What entry did make to close the fees earned account

Assignment Help Financial Accounting

Reference no: EM132755816

Problem 1: What entry did you make to close the Fees Earned account?

A. A debit entry of $2,917.97 to the Fees Earned account

B. A credit entry of $2,917.97 to the Fees Earned account

C. A credit entry of $2,917.97 to P. Woodsley, Capital

D. A debit entry of $2,917.97 to P. Woodsley, Capital

Problem 2: What entry did you make to close all of the expense accounts?

A. A debit entry of $1.838.25 to the Expense and Revenue Summary

B. A credit entry of $1,838.25 to the Expense and Revenue Summary

C A debit entry of $1,838.25 to Sales

D. A credit entry of $1,838.25 to Sales

Reference no: EM132755816

Questions Cloud

Calculate the portfolio delta and gamma : The call options have a delta of 0.6 and gamma of 1.5, while the put options have a delta of -0.4 and gamma of 1.1. Calculate the portfolio delta and gamma

What the entry closing the expense and revenue summary is a : What the entry closing the Expense and Revenue Summary is a? credit of $1,079.72 because there's a net loss. / credit of $1,079.72 because there's a net loss.

Explain the difference between risk and exposure : Explain the difference between risk and exposure, in a business context. Then, discuss the ways in which one's relationship to risk influences decisions.

Determine ideal cost of equity : Ideal has 1,000,000 common shares with a market price of $2 each. Determine Ideal's cost of equity, cost of debt as well as the weighted average cost of capital

What entry did make to close the fees earned account : What entry did you make to close the Fees Earned account? A credit entry of $2,917.97 to the Fees Earned account. / A credit entry of $2,917.97 to P. Woodsley

Compute divisional income for the two divisions : Calculate the operating margin, which is equivalent to the return on sales, for the two divisions. Compute divisional income for the two divisions.

Small accounting firm : Employees are prohibited from discussing their salary, bonuses, or any other forms of compensation, including benefits and vacation time.

How much should each payment be : Monica borrowed $370,000 to buy a new house. If Monica makes payments at the beginning of each month, how much should each payment be

What is a standard cost system and why is it used : Explain what static and flexible budgets are and how they relate to each other. What is a standard cost system and why is it used

User Account

All Pages