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28 Sep 2018

How do you close the expense? accounts?

A.

Credit Income? Summary; debit the expense accounts

B.

Debit Income? Summary; credit the expense accounts

C.

Credit? Capital; debit the expense accounts

D.

Debit? Capital; credit the expense accounts

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Deanna Hettinger
Deanna HettingerLv2
1 Oct 2018

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A customer of Exquisite Flooring recently filed for bankruptcy protection two months ago, leading the credit manager of Exquisite Flooring to conclude that the company would never collect the balance of $2,800 owed by the customer to our company.

21.

Required information

Use the information above to answer the following question. Which of the following journal entries would be made by Exquisite Flooring to record the write-off of the customer's Accounts Receivable balance?

Debit Bad Debt Expense and credit Accounts Receivable for $2,800

Debit Sales and credit Accounts Receivable for $2,800

Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $2,800

Debit Allowance for Doubtful Accounts and credit Accounts Receivable for $2,800

22.

Required information

Use the information above to answer the following question. Suppose that three months after filing bankruptcy, Exquisite Flooring's customer paid its outstanding account balance. Which of the following journal entries would be made to record this transaction?

Debit Cash and credit Sales for $2,800

Debit Cash and credit Allowance for Doubtful Accounts for $2,800

Debit Cash and credit Accounts Receivable for $2,800

Debit Accounts Receivable and credit Allowance for Doubtful Accounts for $2,800; debit Cash and credit Accounts Receivable for $2,800

Question 18

FICA Tax Payable would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points

Question 19

Decrease Utilities Expense with a:

Debit

Credit

4 points

Question 20

The normal balance for Accounts Receivable is:

Debit

Credit

4 points

Question 21

Consulting Revenue would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points

Question 22

The normal balance for Rent Expense is:

Debit

Credit

4 points

Question 23

The normal balance for Interest Expense is:

Debit

Credit

4 points

Question 24

The account classification for Allowance for Doubtful Accountsis contra:

Asset

Liability

Equity

Revenue

Expense

4 points

Question 25

The account classification for Owner's Capital is:

Asset

Liability

Equity

Revenue

Expense

(Complete the income and balance statementcolumns).

DrewConsulting
Worksheet (Partial)
31-Dec-14
Adjusted Income Balance
Trial Balance Statement Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash $27,460
Accounts Receivable 1,000
Office Supplies 150
Equipment 1,500
Accum. Depr.—Equip. $25
Furniture 3,900
Accum. Depr.—Furn. 65
Accounts Payable 4,100
Unearned Revenue 1,200
Salaries Payable 567
Common Stock 26,000
Dividends 2,500
Service Revenue 6,200
Rent Expense 500
Utilities Expense 340
Supplies Expense 150
Salaries Expense 567
Depr. Expense—Equip. 25
Depr. Expense—Furn. 65
$38,157 $38,157
Net income or loss

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