Question 1

The postclosing trial balance lists only the ________, and accounts.

Accepted Answer

asset, lia

Question 2

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

Accepted Answer

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

Question 3

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 their revenue account(s)at the end of the accounting period.

Accepted Answer

A) 
Fees Revenue $ 10,000
Income Summary $ 10,000 
B) 
R. Gees, Capital $ 10,000
Fees Revenue $ 10,000 
C) 
Income Summary $ 10,000
Fees Revenue $ 10,000 
D) 
Fees Revenue $ 10,000
R.Gees, Capital $ 10,000 
A) 
Fees Revenue $ 10,000
Income Summary $ 10,000 
B) 
R. Gees, Capital $ 10,000
Fees Revenue $ 10,000 
C) 
Income Summary $ 10,000
Fees Revenue $ 10,000 
D) 
Fees Revenue $ 10,000
R.Gees, Capital $ 10,000

Question 4

The Income Summary and Karen Randall, Capital accounts for Randall Printing Company at the end of its accounting period follow.

Complete the following statements.
A. Total revenue for the period is ________.
B. Total expenses for the period are ________.
C. Net income (loss)for the period is ________.
D. Owner's withdrawals for the period are ________.

Accepted Answer

(A) $46,500, (B) $30

Question 5

The Ending Capital balance would appear on all of the following except the:

Accepted Answer

A) income statement. 
B) post-closing trial balance. 
C) balance sheet. 
D) statement of owner's equity. 
A) income statement. 
B) post-closing trial balance. 
C) balance sheet. 
D) statement of owner's equity.

Question 6

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 their Income Summary
Account at the end of the accounting period.

Accepted Answer

A) 
R. Gees, Capital $ 19,000
Income Summary $ 19,000 
B) 
Income Summary $ 9,000
R. Gees, Capital $ 9,000 
C) 
R. Gees, Capital $ 9,000
Income Summary $ 9,000 
D) 
Income Summary $ 11,000
R.Gees, Capital $ 11,000 
A) 
R. Gees, Capital $ 19,000
Income Summary $ 19,000 
B) 
Income Summary $ 9,000
R. Gees, Capital $ 9,000 
C) 
R. Gees, Capital $ 9,000
Income Summary $ 9,000 
D) 
Income Summary $ 11,000
R.Gees, Capital $ 11,000

Question 7

After the closing entries are posted, the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

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

Question 9

Identify the accounts below that are ALL permanent accounts.

Accepted Answer

A) Accounts Receivable, Depreciation Expense, Fees Income 
B) Accounts Receivable, Accumulated Depreciation, Accounts Payable 
C) Accounts Payable, Owner's Capital, Income Summary 
D) Accounts Payable, Wages Expense, Income Summary 
A) Accounts Receivable, Depreciation Expense, Fees Income 
B) Accounts Receivable, Accumulated Depreciation, Accounts Payable 
C) Accounts Payable, Owner's Capital, Income Summary 
D) Accounts Payable, Wages Expense, Income Summary

Question 10

Which of the following accounts is a permanent account?

Accepted Answer

A) Supplies 
B) Owner's drawing 
C) Supplies Expense 
D) Fees Income 
A) Supplies 
B) Owner's drawing 
C) Supplies Expense 
D) Fees Income

Question 11

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

Question 12

The entry to close an expense account requires a credit to the Income Summary account.

Accepted Answer

A) True 
 B)False

Question 13

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 14

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 15

Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the owner's capital account (account number 301)in the general ledger and record the December 1, 2019, balance of $64,000 shown on the worksheet. Journalize the closing entries on page 8 of a general journal. Post the closing entries to the owner's capital account. Prepare a
post-closing trial balance.

Accepted Answer

The answer of Danos Company's partial worksheet for the month...

Question 16

The owner's capital account is closed at the end of each accounting period.

Accepted Answer

A) True 
 B)False

Question 17

What is the amount that ABC Consulting would report as the ending balance in the B. Conway, Capital account at the end of the year?

Accepted Answer

A) $22,100. 
B) $3,900 
C) $13,000. 
D) $31,000. 
A) $22,100. 
B) $3,900 
C) $13,000. 
D) $31,000.

Question 18

The owner's drawing account is closed by:

Accepted Answer

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

Question 19

Entries required to zero the balances of the temporary accounts at the end of the year are called:

Accepted Answer

A) adjusting entries. 
B) correcting entries. 
C) closing entries. 
D) posting entries. 
A) adjusting entries. 
B) correcting entries. 
C) closing entries. 
D) posting entries.

Question 20

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

Accepted Answer

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

Exam 6: Closing Entries and Teh Postclosing Trial Balance

The postclosing trial balance lists only the ________, and accounts.

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

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 their revenue account(s)at the end of the accounting period.

The Ending Capital balance would appear on all of the following except the:

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 their Income Summary Account at the end of the accounting period.

After the closing entries are posted, the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.

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

Identify the accounts below that are ALL permanent accounts.

Which of the following accounts is a permanent account?

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?

The entry to close an expense account requires a credit to the Income Summary account.

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 owner's capital account is closed at the end of each accounting period.

What is the amount that ABC Consulting would report as the ending balance in the B. Conway, Capital account at the end of the year?

The owner's drawing account is closed by:

Entries required to zero the balances of the temporary accounts at the end of the year are called:

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

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 Analysis

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

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