ethanwatson7594 ethanwatson7594

21-12-2022
Business

Answered

8 . jackson services company earned revenues of $109,000, incurred expenses of $112,000, and mrs. jackson made a withdrawal of $5,000. which of the following statements is correct? a. a debit is needed to zero out the balance of the income summary account. b. when compared to a business that earned net income, the only closing entry that differs is the one to close jackson, withdrawals. c. jackson has incurred a net loss of $2,000. d. jackson, capital will decrease $8,000.

Answer :

Other Questions

rami, an augusta, georgia taxpayer, is considering renting out his home for one week (seven days) during a golf tournament in the summer. he is unsure of the in

michael company uses the percent of sales method for estimating bad debts expense. the company's bad debt expense is normally 4% of net credit sales which were

balance sheet and income statement data indicate the following: line item description amount bonds payable, 5% (due in 25 years) $1,100,000 preferred 8% stock,

a company recorded credit sales of $779,000, of which $590,000 is not yet due, $110,000 is past due for up to 180 days, and $79,000 is past due for more than 18

the following information is available from the land account: line item description amount opening balance $270,000 sold for $240,000 cash 200,000 credit entry

a. estimate the balance of the allowance for doubtful accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of

12 . the following information is needed to reconcile the cash balance for gourmet catering services. * a deposit of $5,700 is in transit. * outstanding checks

improvements, a home improvement magazine, collected $960,000 in subscription revenue on june 30. each subscriber will receive an issue of the magazine in each

which of the following statements about social responsibility is true? companies that exhibit corporate philanthropy are not acting socially responsible. the fo

for a defined benefit plan, which of the following is correct? select one: a. the plan requires that the employee bears the risk of loss or benefit of gain from