A partial listing of a company’s accounts are listed below: Sales Revenue $190,0

ID: 2406668 • Letter: A

Question

A partial listing of a company’s accounts are listed below:

Sales Revenue $190,000 Depreciation Expense $20,000

COGS 84,000 Rent Expense 8,000

Cash 1,000 Unearned Revenue 2,000

Building 200,000 Wage Expense 30,000

Accumulated Depreciation 44,000 Interest Expense 3,000

Note Payable 50,000 Service Revenue 60,000

Dividends 4,000 Goodwill 7,000

The closing entry to close the Income Summary would include a debit to Income Summary for:

$101,000

$122,000

$189,000

$105,000

$ 77,000

1 points

QUESTION 10

ABC Florist is hired by an Aggie bride to provide flowers for her wedding. Here is the information regarding this event.

Hired by Aggie Bride: September 1, 2017 Wedding Date: November 1, 2017

Down payment received of $5,000: October 1, 2017 Billed balance due of $4,000: November 15, 2017

Received payment of balance due: December 1, 2017

When should ABC record revenue if using the accrual basis of accounting?

$5,000 on October, 1 and $4,000 on November, 1

$5,000 on October, 1 and $4,000 on December, 1

$5,000 on September, 1 and $4,000 on November, 15

$5,000 on November, 1 and $4,000 on December, 1

$9,000 on November, 1

$101,000

$122,000

$189,000

$105,000

$ 77,000

Answer

1 ) c . 189000

2 ) e . 9000 on november, 1

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