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Use the following information to answer the problems:

Income statement for month of June, 2008 of Delgado Enterprises contains following information:

Revenues $7,000
Expenses:  
Wages Expense $2,000
Rent Expense 1,000
Supplies Expense 300
Advertising Expense 200
Insurance Expense 100
Total expenses 3,600
Net income $3,400

1. Entry to close revenue account includes a:

a. debit to Income Summary for $3,400.
b. credit to Income Summary for $3,400.
c. debit to Income Summary for $7,000.
d. credit to Income Summary for $7,000.

2. Entry to close expense accounts includes a:

a. debit to Income Summary for $3,400.
b. credit to Rent Expense for $1,000,
c. credit to Income Summary for $3,600.
d. debit to Wages Expense for $2,000.

3. After revenue and expense accounts have been closed, balance in Income Summary will be:

a. $0.
b. a debit balance of $3,400.
c. a credit balance of $3,400.
d. a credit balance of $7,000.

4. Entry to close Income Summary to Retained Earnings includes:

a. a debit to Revenue for $7,000.
b. credits to Expenses totaling $3,600.
c. a credit to Income Summary for $3,400
d. a credit to Retained Earnings for $3,400.

5. At June 1, 2008, Delgado reported retained earnings of $35,000. Company had no dividends during June. At June 30, 2008, company will report retained earnings of

a. $35,000.
b. $42,000.
c. $38,400.
d. $31,600.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921944

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