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  3. 4a identify which of the following are temporary a

4a Identify which of the following are temporary accounts of San Migael Company. Owners Capital...

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Accounting

4a Identify which of the following are temporary accounts of San Migael Company.

Owners Capital

Owners Drawings

Equipment

Accumulated Depreciation

Depreciation Expense

4b) Identify which of the following accounts would have balances on a post-closing trial balance.

Service Revenue

Income Summary

Notes Payable

Interest Expense

Cash

4c. The closing entry process consists of closing

all asset and liability accounts.

out the owners capital account.

all permanent accounts.

all temporary accounts.

4d.The final closing entry to be journalized is typically the entry that closes the

revenue accounts.

owners drawings account.

owners capital account.

expense accounts.

4e.Compute the dollar amount of current assets based on the following account balances.

Accounts Receivable $22,000

Accumulated DepreciationEquipment 27,000

Cash

8,400

Equipment

93,000

Prepaid Rent

7,000

Short-term Investments

15,000

4f.Rodriguez Company reported the following balances at June 30, 2014:

Sales Revenue $16,000

Sales Returns and Allowances 600

Sales Discounts 300

Cost of Goods Sold 7,500

What are the net sales for the month?

What is the gross profit for the month?

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