Statement credit column of the work sheet, Accounting Basics

Assignment Help:

Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service revenue of USD 13200 and interest revenue of USD 600 Exhibit 20. For the reason that revenue accounts have credit balances you must debit them for an amount equal to their balance to bring them to a zero balance. When you debit Service Revenue as well as Interest Revenue, credit Income Summary enter the account numbers in the Posting Reference column when the journal entry has been posted to the ledger and Do this for all other closing journal entries.

798_Statement credit column of the work sheet.png

Subsequent to the closing entries have been posted the Service Revenue and Interest Revenue accounts (in T-account format) of Micro Train appear as follows. Note that the accounts currently have zero balances.


Related Discussions:- Statement credit column of the work sheet

Amount of safety stock , The injection molding department of a company uses...

The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga

The percentage analysis of changes of corresponding items, The percentage a...

The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals

State the steps of merchandise inventory, State the steps of Merchandise in...

State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo

What is differences in access to financial information, What is differences...

What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.

Problem in journal entries, what would be the entry for-"rent recieved in a...

what would be the entry for-"rent recieved in advance"

Prepare a statement of financial position, Brown sole trader Brown has ...

Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed

Explain about statement of cash flows, Q. Explain about statement of cash f...

Q. Explain about statement of cash flows? Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We exa

Find the balance at the end of 6 years of $5000 investment, Find the balanc...

Find the balance at the end of 6 years of $5000 investment in an account with a nominal annual rate of interest of 2.5% compounded quarterly over the first two years and then gro

Profit and loss account concepts, PROFIT AND LOSS ACCOUNT CONCEPTS: The...

PROFIT AND LOSS ACCOUNT CONCEPTS: The initial point in accepting the profit and loss account is to be clear about the Significance of "profit". Profit is the return for taki

Owner got personal loan from his bank and sign note, owner got personal loa...

owner got personal loan from his bank and sign note payable.what is the journal entries?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd