Question : 103.A company had revenues of $75,000 and expenses of $62,000 : 1236868

103.A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry?    

A.Debit Income Summary $13,000; credit Owner’s, Capital $13,000.

B.Debit Income Summary $75,000; credit Revenues $75,000.

C.Debit Revenues $75,000; credit Income Summary $75,000.

D.Debit Income Summary $62,000, credit Expenses $62,000.

E.Debit Owner’s, Capital $8,000, credit Owner’s, Withdrawals $8,000.

104.The following information is available for the Harris Vacation Rental Agency. After these closing entries what will be the balance in the Sue Harris, Capital account? 

A.$65,000.

B.$80,000.

C.$130,000.

D.$145,000.

E.$280,000.

105.The following information is available for the Higgins Travel Agency. After these closing entries what will be the balance in the C. Higgins, Capital account? 

C. Higgins, Capital130,000

C. Higgins, Withdrawals12,000

A.$75,500.

B.$184,500.

C.$99,500.

D.$160,500.

E.$130,000.

106.The following information is available for the Noir Detective Agency. After these closing entries what will be the balance in the G. Noir, Capital account? 

A.$239,400.

B.$274,600.

C.$303,400.

D.$289,000.

E.$257,000.

107.The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. 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 F. Mercury, Capital account after all closing entries are made?    

A.$37,000.

B.$35,400.

C.$43,400.

D.$28,000.

E.$52,400.

108.The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts?   

A.Debit Income Summary $55,200; credit Revenue accounts $55,200.

B.Debit Revenue accounts $37,000; credit F. Mercury, Capital $37,000.

C.Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000.

D.Debit Revenue accounts $55,200; credit Income Summary $55,200.

E.Debit Income Summary $37,000; credit F. Mercury Capital $37,000.

109.The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the expense accounts?   

A.Debit Income Summary $39,800; credit Expense accounts $39,800.

B.Debit Expense accounts $37,000; credit F. Mercury, Capital $37,000.

C.Credit Expense accounts $39,800; debit F. Mercury, Capital $39,800.

D.Debit Expense accounts $39,800; credit Income Summary $39,800.

E.Debit Income Summary $39,800; credit F. Mercury Capital $39,800.

110.The Income Summary account is used to:   

A.Adjust and update asset and liability accounts.

B.Close the revenue and expense accounts.

C.Determine the appropriate withdrawal amount.

D.Replace the income statement under certain circumstances.

E.Replace the capital account in some businesses.

111.Jen Rogers withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:    

A.Debit Income Summary and credit Cash for $35,000.

B.Debit Jen Rogers, Withdrawals and credit Cash for $35,000.

C.Debit Income Summary and credit Jen Rogers, Withdrawals for $35,000.

D.Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $35,000.

E.Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $35,000.

112.A company’s ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) 

A.$16,780 debit.

B.$7,180 credit.

C.$16,780 credit.

D.$18,280 credit.

E.$23,780 credit.

3,600Debit

7,200Debit

920Debit

500Debit