Author Question: Evan Roberts owns a business, Shores Sports that rents canoes and kayaks. Below is the adjusted ... (Read 40 times)

Brittanyd9008 · **on:** Jul 5, 2018

Evan Roberts owns a business, Shores Sports that rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable (long-term) 2,800 Equipment 15,000 Accumulated Depreciation 3,000 Accounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Fees 500 Evan Roberts, Capital 7,700 Evan Roberts, Drawing 2,000 Rent Rees Earned 37,000 Furniture Rental Revenue 1,200 Interest Revenue 100 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 9,000 Income Tax Expense 2,700 58,520 58,520 The entry required to close the revenue accounts at the end of the period includes a
a. debit to Income Summary for 37,000 b. credit to Income Summary for 38,300
c. debit to Income Summary for 38,200 d. credit to Income Summary for 37,000

Question 2

Based on the preceding set of facts, how much should be reported as Other financing sources in the Capital Projects Fund?

a. 1,000,000
b. 3,000,000
c. 8,000,000
d. 10,000,000