10.You leam that BMCC Educational Services completed a consulting project ofn De
ID: 2567073 • Letter: 1
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10.You leam that BMCC Educational Services completed a consulting project ofn December 29, 2016 but never invoiced its customer until January 5, 2017. The project iS valued at $5,000. so that BMCC Educational Service's books You need to record the adjusting entry reflect the project along with the income from the completion of the consulting related accounts receivable. Hint-fill in the blank: Accounts Receivable $5,000 To record the services rendered in 2016 that was omitted from the general journal. Chapter 4 PART III-FILL IN THE PROPER ANSWER IN THE BLANKS 11. The revenue and expense accounts of a business are closed out into the Summary Account. 12-13. The Adjusted Trial Balance on a worksheet is then broken out wherein a portion would go as debits and credits to the other portion would go to the Statement Section and the Sheet section. 14. Set forth the components or parts to the Statement of Owners Equity. Name as many components or parts as you can. 15. In no more than 2-3 sentences, describe the purpose of preparing closing entries.Explanation / Answer
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11. The revenue and expenses accounts of a business are closed out into the Profit and Loss summary account.
12-13. The adjusted Trial balance on a worksheet is then broken out wherin a portion would go as debits credits to the Profit and Loss statement section and the other portion would go to the Balancesheet section.
14. Set fourth components of owners Equity
(a) Share capital
(b) Reserves and surplus
(c) Money received against share warrants
(d) Share application money pending allotment
(e) Preferred stock
(a) Capital Reserves;
(b) Capital Redemption Reserve;
(c) Securities Premium Reserve;
(d) Debenture Redemption Reserve;
(e) Revaluation Reserve;
(f) Share Options Outstanding Account;
Date Particular LF Debit Amount Credit Amount Accounts receivable a/c … Dr $5,000 To services income a/c $5,000Related Questions
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