Accumulated depreciation is a contra-asset account with credit balance

ACC101 - Test2

Closing entries at the end of an accounting period are not applied to:

Debit Supplies expense $400\nCredit Supplies $400

A company has $50 office supplies at the beginning of the year. During the year, the company purchased $500 of office supplies on credit. On December 31, there is $100 of office supplies remained. What are the adjusting entries for office supplies expense?

On April 1, 2009, a company prepaid $1,350 on a three-year insurance. What will be the insurance expense on the income statement for the year ended December 31, 2009?

Debit Capital $2,000
Credit Withdrawals $2,000

Prepare the necessary closing entries
Asset : $15,000
Liability: $14,000
Withdrawal: $2,000

The J. Chow, Capital account has a credit balance of $17,000. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Chow, Capital account?

Debit Revenue: $15,000
Credit Income summary: $15,000

Prepare the necessary entries to close revenue, knowing the following ending balances:
Asset : $10,000
Revenue: $ 15,000
Unearned revenue: $1,000

Provide descriptions for this transaction:
Debit Cash $2,000 and Credit Accounts Receivable $2,000

Adjusting prepaid rent at the end of period $8,000

Provide descriptions for this transaction
Debit Rent expense $8,000 and credit Prepaid rent $8,000

If the owner of a restaurant, uses cash of the business to pay for renting his house, the business should record this use of cash with an entry to:

Study with Quizlet and memorize flashcards containing terms like Which statement is true?, Closing entries at the end of an accounting period are not applied to:, A company has $50 office supplies at the beginning of the year. During the year, the company purchased $500 of office supplies on credit. On December 31, there is $100 of office supplies remained. What are the adjusting entries for office supplies expense? and more.

ACC101 - Test2 Flashcards

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