JOURNAL ENTRIES: The balance in withdrawals is 15000 and the name of the owner of the company is Ruiz

JOURNAL ENTRIES: The balance in withdrawals is 15000 and the name of the owner of the company is Ruiz. What is the closing entry?

A. Dr. Ruiz Capital 15,000; Cr. Ruiz, Withdrawals 15,000

B. Dr. Ruiz Withdrawals 15,000; Cr. Income Summary 15,000

C. Dr. Income Summary 15,000; Cr. Ruiz, Capital 15,000

D. Dr. Ruiz Capital 15,000; Cr. Income Summary 15,000

E. None of the above

INVENTORY METHODS: Co. T has the following beginning inventory, purchases and ending inventory: Beginning inventory 100 units at $10 each, Purchase 6/1 500 units at $20 each, Purchase 9/1 400 units @ 30 each, and ending inventory 400 units. What is the average cost per unit?

A. 24

B. 22

C. 20     

D. 10

E. None of the above = 23

BANK RECONCILIATION: In a bank reconciliation, the amount of the EFT Collection is?

A. Added in the bank part of the reconciliation  

B. Subtracted in the bank part of the reconciliation

C. Subtracted in the book part of the reconciliation

D. Added in the book part of the reconciliation

E. None of the above

INVENTORY METHODS: Co. E has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $40 each and a 2/28 Purchase 300 units at $50 each. Using the LIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?

              A. 10,000

              B. 8,000

              C. 6,000

              D. 4,000

              E. None of the above

FINANCIAL STATEMENTS: For Company X in the statement of owner’s equity the beginning capital balance on 1/1/20 was -5,000-, the owner contribution was 20,000, the net income for January was 15,000 and the owner withdrawal 5,000. How much is the ending capital balance at 1/31/20?

A. 40,000           

B. 35,000

C. 30,000

D. 25,000

E. None of the above

INVENTORY METHODS: Co. F has the following units of beginning inventory and purchases for the year: beginning inventory 100 units at $40 each, a 2/28 Purchase 200 units at $50 each and a 6/15 purchase of 200 units at $60 each and a 12/15 purchase of 100 units at $80 each. Using the FIFO method, if the ending inventory is 400 units, what is the cost of the ending inventory?

A. 25000

B. 22,667

C. 20000

D. 18,000

E. None of the above