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Author Question: The journal entry to close the Fees Earned, 750, and Rent Revenue, 175, accounts during the year-end ... (Read 129 times)

saraeharris

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on: Jul 5, 2018
The journal entry to close the Fees Earned, 750, and Rent Revenue, 175, accounts during the year-end closing process would be:
 a. Dec. 31 Fees Earned 750
  Rent Revenue
  Income Summary 175
  925
  b. Dec. 31 Income Summary
  Fees Earned 925
   750
  Rent Revenue 175
  c. Dec. 31 Revenues
  Income Summary 925
   925
  d. Dec. 31 Income Summary
  Revenues 925
   925

Question 2

Antique Brass Company has budgeted sales volume of 120,000 units and budgeted production of 108,000 units, while 20,000 units are in beginning finished goods inventory. How many units are targeted for ending finished goods inventory?
 
  A) 20,000 units
  B) 32,000 units
  C) 12,000 units
  D) 8,000 units


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brittanywood

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

Answer: D


saraeharris

  • Member
  • Posts: 546
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

ghepp

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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