Here's a partial trial balance of the Sheila James Dancing Studio as of October 31, 20XX. The accounting records are maintained on an accrual basis.

[tex]\[
\begin{array}{lll}
\multicolumn{3}{c}{\text{SHEILA JAMES DANCING STUDIO}} \\
\multicolumn{3}{c}{\text{Partial Trial Balance}} \\
\multicolumn{3}{c}{\text{October 31, 20XX}} \\
\hline
\text{Account} & \text{Debit} & \text{Credit} \\
\hline
\text{Fee Income} & & \$34,175 \\
\text{Interest Income} & \$15,125 & \$310 \\
\text{Salaries Expense} & \$1,200 & \\
\text{Office Supplies Expense} & \$1,900 & \$30,500 \\
\text{Rent Expense} & \$600 & \\
\text{Telephone Expense} & \$720 & \\
\text{Insurance Expense} & & \\
\text{Sheila James, Capital} & & \\
\text{Sheila James, Drawing} & \$4,170 & \\
\text{Taxes Expense} & \$1,420 & \\
\text{Miscellaneous Expense} & \$905 & \\
\end{array}
\][/tex]

The following information has been made available in connection with the closing of the books as of October 31, 20XX:

[tex]\[
\begin{array}{ll}
\text{Interest income earned but not received} & \$100 \\
\text{Rent due but unpaid} & \$150 \\
\text{Expired insurance premiums for the month} & \$75 \\
\text{Office supplies used during October} & \$120 \\
\text{Salaries due but unpaid} & \$750 \\
\hline
\end{array}
\][/tex]

The total amount of expense from all sources to be closed out and transferred to the Income Summary account is:
A. \[tex]$24,065
B. \$[/tex]23,965



Answer :

To determine the total amount of expenses from all sources that should be closed out and transferred to the Income Summary account, we need to sum up all the given expenses and additional information provided.

1. Initial Expenses from the Trial Balance:
- Salaries Expense: \[tex]$1,200 - Office Supplies Expense: \$[/tex]1,900
- Rent Expense: \[tex]$600 - Telephone Expense: \$[/tex]720
- Taxes Expense: \[tex]$1,420 - Miscellaneous Expense: \$[/tex]905

2. Additional Expense Information:
- Expired insurance premiums for the month: \[tex]$75 - Office supplies used during October: \$[/tex]120
- Salaries due but unpaid: \[tex]$750 - Rent due but unpaid: \$[/tex]150

Now, we will add up all these expenses:

[tex]\[ \begin{align*} \text{Salaries Expense} &: 1,200 \\ \text{Office Supplies Expense} &: 1,900 \\ \text{Rent Expense} &: 600 \\ \text{Telephone Expense} &: 720 \\ \text{Taxes Expense} &: 1,420 \\ \text{Miscellaneous Expense} &: 905 \\ \text{Expired Insurance Premiums} &: 75 \\ \text{Office Supplies Used} &: 120 \\ \text{Salaries Due but Unpaid} &: 750 \\ \text{Rent Due but Unpaid} &: 150 \\ \end{align*} \][/tex]

Summing these amounts:

[tex]\[ \begin{align*} & 1,200 + 1,900 + 600 + 720 + 1,420 + 905 + 75 + 120 + 750 + 150 \\ & = 7,840 \end{align*} \][/tex]

Therefore, the total amount of expenses from all sources to be closed out and transferred to the Income Summary account is \[tex]$7,840. Hence, the correct answer isn't listed in the provided options. However, based on our computation: The total amount of expense from all sources is $[/tex]7,840.