Exam 6: Closing Entries and Teh Postclosing Trial Balance

From the following list identify the accounts that will appear on the post-closing trial balance by placing an X before those accounts. ________ A. Cash ________ B. Accounts Receivable ________ C. Supplies ________ D. Equipment ________ E. Accumulated Depreciation ________ F. Accounts Payable ________ G. Jane Nelson, Capital ________ H. Jane Nelson, Drawing ________ I. Fees Income ________ J. Depreciation Expens ________ K. Salaries Expense ________ L. Supplies Expense ________ M. Utilities Expense

The entry to close the Income Summary account may include:

After the closing entries are posted to the ledger, each revenue account will have:

Which of the following accounts would be closed at the end of the year?

During the closing process, Accumulated Depreciation, Equipment will:

All of the following accounts will appear on the post-closing trial balance except:

The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account.

Following are the steps in the accounting cycle. Arrange the steps in the proper sequence. A. Analyze transactions. B. Interpret the financial information. C. Journalize the transactions. D. Post the journal entries. E. Prepare a post-closing trial balance. F. Prepare financial statements. G. Prepare a worksheet. H. Record adjusting entries. I. Record closing entries. ________ 1. ________ 2. ________ 3. ________ 4. ________ 5. ________ 6. ________ 7. ________ 8. ________ 9.

Use the following account balances from the adjusted trial balance of ABC Consulting: Select the correct closing entry that ABC Consulting would make to close the income summary account at the end of the accounting period.

A post-closing trial balance could include all of the following accounts except the:

Which of the following statements is not correct?

Which of the following accounts is not closed?

The entry to close the Depreciation Expense account would include a debit to:

Identify the accounts below that are ALL classified as temporary accounts.

The revenue account Fees Income is closed by:

After all the closing entries are posted, the ________ account reflects the results of operations for the period.

If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is:

Which of the following statements is not correct?

On December 31 the Income Summary account of Cook Company has a debit balance of $18,000 after revenue of $49,000 and expenses of $67,000 were closed to the account. Maria Cook, Drawing has a debit balance of $23,000 and Maria Cook, Capital has a credit balance of $84,000. Record the journal entries necessary to complete closing the accounts. Use 22 as the general journal page number. Then, post the closing entries to the Maria Cook, Capital account.

Data for the first two closing entries is taken from the___________ section of the worksheet.