1) When the account are closed, what will be the total debits to income Summary?

Q: 1) When the account are closed, what will be the total debits to income Summary?

1. 2. 3. 4. Sales returns and allowances $ 3,500 Sales discounts $ 10,000 Salary expenses $ 22,000 Rent expenses $ 12,000 Utilities expenses $ 5,300 Office supplies $ 400 Cost of goods sold $ 98,050 Total debit to income summary account $ 151,250

ID: 2543565 • Letter: 1

Question

1) When the account are closed, what will be the total debits to income Summary? 2) When the accounts are closed, what will be the tital credits to Income Summary? 3) What ws the net income for the period? 4) How much did owner's equity increase during the period? Here is a partial list of the accounts of Benson Company taken from the adjusted trial balance. They are in random order and there were no investments by the owner during the period. Sales Sales Returns & Allowances Sales Discounts Salary Expense Rent Expense Utilities Expense Offfice Supplies Benson, Drawings Cost of Goods Sold Unearned Revenue Interest Revenue $265,000 3,500 10,000 22,000 12,000 5,300 400 34,500 98,050 2,100 1,000 Use this information to answer the following question:

Explanation / Answer

Sales returns and allowances $ 3,500 Sales discounts $ 10,000 Salary expenses $ 22,000 Rent expenses $ 12,000 Utilities expenses $ 5,300 Office supplies $ 400 Cost of goods sold $ 98,050 Total debit to income summary account $ 151,250

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1) When the account are closed, what will be the total debits to income Summary?

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