Reference no: EM133128496
Questions -
Q1. What is the correct journal entry to the income summary account for a company that has revenues of $20,000 and expenses of $10,000?
a. DR income summary $10,000
b. CR income summary $10,000
Q2. What would be the reverse entry for the following entry: DR to Unearned Revenue $2000 and CR to Revenue $2000?
a. DR Revenue $2000/ CR Owner's Equity $2000
b. DR Revenue $2000/ CR Unearned Revenue $2000
c. DR Unearned Revenue $2000/ CR Revenue $2000
d. DR Owner's Equity/ CR Revenue $2000
Q3. Put the accounting in the correct order from 1 -9.
Prepare a post-closing trial balance
Post to ledger account
Journalize the transactions
Prepare and adjusted trial balance
Analyze business transactions
Journalize and post adjusting entries
Prepare a trial balance
Prepare financial statements
Generalize and post closing entries.
Q4. Calculate the amount of working capital if a company has current assets of $12,500, total assets of $50,000, current liabilities of $9,500 and total liabilities of $57000?
Q5. Calculate the current ratio if a company has current assets of $12,500, total assets of $50,000, current liabilities of $9500 and total liabilities of 57,000?
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