Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
To determine the total amount of expense from all sources to be closed out and transferred to the Income Summary account, we need to sum all the relevant expense items. Let's break down the step-by-step solution:
1. List the expenses given in the Partial Trial Balance:
- Salaries Expense: \[tex]$1,200 - Rent Expense: \$[/tex]2,900
- Telephone Expense: \[tex]$600 - Insurance Expense: \$[/tex]720
- Taxes Expense: \[tex]$1,420 - Miscellaneous Expense: \$[/tex]905
- Sheila James, Drawing: \[tex]$4,170 (Note: This is a drawing account, not an expense) 2. Include additional expense information provided: - Expired insurance premiums for the month: \$[/tex]75
- Office supplies used during October: \[tex]$120 - Salaries due but unpaid: \$[/tex]750
3. Sum all the expenses:
[tex]\[ \text{Total Expenses} = \text{Salaries Expense} + \text{Rent Expense} + \text{Telephone Expense} + \text{Insurance Expense} + \text{Taxes Expense} + \text{Miscellaneous Expense} + \text{Expired Insurance} + \text{Office Supplies Used} + \text{Salaries Due} \][/tex]
4. Now, substitute the given amounts into the equation:
[tex]\[ \text{Total Expenses} = 1,200 + 2,900 + 600 + 720 + 1,420 + 905 + 75 + 120 + 750 \][/tex]
5. Calculate the sum:
[tex]\[ \text{Total Expenses} = 1,200 + 2,900 + 600 + 720 + 1,420 + 905 + 75 + 120 + 750 = 8,690 \][/tex]
Therefore, the total amount of expense from all sources to be closed out and transferred to the Income Summary account is:
[tex]\[ \boxed{8,690} \][/tex]
Upon careful analysis of the problem and reevaluating calculations, it is clear that none of the provided answer choices (A, B, or C) match our calculated value of \$8,690. It appears there might be a discrepancy or typo in the provided question or answers.
1. List the expenses given in the Partial Trial Balance:
- Salaries Expense: \[tex]$1,200 - Rent Expense: \$[/tex]2,900
- Telephone Expense: \[tex]$600 - Insurance Expense: \$[/tex]720
- Taxes Expense: \[tex]$1,420 - Miscellaneous Expense: \$[/tex]905
- Sheila James, Drawing: \[tex]$4,170 (Note: This is a drawing account, not an expense) 2. Include additional expense information provided: - Expired insurance premiums for the month: \$[/tex]75
- Office supplies used during October: \[tex]$120 - Salaries due but unpaid: \$[/tex]750
3. Sum all the expenses:
[tex]\[ \text{Total Expenses} = \text{Salaries Expense} + \text{Rent Expense} + \text{Telephone Expense} + \text{Insurance Expense} + \text{Taxes Expense} + \text{Miscellaneous Expense} + \text{Expired Insurance} + \text{Office Supplies Used} + \text{Salaries Due} \][/tex]
4. Now, substitute the given amounts into the equation:
[tex]\[ \text{Total Expenses} = 1,200 + 2,900 + 600 + 720 + 1,420 + 905 + 75 + 120 + 750 \][/tex]
5. Calculate the sum:
[tex]\[ \text{Total Expenses} = 1,200 + 2,900 + 600 + 720 + 1,420 + 905 + 75 + 120 + 750 = 8,690 \][/tex]
Therefore, the total amount of expense from all sources to be closed out and transferred to the Income Summary account is:
[tex]\[ \boxed{8,690} \][/tex]
Upon careful analysis of the problem and reevaluating calculations, it is clear that none of the provided answer choices (A, B, or C) match our calculated value of \$8,690. It appears there might be a discrepancy or typo in the provided question or answers.
We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.