Jon asked in Education & ReferenceTrivia · 9 years ago

Jane Doe's end of period account balances before closing entries are posted are as followed: Jane Doe, Capital?

Jane Doe, Capital ------ $12,000

Jane Doe, Withdrawals -- $ 3,500

Revenue ---------------- $32,000

Salaries Expense ------- $ 8,500

Rent Expense ----------- $ 1,200

Insurance Expense ------ $ 300

Depreciation Expense --- $ 500

What is the balance in the Income Summary account after the Revenue and Expense accounts are closed into the Income Summary?

Choices

33,500 credit.

$32,000 credit.

$30,000 credit.

$21,500 credit.

$20,500 credit.

Follow up question:

Based the statement above, what is the balance in Jane Doe, Capital account after the Jane Doe, Withdrawals account is closed into Jane Doe, Capital account?

$33,500 credit.

$32,000 credit.

$30,000 credit.

$21,500 credit.

$20,500 credit.

Update:

One additional follow up-

Based the statement above, what is the balance in Jane Doe, Capital account after the Jane Doe, Withdrawals account is closed into Jane Doe, Capital account?

Choices:

33,500 credit.

$32,000 credit.

$30,000 credit.

$21,500 credit.

$20,500 credit.

Update 2:

#

he following information is taken from Jon Doe work sheet as of December 31, 2009.

Accounts receivable ---------------- $ 6,500

Prepaid insurance ------------------ $ 1,000

Accounts payable ------------------- $ 3,250

Office supplies -------------------- $ 2,100

Cash ------------------------------- $ 8,800

Unearned revenue ------------------- $ 3,400

Buildings -------------------------- $22,000

Long-term notes payable ------------ $ 8,000

Prepaid rent ----------------------- $ 1,200

Merchandise inventory -------------- $15,645

Wages payable ---------------------- $ 6,650

Land ------------------------------- $10,000

Investment in stocks --------------- $15,000

Lease obligations due in 2 years --- $ 5,000

Based on the statement above what is the total current assets of JD Associates?

Choices

$34,045

$35,245.

$45,245.

$60,245.

$82,245.

Follow up

Based on the statement above what is the total current liabilities of JOn Doe Associates?

Choices

$6,650

$13,300.

$18,30

1 Answer

Relevance
  • JKRB
    Lv 7
    9 years ago
    Favorite Answer

    What is the balance in the Income Summary account after the Revenue and Expense accounts are closed into the Income Summary?

    Choices

    32,000

    --8,500

    --1,200

    --300

    --500

    =21,500

    $21,500 credit.

    Based the statement above, what is the balance in Jane Doe, Capital account after the Jane Doe, Withdrawals account is closed into Jane Doe, Capital account?

    12.000

    +21,500

    --3,500

    = 30,000

    $30,000 credit.

    • Login to reply the answers
Still have questions? Get your answers by asking now.