Exam 12: Completion of the Accounting Cycle for a Merchandise Company

The following amounts are on the Riley's Clothing worksheet for the month ended March 31 Required: Calculate the following: a)Net sales b)Net purchases c)Net cost of purchases d)Cost of goods available for sale e)Cost of goods sold f)Gross profit

When closing sales,which of the following accounts will also be closed?

The amount found in the Income Statement debit column on the worksheet for Income Summary is the:

A classified balance sheet provides more information about the company to:

Which of the following is NOT an operating expense?

Income Summary,before closing to Capital,contains a debit balance of $110 and a credit balance of $200.What is the entry to close Income Summary to Capital?

In what category in a classified balance sheet is Store Equipment found?

A company paid next month's rent in advance.This would be classified as a(n):

Freight-in is:

Net Purchases are:

If beginning inventory is $5,000,ending inventory is $3,000,net purchases is $12,000 and Freight-in is $400,what is the Cost of Goods Available for Sale?

The amount for Cost of Goods Sold is found on the worksheet after Revenue.

Plant and Equipment includes which of the following?

Reversing entries are the opposite of closing entries.

Adjusting journal entries still need to be made after the worksheet;otherwise the account balances will not be correct.

The post-closing trial balance would include Sales Returns and Allowances and Purchases.

The first step in the closing process is to:

Which of the following accounts will NOT appear on the post-closing trial balance?

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Accounts Receivable

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Accounts Payable