I have to create new accounts for SERVICE REVENUE, DIVIDENDS AND INCOME SUMMARY.
ID: 2419251 • Letter: I
Question
I have to create new accounts for
SERVICE REVENUE, DIVIDENDS AND INCOME SUMMARY.
Account types
1. accounts payable 2. accounts receiveable 3. accumulated depreciation 4. cash 5. cost of sales 6. equity- doesn't close 7. equity-gets closed 8. equity-retained earnings 9. expenses 10. fixed assets 11. income 12. inventory 13. long term liabilities 14. other assets 15. other current assets 16. other current liabilities
Out of those 16 options what goes with those accounts for an adjusted trial balance?
Service Revenue goes with (1 of the 16 options)
Dividends goes with (1 of the 16 options)
Income Summary goes with (1 of the 16 options)
Explanation / Answer
Service Revenue-Cost of sales
Dividends- Retained Earnings
Income summary-Income