Question 1

Which of the following accounts has a normal credit balance?

Accepted Answer

A)  Accounts Receivable 
B)  Accounts Payable 
C)  Supplies Expense 
D)  T.Stark,Drawing 
A)  Accounts Receivable 
B)  Accounts Payable 
C)  Supplies Expense 
D)  T.Stark,Drawing B

Question 2

During the closing process,Accumulated Depreciation,Equipment will

Accepted Answer

A)  be closed to the income summary account. 
B)  be closed to the capital account. 
C)  be closed to the drawing account. 
D)  not be used. 
A)  be closed to the income summary account. 
B)  be closed to the capital account. 
C)  be closed to the drawing account. 
D)  not be used. D

Question 3

Identify the item below that is NOT one of the steps in an accounting cycle.

Accepted Answer

A)  prepare the financial statements 
B)  prepare the post-closing trial balance 
C)  journalize and post the adjusting entries 
D)  prepare invoices for customers 
A)  prepare the financial statements 
B)  prepare the post-closing trial balance 
C)  journalize and post the adjusting entries 
D)  prepare invoices for customers D

Question 4

"Closing" is written in the Description column of the individual revenue and expense accounts in the general ledger.

Accepted Answer

A) True 
 B)False

Question 5

One purpose of closing entries is to give zero balances to

Accepted Answer

A)  asset and liability accounts. 
B)  liability and capital accounts. 
C)  revenue and expense accounts. 
D)  expense and capital accounts. 
A)  asset and liability accounts. 
B)  liability and capital accounts. 
C)  revenue and expense accounts. 
D)  expense and capital accounts.

Question 6

On December 31,the ledger of Hartley Engineering Company contained the following account balances:   All the accounts have normal balances.Journalize the closing entries.Use 6 as the general journal page number.

Accepted Answer

The answer of On December 31,the ledger of Hartley Engineering...

Question 7

Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?

Accepted Answer

A)  Debit Penny Pincer,Drawing;credit Penny Pincher,Capital 
B)  Debit Penny Pincher,Capital;credit Income Summary 
C)  Debit Income Summary;credit Penny Pincher,Drawing 
D)  Debit Penny Pincher,Capital;credit Penny Pincher,Drawing 
A)  Debit Penny Pincer,Drawing;credit Penny Pincher,Capital 
B)  Debit Penny Pincher,Capital;credit Income Summary 
C)  Debit Income Summary;credit Penny Pincher,Drawing 
D)  Debit Penny Pincher,Capital;credit Penny Pincher,Drawing

Question 8

One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

Accepted Answer

A) True 
 B)False

Question 9

The revenue account Fees Income is closed by debiting

Accepted Answer

A)  Cash and crediting Fees Income. 
B)  Fees Income and crediting Income Summary. 
C)  the owner's capital account and crediting Fees Income. 
D)  Income Summary and crediting Fees Income. 
A)  Cash and crediting Fees Income. 
B)  Fees Income and crediting Income Summary. 
C)  the owner's capital account and crediting Fees Income. 
D)  Income Summary and crediting Fees Income.

Question 10

Which of the following accounts is not closed?

Accepted Answer

A)  Cash 
B)  Fees Income 
C)  Rent Expense 
D)  Joan Wilson,Drawing 
A)  Cash 
B)  Fees Income 
C)  Rent Expense 
D)  Joan Wilson,Drawing

Question 11

The entry to close the Depreciation Expense account may include a debit to

Accepted Answer

A)  the Income Summary account and a credit to the Depreciation Expense account. 
B)  the Depreciation Expense account and a credit to the Accumulated Depreciation account. 
C)  the Accumulated Depreciation account and a credit to the Income Summary account. 
D)  the Depreciation Expense account and a credit to the Income Summary account. 
A)  the Income Summary account and a credit to the Depreciation Expense account. 
B)  the Depreciation Expense account and a credit to the Accumulated Depreciation account. 
C)  the Accumulated Depreciation account and a credit to the Income Summary account. 
D)  the Depreciation Expense account and a credit to the Income Summary account.

Question 12

The partial worksheet for the Roberts Company showed the following data on October 31,2016.Record the closing entries on page 9 of a general journal.

Accepted Answer

The answer of The partial worksheet for the Roberts Company...

Question 13

The owner's drawing account is closed by debiting

Accepted Answer

A)  the owner's drawing account and crediting the owner's capital account. 
B)  the owner's capital account and crediting the owner's drawing account. 
C)  Income Summary and crediting the owner's drawing account. 
D)  the owner's drawing account and crediting Income Summary. 
A)  the owner's drawing account and crediting the owner's capital account. 
B)  the owner's capital account and crediting the owner's drawing account. 
C)  Income Summary and crediting the owner's drawing account. 
D)  the owner's drawing account and crediting Income Summary.

Question 14

Which of the following statements is not correct?

Accepted Answer

A)  Before the Income Summary account is closed,its balance represents the net income or net loss for the accounting period. 
B)  The Income Summary account is a temporary owner's equity account. 
C)  The Income Summary account is used only at the end of an accounting period to help with the closing procedure. 
D)  The owner's drawing account is closed to the Income Summary Statement. 
A)  Before the Income Summary account is closed,its balance represents the net income or net loss for the accounting period. 
B)  The Income Summary account is a temporary owner's equity account. 
C)  The Income Summary account is used only at the end of an accounting period to help with the closing procedure. 
D)  The owner's drawing account is closed to the Income Summary Statement.

Question 15

The first step in the closing process is to close

Accepted Answer

A)  the drawing account. 
B)  the capital account. 
C)  the revenue accounts. 
D)  the expense accounts. 
A)  the drawing account. 
B)  the capital account. 
C)  the revenue accounts. 
D)  the expense accounts.

Question 16

Which of the following accounts has a normal debit balance?

Accepted Answer

A)  Accounts Receivable 
B)  Accounts Payable 
C)  Fees Income 
D)  T.Stark,Capital 
A)  Accounts Receivable 
B)  Accounts Payable 
C)  Fees Income 
D)  T.Stark,Capital

Question 17

Use the following account balances from the adjusted trial balance of Gees Catering   Select the correct closing entry that Gees Catering would make to close the owner's withdrawal account at the end of the accounting period.

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 18

Trial balances are prepared in a certain order.Given the choices below,which one depicts the trial balances in the correct order in which they would be prepared?

Accepted Answer

A)  trial balance,adjusted trial balance,post-closing trial balance. 
B)  adjusted trial balance,trial balance,post-closing trial balance. 
C)  post-closing trial balance,adjusted trial balance,trial balance. 
D)  trial balance,post-closing trial balance,adjusted trial balance. 
A)  trial balance,adjusted trial balance,post-closing trial balance. 
B)  adjusted trial balance,trial balance,post-closing trial balance. 
C)  post-closing trial balance,adjusted trial balance,trial balance. 
D)  trial balance,post-closing trial balance,adjusted trial balance.

Question 19

Managers often consult financial statements for specific types of information.Indicate whether each of the following items would appear on the income statement,statement of owner's equity,or the balance sheet.Note that an item may appear on more than one statement.The first item is completed as an example.

Accepted Answer

The answer of Managers often consult financial statements for specific...

Question 20

Which of the following accounts would be closed?

Accepted Answer

A)  Accounts Receivable 
B)  Accumulated Depreciation 
C)  Supplies Expense 
D)  Joan Wilson,Capital 
A)  Accounts Receivable 
B)  Accumulated Depreciation 
C)  Supplies Expense 
D)  Joan Wilson,Capital

Exam 6: Closing Entries and the Postclosing Trial Balance

Which of the following accounts has a normal credit balance?

During the closing process,Accumulated Depreciation,Equipment will

Identify the item below that is NOT one of the steps in an accounting cycle.

"Closing" is written in the Description column of the individual revenue and expense accounts in the general ledger.

One purpose of closing entries is to give zero balances to

On December 31,the ledger of Hartley Engineering Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 6 as the general journal page number.

Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?

One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

The revenue account Fees Income is closed by debiting

Which of the following accounts is not closed?

The entry to close the Depreciation Expense account may include a debit to

The partial worksheet for the Roberts Company showed the following data on October 31,2016.Record the closing entries on page 9 of a general journal.

The owner's drawing account is closed by debiting

Which of the following statements is not correct?

The first step in the closing process is to close

Which of the following accounts has a normal debit balance?

Use the following account balances from the adjusted trial balance of Gees Catering Select the correct closing entry that Gees Catering would make to close the owner's withdrawal account at the end of the accounting period.

Trial balances are prepared in a certain order.Given the choices below,which one depicts the trial balances in the correct order in which they would be prepared?

Which of the following accounts would be closed?

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters