ACCT 2001 Study Guide - Midterm Guide: Accounting Equation, Financial Statement, Asset
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ACCT 2001 Full Course Notes
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The next five questions are based on the following information: At the end of its first year of operations, after adjustments were properly recorded, jim, inc. had the following adjusted account balances: Each of these accounts has the normal debit or credit balance. In preparing the closing entries, the debit to the income summary account to close expenses will be: none of the above. In preparing the closing entries, the credit to the income summary to close revenues account will be: none of the above. $ 112,000: none of the above, the purpose of closing entries would include all of the following except: To close dividends to the retained earnings account. In january 2006, tom company sold shares of common stock to new investors for ,000: the journal entry would include a debit to which type of account, asset, liability, owners" equity, revenue. Use the following information to answer the eight questions that follow: