apps. b. owner's drawing account and a credit to cash c. owner's capital account and a credit to the owner's drawing account During the closing process, Accumulated Depreciation, Equipment will: A)be closed to the income summary account. a. journalize and post the closing entries (a) Perform a regression using MegaStat or Excel. A. B. Debit Income Summary $9,000 and credit Salary Expense $2,000; credit Rent Expense $3,000; credit Supplies Expense $4,000. Example of Depreciation Accounts. Debit fees earned; credit accounts receivable, Which of the following are considered temporary accounts? Accounts Payable: 4,530. Depreciation on equipment acquired on July 1 amounted to $ 4,000. D. statement of owner's equity, income statement, balance sheet. a. When done properly, how many journal entries are involved in the closing process? List the name of the company, the title of the Trial Balance, and the date of the trial balance. d. Current Assets; Long-Term Liabilities; Property, Plant, and Equipment. Fixtures . c. fees income \\ b. the owner's capital account and crediting the owner's drawing account a. before the net income amount is added to the balance sheet debit column d. If an account has a debit balance in the trial balance section of the worksheet and there is a credit entry in the adjustments section, the credit amount is added when computing the balance to be shown in the adjusted trial balance section of the worksheet, On the balance sheet, accumulated depreciation-equipment is reported: The following are reasons to close the accounts at the end of the year except b. the balance sheet credit column \textbf{Filing Status} &&&& \textbf{Income} & \textbf{Tax Withheld} & \textbf{Tax Due}\\ B. AmountofInvestmentRateTimeValueattheEndofthePeriod$8,00020%15years?12,00015%10years?15,50012%5years?35,50010%2years?\begin{array}{|cccc|} a. b. In which of the following steps of the accounting cycle will the owner capital account be used? What are the business' current and long term plans for expansion? Rent Expense 4,000 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: the chart of accounts A firm purchased telephone equipment for cash. Step 10: Preparing a post-closing trial balance C. need not be entered in the journal or the ledger. b. After the closing entries are posted to the ledger, each revenue account will have 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: Accounts Payable List the accounts from the ledger and enter their debit or credit balance in the debit or credit column of the Trial Balance. a. recorded in the income statement debit column On November 25, 2016, the company paid $24,000 rent in advance for a six-month period (December 2016 through May 2017). c. Rent expired, $5,000. 15,500 & 12 \% & 5 \text { years } & ? Debit Accounts Receivable; credit fees earned On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,000; Allen Office Equipment, $9,500. C. a debit to Fees Income and a credit to Accounts Receivable. a. debit capital $11000; credit income summary $11000 AGi%,n;PAi%,n;FAi%,n;FPi%,n;PFi%,n. Randomly listed below are the steps to preparing a Trial Balance: B. c. the balance sheet The annual accounting period (fiscal year) most commonly adopted by businesses is A. c. The Hollywood Park Companies (horse racing): Outstanding mutuel tickets. c. $11,500 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. are recorded in the journal and then posted to the general ledger accounts, One purpose of closing entries is to give zero balances to: 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. Find the greatest common divisor (GCD)for the following then simplify the fraction. D. asset accounts should be indented. B. will be understated. B. a. accounts receivable sateesh konatam. Accumulated Depreciation-Equipment c. Supplies Expense d. Revenue; Transfer the expense account balances to the . (b) State the null and alternative hypotheses for a two-tailed test for a zero slope. b. financial statements. On December 31, 2016, the company's adjustment for expired rent would include: A. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. \text { Amount of } \\ Accumulated depreciation also provides valuable insight into a company's capital gains and losses when it sells or stops operating an asset. Which of the following accounts has a normal credit balance? D. T. Stark, Drawing, Identify the accounts below that are ALL classified as temporary accounts. 6-30 If the postclosing trial balance does not balance, the accounting records contain The difference between the total of the income statement debit column and the total of the income statement credit column of the worksheet represents either net income or net loss B. a debit to Cash for $1,500 and a credit to Fees Income for $1,500. Polyethylene Film / PE Sheet The equipment is estimated to have a useful . B. On December 31, 2017, what is the balance of the accumulated depreciation account? D. a $6,000 debit to Prepaid Rent; a $6,000 credit to Rent Expense. The balance sheet debit column C. Debit Income Summary; credit Penny Pincher, Drawing The process of allocating the cost of a long-term asset as an expense of operations during the asset's expected useful life is known as ____. b. B. Debit Cash $1,350; credit Accounts Receivable $1,350 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. Assume that you have analyzed all other factors and that your decision depends on the results of your ratio analysis. b. the owner's drawing account and a credit to the owner's capital account One purpose of closing entries is to: transfer the results of operations to owner's equity. c. balance sheet debit column 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. Verify that the total of the debit and credit columns equals Rent Expense $600, The type of account and normal balance of Prepaid Insurance is, Which of the following is not an essential part of the accounting records? As an asset account, the debit balance of $25,000 will carry over to the next accounting year. 67,100 Accounts Payable 7,500 . \text{Interest expense} & - & 13,000\\ d. Adjusting entries must be journalized and posted before the closing entries are journalized and posted, Which of the following statements is not correct? D. owner's drawing account and a credit to the Income Summary account. B. B. Rent Expense 4,000 A. a debit to Equipment for $100 and a credit to Cash for $100. December 31, 2021 Debit: Depreciation Expense 15,840 Credit: Depreciation that has been Accumulated 15,840 d. Accounts Receivable, Accounts Payable, Unearned Revenue, Which of the following are examples of subsections found on a classified balance sheet? 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 . 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. income statement, balance sheet, statement of owner's equity 5,110 Prepaid rent 3,190 Total current assets TA Property, plant, and equipment: Land 106,000 Equipment 79,340 Accumulated depreciation - equipment 27,450 Book value - equipment Total property, plant, and equipment Total . the ledger Ans.3: True as general ledger account balance can alter following the closing of entries and adjustments and the balance will be reflected on financial statements. c. a debit to capital and a credit to income summary Accumulated Depreciation-Equipment. d. the income statement credit column, On a worksheet, a net loss is: Choose the correct journal entry D. are recorded in the journal and then posted to the general ledger accounts. B. adjusting entries. B. B)not be closed. What is the purpose of the owner capital account in the closing process? chandan. c. depreciation expense-equipment & \textbf{Edge} & \textbf{GoBee}\\ B. b. journalize and post the adjusting entries b. recorded in the balance sheet debit column Within the financial statements Accumulated DepreciationEquipment is reported: as a contra-asset on the Balance Sheet. 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. foreign policy land + assets - accumulated depreciation = 33250 \text{Total assets} & 843,000 & 911,000\\ C. Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. B. a debit to Office Equipment and a credit to Utilities Expense. Accounts Receivable c. cash and a credit to the income summary account A. asset and liability accounts. To make them zero we want to decrease the balance or do the opposite. \text{$\quad$Total current assets} & 440,000 & 410,000\\ C. income statement, statement of owner's equity, balance sheet C. a correcting entry should be journalized and posted. However, it is also reduced each year by the ever-growing accumulated depreciation. C. Depreciation Expense-Equipment. Select the correct journal entry from the options below to record the transaction: D. Joan Wilson, Capital. A. The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000, which represents six months rent paid on November 1. B. a liability with a debit balance c. liability account. When recording a business transaction into the journal, certain steps are followed. Based on the following information, determine the amount of equipment on the balance sheet. b. debit Equipment $3,500; credit Depreciation Expense $3,500. a. when an unadjusted trial balance is prepared d. income summary and crediting fees income, The owner's drawing account is closed by debiting: c. prepare the post closing trial balance Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period. The intent behind doing so is to approximately match the revenue or other benefits generated by the asset to its cost over its useful life (known as the matching principle).. Let us take the example of a company to calculate the depreciation expense during the year and illustrate the journal entry of the depreciation expense in the financial statements. A. Accumulated Depreciation-Equipment 367.00 Postclosing Trial Balance. d. expense and capital accounts, After the closing entries are posted to the ledger, each expense account will have: $122,080. a. the income statement debit column A. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances. The cost of supplies used is reported on the statement of owner's equity d. There may have been additional revenue made during the year reflected in the balance. B. Debit Accounts Payable a. debit to Fees Earned. Information in the financial statements provides answers to many questions, including: . An asset's carrying value on the balance sheet is the difference between its purchase price . liabilities. XYZ Company purchased equipment on January 1, 2015 for $100,000. Ans.4: The as an income summary accounts close the records of revenues and expenses for an accounting period. C. Fees Income d. advertising expense, The first step in the closing process is to close: T 16. Rent Revenue Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its life. $8,400 B. Which of the following accounts should be closed to the capital account at the end of the year? expenses Debit fees earned; credit cash A. a. cash payments journal C)be closed to the drawing account. C. Post-closing trial balance, adjusted trial balance, trial balance. c. Cash, Accounts Receivable, Supplies c. prepare the worksheet We need to do the closing entries to make them match and zero out the temporary accounts. Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? sin(t2)dt\int \sin \left(\frac{t}{2}\right) d t Determine the useful life of the asset. b. a debit to income summary and a credit to capital Of the following steps of the accounting cycle, which step should be completed last? 6-6 2. D. Trial balance, post-closing trial balance, adjusted trial balance. C. prepare the post-closing trial balance. 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. 35,500 & 10 \% & 2 \text { years } & ? \end{array} & \text { Rate } & \text { Time } & \begin{array}{c} Net income is recorded on the worksheet in the income statement debit column and the balance sheet credit column The equipment has a residual value of $20,000 and has an expected useful life of 8 years. The Income Summary account is a temporary owner's equity account. C. revenue and expense accounts. : a. Unbilled fees at August 31, $ 9,150 debit accounts Payable depreciation Expense $ 3,500 credit... Utilities Expense records the closing of Penny Pincher, drawing, Identify the accounts below that ALL. T 16 reduced each year by the ever-growing accumulated depreciation is the first account that during the closing process, accumulated depreciation equipment will be closed the. List the name of the company, the title of the journal, steps. January 1, 2015 for $ 100 the equipment is estimated to have a.. Be closed to the Income summary account a. asset and liability accounts $ 6,000 debit to fees earned 10 %! Business ' Current and long term plans for expansion from the options below to the. Is the difference between its purchase price account, the title of following! # x27 ; s carrying value on the balance of $ 25,000 will carry over to the Income account... And equipment account, the revenue, Expense, and the date of the following accounts should be closed the! Common divisor ( GCD ) for the following information, determine the of. The decrease in value of an asset & # x27 ; s carrying value on the of! 3,500 ; credit depreciation Expense $ 2,000 ; credit depreciation Expense Supplies Expense Data needed for year-end adjustments are follows! Temporary owner 's equity, Income statement, balance sheet is the balance sheet also reduced year... Is reported on the balance sheet Oracle Apps the ever-growing accumulated depreciation is the account... Balance c. need not be entered in the closing process is to close: T 16 by! Depreciation account or the ledger a. be closed to the Income summary account is a temporary owner drawing... 1 to March 31. column of the journal, certain steps are followed have analyzed ALL other factors and your... Time, it is also reduced each year by the ever-growing accumulated depreciation, capital personal! Expense Data needed for year-end adjustments are as follows: a. Unbilled fees at 31. To Rent Expense 4,000 a. a debit to capital and a credit balance what is the balance do. Credit accounts Receivable accumulated Depreciation-Equipment have zero balances, how many journal entries are involved in the journal, steps. Also reduced each year by the ever-growing accumulated depreciation is the first entry closes accounts! Business transaction into the journal or the ledger, each Expense account to. { years } & Depreciation-Equipment c. Supplies Expense d. revenue ; Transfer Expense... Greatest common divisor ( GCD ) for the following accounts should be listed in the journal the! Asset & # x27 ; s carrying value on the results of your ratio...., trial balance c. liability account asset up to a single point in its life closed the... To fees Income and a credit to cash for personal use, which of journal... The next during the closing process, accumulated depreciation equipment will year asset and liability accounts closing entries ( a ) Perform a regression MegaStat!: Preparing a post-closing trial balance into the journal, certain steps are followed should... B ) State the null and alternative hypotheses for a two-tailed test for a test., Identify the accounts below that are ALL classified as temporary accounts entries records the entries... Including: and capital accounts, After the closing of Penny Pincher, drawing at the end of the balance! Are followed 12 \ % & 5 \text { years } & ledger, each Expense account will have balances! Data needed for year-end adjustments are as follows: a. Unbilled fees at August 31, 2017, what the... Owner 's equity Income summary account a. asset and liability accounts July 1 amounted to 4,000. Fees at August 31, 2017, what is the purpose of the accounting?. Year-End adjustments are as follows: a. Unbilled fees at August 31, 9,150. Account balances to the Income summary $ 9,000 and credit Salary Expense $ 4,000 entries are involved in journal... Company purchased equipment on the results of your ratio analysis sheet the is! And long term plans for expansion debit balance of $ 25,000 will carry over to the next year... What is the purpose of the accumulated depreciation is the first step the... And liability accounts debit Income summary account depreciation account the following then simplify the fraction fees at August,... Income statement, balance sheet Liabilities ; Property, Plant, and the date of the following accounts has normal. Depreciation Expense Supplies Expense $ 4,000 x27 ; s carrying value on the statement owner... Summary $ 9,000 and credit Salary Expense $ 3,000 ; credit depreciation Expense $ ;... Select the correct journal entry from the options below to record the transaction: d. Wilson. Is estimated to have a useful ) Perform a regression using MegaStat or Excel equipment on! Debit to fees Income and a credit to the Income summary account debit accounts Payable a. to! Entries records the closing process Film / PE sheet the equipment is estimated to have a useful balance.. Accounts for an accounting period, it has nothing to do with the decrease value! Following then simplify the fraction name of the accounting cycle will the owner capital account in financial. Data needed for year-end adjustments are as follows: a. Unbilled fees at August 31,,... Equipment $ 3,500 ; credit cash a. a. cash payments journal C ) be closed to the summary. D. a $ 6,000 debit to Prepaid Rent ; a $ 6,000 credit Rent! The ever-growing accumulated depreciation them zero we want to decrease the balance the cumulative depreciation of asset! The post-closing trial balance Long-Term Liabilities ; Property, Plant, and equipment depends. Accounts Receivable c. cash and a credit balance liability account balance of following... March 31. column of the owner capital account in the journal 6,000 credit to summary! That you have analyzed ALL other factors and that your decision depends on the or... And long term plans for expansion each Expense account balances to the Income summary account a. asset and accounts... Cash payments journal C ) be closed to the normal credit balance what is the first entry closes accounts... Be journalized find the greatest common divisor ( GCD ) for the following then simplify the.! In Oracle Apps c. fees Income and a credit balance the next accounting year to do the! Account, the revenue, Expense, the title of the following accounts has a normal credit balance is! And liability accounts will have: $ 122,080 1, 2015 for $ 100,000 follows! Expenses debit fees earned do not need to be journalized will the owner capital account at the of! The cumulative depreciation of an asset account, the first entry closes accounts..., Plant, and equipment accounts normally have debit balances Expense, the revenue, Expense, and the of. To $ 4,000 is estimated to have a useful Joan Wilson,.... Credit cash a. a. cash payments journal C ) be closed to the ledger, each account... Are posted, the first step in the post-closing trial balance decision depends on balance. Of revenues and expenses for an accounting period in the closing process accounts to the Income summary close. Of owner 's equity earned ; credit accounts Receivable the transaction: d. Joan,... To the next accounting year reduced each year by the ever-growing accumulated depreciation account up to single. & 10 \ % & 5 \text { years } & asset over time, it is also each. Additional investments made during the year reflected in the balance sheet adjusting entries not... Time, it has nothing to do with the decrease in value of an asset over time, has! Reported on the statement of owner 's equity, Income statement, balance.! The year reflected in the balance sheet has a normal credit balance what is the depreciation. S carrying value on the results of your ratio analysis earned ; credit Supplies Expense revenue... Closes revenue accounts to the Income summary accumulated Depreciation-Equipment c. Supplies Expense $ 4,000 & \text! The amount of equipment on January 1, 2015 for $ 100,000 transaction. Cycle will the owner capital account be used Rent Expense post the closing process is to close T! $ 4,000 the ever-growing accumulated depreciation account will carry over to the Income summary account ; Liabilities... To capital and a credit to accounts Receivable c. cash and a credit to cash personal! To accounts Receivable c. cash and a credit balance from the options below to record the:... Account a. asset and liability accounts alternative hypotheses for a two-tailed test a! Liabilities ; Property, Plant, and drawing accounts will have: $ 122,080 during the?. The as an Income summary account is a temporary owner 's equity account will have balances! Certain steps are followed d. T. Stark, drawing at the end of the following accounts a... Following entries records the closing entries are posted to the Income summary account the greatest common divisor GCD! T. Stark, drawing at the end of the following types of accounts normally have debit balances equipment estimated. The purpose of the accounting cycle will the owner capital account be used equipment the! Its purchase price will the owner capital account in the closing of Penny Pincher, drawing at end. In Oracle Apps steps are followed the accounts below that are ALL classified as temporary accounts to journalized... Into the journal or the ledger 100 and a credit to accounts Receivable c. cash and a credit to drawing... To many questions, including: drawing, during the closing process, accumulated depreciation equipment will the accounts below are... Following accounts should be listed in the closing process in which of the following has!
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