Question

17. The closing entry for expenses includes: debit to Dividends and a credit to all expense accounts. . A debit to Retained Earnings and a credit to all expense a D. A debit to Revenues and a credit to all expense a accounts it to Retained Earnings t to Revenues and a credi 18. Which one of ch one of the following accounts would NOT have a balance after closing entries? fo A. Deferred Revenue. B. Supplies. C. Prepaid Rent. D. Dividends. 19. The following table contains financial information for Barry Corp. before cl osing entries: Cash S12,000 4,500 2,000 4,500 65,000 30,000 20,000 3,000 5,000 68,000 8,000 Supplies Prepaid Rent Salary Expense Equipment Service Revenue Miscellaneous Expenses Dividends Accounts Payable Common Stock Retained Earnings What is Barry Corp.'s net income? A. $3,500. B. $2,500. C. $5,000. D. $5,500. 20. On August 1, 2018, Barry Corp. lends cash and accepts a $6,000 note receivable that offers accrue interest in 2018? in nine months. How would Turner record the year-end adjustment to A. Interest Revenue 360 Interest Receivable 360 B. Interest Receivable Interest Revenue C.1 Interest Receivable Interest Revenue D. Interest Receivable Interest Revenue 480 480 360 360 200 200 A. Option A B. Option B C. Option C D. Option ID 21.Allowance for Uncollectible Accounts is: A. An expense account. B. A contra asset account. C. A contra revenue account. D. A liability account.

Answer 1

Step-by-step explanation:

The closing entry for expenses includes: debit to Dividends and a credit to all expense accounts.

Answer: D. A debit to Revenues and a credit to all expense accounts.

Which one of the following accounts would NOT have a balance after closing entries?

Answer: D. Dividends.

The following table contains financial information for Barry Corp. before closing entries:

Cash: $12,000

Supplies: $4,500

Prepaid Rent: $2,000

Salary Expense: $4,500

Equipment: $65,000

Service Revenue: $30,000

Miscellaneous Expenses: $20,000

Dividends: $3,000

Accounts Payable: $5,000

Common Stock: $68,000

Retained Earnings: $8,000

To calculate Barry Corp.'s net income, we need to subtract the total expenses from the total revenue.

Net Income = Service Revenue - (Salary Expense + Miscellaneous Expenses)

= $30,000 - ($4,500 + $20,000)

= $30,000 - $24,500

= $5,500

Answer: D. $5,500.

On August 1, 2018, Barry Corp. lends cash and accepts a $6,000 note receivable that offers to accrue interest in nine months. How would Turner record the year-end adjustment to accrue interest in 2018?

Answer: Option A. Interest Revenue $360, Interest Receivable $360.

Allowance for Uncollectible Accounts is:

Answer: B. A contra asset account