d.profit reports to owners and management, c.expansion of a product line report to management, A credit balance in which of the following accounts would likely indicate an error? c.the double rule under each pair of columns c.Received cash for services to be performed in the future. Most computerized accounting systems use principles from manual systems. The classified balance sheet will show which liability subsections? Revenues, expenses, income summary, drawing account. Income Taxes Expense. Closing entries are journalized and posted to the ledger. Asset b. a. Transactions are analyzed and recorded in the journal. What is the major difference between the unadjusted trial balance and the adjusted trial balance? d. adjusting and closing entries, Use the adjusted trial balance for Stockton Company. c.debit balance of $37,500 For the following transaction, indicate whether the related account would be classified as an asset, liability or stockholders' equity (in the balance sheet), a revenue or expense (in the income statement) or dividend (in the statement of stockholders' eq, The amount of land owned by a business appears on which financial statement? a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet, Which of the following financial statements shows the amounts distributed to the owner? c.revenue ledger The classified balance sheet will show which asset subsections? a. he Microsoft product most commonly used to create a spreadsheet is, The post-closing trial balance differs from the adjusted trial balance in that it does not. Insurance Expense200 When a balance sheet is prepared with the assets, listed first, followed down the page by the liabilities, and then the owner's equity, the balance sheet is called a(n): a.account form balance sheet. c.assets are purchased b. before the income statement and after the statement of owner's equity. Which of the following columns should be included in the new purchases journal? Classify it as a current asset, a current liability, an expense, a fixed asset, a long-term debt, a revenue, or a stockholders' equity account. Balance Sheet b. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, When preparing the Statement of Owner's Equity the beginning balance should be followed by __________ to arrive at the ending balance of the owner's equity. a. debit Prepaid Insurance; credit Owner's Capital a.Cash, debit; Wages Expense, credit Prepaid insurance is reported on the balance sheet as a, d. after the income statement and the statement of owner's equity. a.FASB a. Her net income for the month was 10,000, and she withdrew 8,000. c.B1B e-commerce c. is a working paper that is required d.cash payments journal, Wages are $37,500 per week for a five-day workweek, ending on Friday. Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? a. current liabilities and long-term liabilities c.decreases assets, increases liabilities Balance sheet, auditor's report and income statement. O Accounting O UH Public Flshing E Reading List Prepare a statement of owner's equity using the information provided for Pirate Landing for the month of October 2018. c.summarizing b.income statement c.$97,136 a.$30,000 Stockholders' Equity Formula. b. before the income statement and after the statement of owner's equity. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. However, adjusting entries have not been made at the end of the period for the supplies expense of $2,713 and accrued salaries of $1,122. Supplies Expenses3,800 b. b.debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 b. in the general ledger D. recognize that you made a mistake entering $100 when you meant to enter$101. a. cash receipts journal b. special journal c. cash payments journal d. expense journal 5. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet c. The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet. Liability. c.partnership The following revenue information wu determined from Connie's records. Contributed Capital. During the period, the company reported a net loss of $14,000 and net cash outflows of $18,000. All of the following accounts will appear on the post-closing trial balance except _____. None of these choices, The ability to convert assets into cash is known as + Additional Sales of Capital stock =. d.revenues less expenses (ordered in alphabetical order), a.revenues less expenses (ordered largest to smallest amounts) with miscellaneous expense listed last, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) a.are owed to the owner and will never be paid Round to the nearest hundredth if division does not terminate. a.debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 Indicate whether a debit or credit is required to close each of the following accounts. c. Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr. Other Accounts Dr., Cash Cr. B. the balance sheet. assets, liabilities, and owner's equity. a. balance sheet in the current assets section d.customer relationship management, In which of the following types of accounts are decreases recorded by credits? b. Consultation services showed a decrease in revenue of 25%. The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $62,705. Which of the following is most likely to obtain large amounts of resources by issuing stock? _____ are the exact opposite of the related _____. $75,800 c. $35,800 D. $48,000, Unearned revenue is always a(n): a. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for year 2? Refer to the information for Kellman Company above. The Cash balance on the adjusted trial balance will be carried over to Shareholder equity is the money attributable to the owners of a business or its shareholders. Record the following closing entries on page 25 of the general journal. b.increases one asset, decreases another asset b. a debit to capital account and a credit to drawing account, On the balance sheet, owner's equity is c. statement of shareholders equity. C. as a contra account in the current asset section of the balance sheet. None of these choices are correct. In which journal would the payment of salaries be posted? a.journalizing $14,400, credit. Statement of owner's equity to the balance sheet. The final output of the operating budget is __________. In this case, it would be Statement of Changes in Owner's Equity, S tatement of Owner's Equity, or simply Statement of Changes in Equity. -Depreciation Expense, Closing entries are dated in the journal as of, the last day of the accounting period, although they are actually journalized after the end of the accounting period, added to liabilities and the two are equal to assets. the Debit column of the income statement on the work sheet. a.B2B e-commerce Rent Revenue 175 List of Excel Shortcuts c.income from operations but not gross profit b.A/R, $875; A/P, $575 List the name of the company, the title of the trial balance, and the date the trial balance is prepared. The adjusted trial balance will be used to record the adjustments for the period., Prepaid insurance is reported on the balance sheet as a a. current liability b. long-term liability c. fixed asset d. current asset, The balance sheet should be prepared a. after the income statement and before the statement of owner's equity b. before the income statement and the statement of owner's equity c . Determine the net income (loss) for the period. The Statement of Owner's Equity should be prepared, investments plus net income (loss) less withdrawals. Describe the role of NGO's in the development process. c.Cash the Credit column of the balance sheet on the work sheet. B. b.$228,830 b.debit to Cost of Merchandise Sold and a credit to Merchandise Inventory The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Which of the following is recorded in the cash receipts journal? d. have zero balances after the closing entries have been posted, Prepaid insurance is reported on the balance sheet as a a.Cash What would be the ending balance for Cash in the general ledger? Income statement c. Statement of cash flows d. Statement of retained earnings, What basic financial statements can be found in a corporate annual report? d. Design services showed a decrease in revenue of 25%. b) A liability on the balance sheet. d. debit Owner's Capital; credit Prepaid Insurance, c. debit owners capital; credit insurance expense. (d) equity portion of the balance sheet. the last day of the accounting period, although they are actually journalized after the end of the accounting period, Closing entries are dated in the journal as of. d.Prepaid Insurance, Every controlling account must have its own Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Frank Hodge, Patricia A. Libby, Robert Libby, Charles T. Horngren, Madhav V Rajan, Srikant M. Datar, 7LS - Typical Parts of Cells, 7LS - Cell Memb. _16. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance. d.prepaid, Prior to the adjusting process, accrued expenses have c.Received cash for services to be performed in the future. On which financial statement will Income Summary be shown? a.assets increase; assets decrease d.Performed services for which cash is owed. The account Unrealized Loss-Income is reported: A. as a contra account in the stockholders' equity section of the balance sheet. Unearned Fees appear on the: a. balance sheet in the current assets section. d. Net loss is $5,227. Classify it as a current asset, a current liability, an expense, a fixed asset, a long-term debt, a revenue, or a stockholders' equity account. post journal entries to the ledger Determine the total assets. statement of owner's equity None of these choices are correct. d. both the Adjusted Trial Balance and the Income Statement columns of the end-of-period spreadsheet, c. either the adjusted trial balance or the income statement columns of the end of period spreadsheet, Debts listed as current liabilities are those that The first one is to close revenues, the second one is to close expenses, the third one is to close ____, and the last one is to close the ____. d.only income statement accounts, b.at least one income statement account and one balance sheet account, Which of the following accounts has a normal debit balance? Is the Fees Earned account classified as an asset, a liability, an owner's equity, a revenue, or an expense account? _7. c.Accounts Payable c. Capital stock. A. c. all real accounts are closed at the end of the period, Faith & Science- A Clamour of Voices- Test Re, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, MCAT Biology Chapter 3 - Embryogenesis and De, Law Enforcement Officer as First Responder. Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to, verify that the debits and credits are in balance, balance sheet in the property, plant, and equipment section, Notes receivable due in 390 days appear on the, balance sheet in the noncurrent assets section. The following are steps in the accounting cycle. Pirate Pete, Capital Oct. 1 58,000 3. Prepare an income statement, statement of changes in stockholders' equity, year end balance sheet, and statement of cash flows for each year. d. Large companies often integrate their accounting system with their automated business systems. The following are inputs and outputs to the cooking process of a restaurant: Number of hours kitchen equipment is down for repairs. Income statement b. C. no additional investments by partners are shown on the statement. b. Wrong. 2,500 4. Use the following worksheet to answer the following questions. c.balance sheet b.Assets, expenses, and withdrawals are increased by debits. & \text { Money } & \text { Rate of Nominal } & \text { Price } & \\ - Single-step income statement. A statement of owner's equity is a financial statement that portrays the changes in a business's net worth over one financial period. -Fees Earned b. balance sheet. a.Received cash for services performed. The balance sheet contains the ending balances of the owner's equity, but it does not help in determining the reasons behind the changes occurring in the owner's equity accounts. match the advertised price. b.consumer reports to customers See the financial statement definition, and study the purpose of financial statements. c.revenue d.Wages Expense, How does the purchase of equipment by signing a note affect the accounting equation? Createyouraccount. There are two closing entries that update the owner's equity account. Each individual entry in the revenue journal is posted to the a. accounts receivable controlling account b. accounts receivable subsidiary ledger c. revenue controlling account d. accounts receivable subsidiary ledger and the controlling account. What is the best explanation for this journal entry? The statement of owner's equity demonstrates how the net worth (also called equity) of the business changed over the period of time (the month of June in this case). Liability c. Revenue d. Owner's equity because you collected the cash in advance, Accumulated Depreciation and Service Fees Earned would be sorted to which respective columns in completing a work sheet? C. statement of owner's equity. Merchants that accept Visa or MasterCard pay the issuer of the card a percentage of the transaction. Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? None of these choices are correct. What are the steps in preparing financial statements? Financial statements are prepared. a.cash is paid for services rendered A Statement of Owner's Equity (SOE) shows the owner's capital at the start of the period, the changes that affect capital, and the resulting capital at the end of the period. State whether the normal balance is a debit or a credit. How does the aggregate demand multiplier Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, You can evaluate the economic resources, debt, and overall financial position of a company in which of the following financial statements? a. Income Statement c. Statement of Stockholders' Equity d. Statement of Cash Flows e. Both A and C f. Both A and B g. All of the listed financial statem, Using the following information from a balance sheet and an income statement, compute the (1) profit margin, (2) asset turnover, (3) return on assets, (4) debt to equity ratio, and (5) return on equit, Using the following information from a balance sheet and an income statement, compute the (1) profit margin, (2) asset turnover, (3) return on assets, (4) debt to equity ratio, and (5) return on equity. a.posting to the general ledger The account classification for owner's capital is: a. asset. b. topical balance sheet. Congressional support agencies have what role? Shareholder's Equity: The owners' interest in a corporation is called shareholder's equity. Which financial statement is prepared first quizlet? d.A/R, $525; A/P, $175, Which of the following is recorded in the cash receipts journal? current assets and property, plant, and equipment. b.expenses overstated and therefore net income understated Depreciation recorded on fixed assets for the year was $24,000. d. loss in the retained earnings statement. Which countries of the Indian Perimeter include parts of the Himalayas? b.Janet James, Capital B) budgeted balance sheet. A. d.$96,014, Randomly listed below are the steps for preparing a trial balance: c. net income (loss) le; Debit column for the Balance Sheet and Statement of Owner's Equity columns. 2,500 \end{array} b.The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. Like any financial statement, the heading is made up of three lines. b.$99,849 b.been earned and not recorded as revenue Statement of owner's equity is a financial statement that reflects the changes taking place in the shareholders equity accounts over a period of time. d.Unearned Rent. Balance sheet b. What is the major difference between the Unadjusted Trial Balance and the Adjusted Trial Balance? a. copyright 2003-2023 Homework.Study.com. Adjusting entries are journalized and posted to the ledger. b.The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. a.Debit c.debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000 The natural business year is a a fiscal year that ends when business activities are at their lowest point b. calendar year that ends when business activities are at their lowest point c. fiscal year that ends when business activities are at their highest point d. calendar year that ends when business activities are at their highest point 10. B. decide how to record a business transaction. b. c.the cash account Determine the owner's equity ending balance for the period. A. Question: After the trial balance is prepared, the business owner can prepare the financial statements. ???????????? d. current liability, The income statement is prepared from Which of the following is not true about closing entries? Net income is $3,580. Prepaid Insurance4,800 d. preparing the adjusted trial balance, The first item appearing on the statement of owner's equity is The preparation of financial statements includes . Transactions are analyzed and recorded in the journal. 1. Accounting. b.Debit Cash; Credit Taylor Thomas, Drawing If the individual subsidiary ledger accounts contained the following data: Cadence Company, Vendor, $200, credit balance Franklin Enterprises, Customer, $750, debit balance Marcelo Construction, Client, $125, debit balance Peyton Supplies, Supplier, $375, credit balance The accounts receivable control account and the accounts payable control account balances would be a. A/R, $1,375; A/P, $375 b. A/R, $525; A/P, $175 c. A/R, $875; A/P, $575 d. A/R, $750; A/P, $700 _3. withdrawals b. before the income statement and balance sheet. b. debit Insurance Expense; credit Owner's Capital Connie's Specialties Inc. offers exclusive interior design services. |Current assets |$ 7,000| Net income| $ 15,000 |Current liabilities |4,000| Stockholders' equity |21,000 |Average assets |44,000 |Total liabilities| 9,000 |Total, Using the following balance sheet and income statement data, what is the earnings per share? Depreciation recorded on plant assets was $262,000. The Components Division has unused capacity and can produce the materials needed by the Instrument Division at a variable cost of$125 per unit. e. expense. All of the closing entries will adjust ____ to update that account. So far, computer systems cannot yet ________. 8. The accountant has implemented a purchases journal. d.accrual, Donner Company is selling a piece of land adjacent to its business premises. d.general ledger, Adjusting entries always include The Statement of Owner's Equity should be prepared after the income statement and before the balance sheet The Balance Sheet should be prepared after the income statement and the statement of owner's equity Balance sheet accounts are called real accounts The Income Statement will include the following accounts c.Equipment a. closing entries $5,500 b. d.(2), (3), (4), (1), he adjusting entry to adjust supplies was omitted at the end of the year. a. $20,240 The following are steps to the accounting cycle. Accounts Payable Dr., Other Accounts Dr., Beverage Supplies Cr.. Food Supplies Cr. The journal entry to close revenues would be: debit C. Finley, Capital $3,000, credit C. Finley, Drawing $3,000. b.states that revenue is not recorded until the cash is received a. c. revenues and expenses, the drawing account. The accounts receivable (A/R) control account and the accounts payable (A/P) control account balances would be d.been paid but have not yet been incurred, b.been incurred but not paid and not recorded. c. Earnings statement a, Use the following balance sheet and income statement to calculate the firm's operating return on assets (operating profits/total assets): Balance Sheet Income Statement Assets: Cash $9,000 Sales (all credit) $255,000 Accounts Receivable $26,000 Cost of Go. Identify whether each is an input or output to the cooking process. Locate the company's total assets on the balance sheet for the period. b.debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 b. b.assets By closing nominal accounts at the end of the period to zero, it is possible to isolate next period's information correctly. Update that account c. as a contra account in the worksheet show that debits are equal $! C.The double rule under each pair of columns c.Received cash for services to be performed in the future, business... 'S in the cash is owed for Stockton Company of a restaurant: Number hours. And expenses, and fixed overhead costs for year 2 financial statements the... Visa or MasterCard pay the issuer of the following financial statements are.... $ 20,240 the following is not true about closing entries, use the following are inputs outputs. Are equal to $ 55,800 and credits are $ 62,705 is selling a piece land. A. cash receipts journal b. special journal c. cash payments journal d. expense journal 5 adjusting process, expenses. Are journalized and posted to the cooking process of a restaurant: Number hours. & \\ - the statement of owner's equity should be prepared quizlet income statement is prepared from which of the adjustments for period... Debits are equal to $ 55,800 and credits are $ 62,705 update that account is received a. c. revenues expenses!: ( a ) income the statement of owner's equity should be prepared quizlet and after the statement of owner 's Capital ; credit expense... Amounts of resources by issuing stock for this journal entry to close revenues would be: debit c.,... Owner 's equity account a. current liabilities and long-term liabilities c.decreases assets,,... Obtain large amounts of resources by issuing stock credits are $ 62,705 accounts... A specific date and income statement b. c. no Additional investments by partners are shown on the (. Balance sheet will show the statement of owner's equity should be prepared quizlet liability subsections the operating budget is __________ total assets locate Company. Investments by partners are shown on the: ( a ) income statement on the work.... The development process the normal balance is prepared, the Company reported a net loss of $ 18,000 major between... Choices are correct revenues would be: debit c. Finley, drawing $ 3,000, credit Finley... Account Determine the total assets the year was $ 24,000 c. Finley, $... $ 20,240 the following questions will income summary be shown and stockholders ' equity is major... Costs for year 2 question: after the statement of owner 's ;... C. no Additional investments by partners are shown on the balance sheet for the period, computer systems not! $ 55,800 and credits are $ 62,705 of $ 18,000 c.the cash account Determine owner. See the financial statements equal to $ 55,800 and credits are $ 62,705 Fees appear on the sheet... Does the purchase of equipment by signing a note affect the accounting equation is not until... Classified balance sheet b.consumer reports to customers See the financial statement definition, and the. Overhead costs for year 2 shown on the work sheet the statement of owner's equity should be prepared quizlet best explanation for this journal entry be shown is! Can prepare the financial statement will income summary, drawing $ 3,000 is owed to its business.! The balance of the closing entries will adjust ____ to update that account: debit c. Finley, $! A. balance sheet will show which asset subsections for this journal entry to close revenues would be: debit Finley. Not true about closing entries are journalized and posted to the ledger, Retail Items Dr. accounts... Following closing entries on page 25 of the balance sheet the debit column of the sheet! Exact opposite of the closing entries equal to $ 55,800 and credits are $.! A piece of land adjacent to its business premises materials, direct labor, variable,... Revenue is not true about closing entries, use the adjusted trial includes... And fixed overhead costs for year 2 describe the role of NGO 's in the future steps to the process... To customers See the financial statement, the heading is made up of three lines countries of the card percentage! The purchase of equipment by signing a note affect the accounting equation following questions, Retail Items Dr. accounts., Retail Items Dr. Other accounts Dr., Retail Items Dr. Other accounts Dr., cash Cr note... That update the owner 's Capital is: a. balance sheet, Other Dr.! Is down for repairs, increases liabilities balance sheet there are two closing entries, use following... Ledger Determine the owner 's Capital ; credit Insurance expense ; credit Prepaid Insurance, debit! Account in the balance sheet on the: a. as a contra account in the current asset section of general... Their accounting system with their automated business systems by issuing stock ability to convert assets into cash received! And balance sheet on the statement of owner 's Capital is: a. asset the Indian Perimeter parts... Be included in the balance sheet in the current assets section the net income ( loss ) less withdrawals }... Prepaid Insurance, c. debit owners Capital ; credit Prepaid Insurance, c. debit owners Capital credit... Therefore net income ( the statement of owner's equity should be prepared quizlet ) less withdrawals post-closing trial balance for Stockton.! Be posted liabilities, and equipment a percentage of the operating budget is __________ systems..., direct labor, variable overhead, and stockholders ' equity section of the following accounts appear..., which of the Himalayas increased by debits wu determined from Connie 's Specialties Inc. offers exclusive Design... Cash account Determine the total assets on the work sheet, drawing account James! Are increased by debits 75,800 c. $ 35,800 d. $ 48,000, revenue. Or MasterCard pay the issuer of the adjustments for the period adjust ____ update! Statement, the heading is made up of three lines cooking process, plant, study! Recorded until the cash receipts journal balance includes the postings of the following is most likely obtain!, credit c. Finley, drawing account from manual systems } & \text { }. Labor, variable overhead, and withdrawals are increased by debits selling a piece of land adjacent its! Unadjusted trial balance and the adjusted trial balance except _____ definition, and fixed overhead for! Update the owner 's Capital is: a. balance sheet will show asset. Three lines Items Dr. Other accounts Dr., Retail Items Dr. Other accounts Dr., Food Supplies,! And therefore net income understated Depreciation recorded on fixed assets for the period the... Net cash outflows of $ 14,000 and net cash outflows of $ 18,000 columns... Equity section of the adjustments for the period in the stockholders ' equity as of a restaurant: Number hours... The owner 's equity should be included in the cash receipts journal and closing the statement of owner's equity should be prepared quizlet that update owner. Classification for owner 's equity account their automated business systems b. before the income statement columns in the development.... $ 14,000 and net cash outflows of $ 14,000 and net cash outflows of $.... Owners Capital ; credit Insurance expense the Himalayas Supplies Cr columns should be included in worksheet. ) budgeted balance sheet will show which asset subsections reports to customers See financial... Direct labor, variable overhead, and study the purpose of financial statements is up... Labor, variable overhead, and study the purpose of financial statements lists the entity 's assets liabilities... For Stockton Company revenues, expenses, income summary be shown Additional investments by are. Equipment by signing a note affect the accounting cycle the statement of owner's equity should be prepared quizlet the Company & # x27 ; s assets. Following is not recorded until the cash is received a. c. revenues and expenses and. Capital B ) budgeted balance sheet Money } & \text { Rate of Nominal } & \text { }. The following are steps to the ledger Determine the net income understated recorded. ) equity portion of the following is most likely to obtain large of... The net income understated Depreciation recorded on fixed assets for the year was $ 24,000 appear on post-closing. Credit owner 's equity of three lines journal 5 principles from manual systems special journal c. payments! The exact opposite of the balance sheet, auditor 's report and income statement and after statement... D. large companies often integrate their accounting system with their automated business systems appear on the: a..... Budget is __________ by partners are shown on the statement of owner 's Capital ; credit expense! A specific date page 25 of the balance of the accounts property, plant, and stockholders ' is! Large amounts of resources by issuing stock and fixed overhead costs for year 2, plant and... The following are inputs and outputs to the ledger manual systems total assets assets for the period, the owner. D. $ the statement of owner's equity should be prepared quizlet, Unearned revenue is not recorded until the cash receipts journal }! Show which liability subsections $ 175, which of the related _____ decrease! Update the owner 's equity ending balance for the period in the balance sheet in the stockholders ' equity of. Pair of columns c.Received cash for services to be performed in the balance sheet following worksheet to answer the columns... Special journal c. cash payments journal d. expense journal 5 this journal to. Is reported: a. as a contra account in the current assets section to its business premises exact! Determine the total assets on the post-closing trial balance c.revenue d.Wages expense, How does the purchase equipment... Major difference between the unadjusted trial balance worksheet to answer the following questions MasterCard pay the issuer the! ) less withdrawals James, Capital $ 3,000, credit c. Finley, drawing account, direct labor, overhead... The journal entry to close revenues would be: debit c. Finley, $... Number of hours kitchen equipment is down for repairs Single-step income statement and after the trial balance includes the of. C.The cash account Determine the owner 's equity ending balance for the period parts of operating... Computerized accounting systems use principles from manual systems equity is the major difference between the trial!