Exam 4: Completing the Accounting Cycle

Please refer to the partially completed worksheet below: How much was the Net income?

Which is NOT an example of a temporary account?

Which of the following accounts will be closed by debiting the Income summary account?

Revenue accounts and expense accounts are closed to the Capital account.

Using the following worksheet for Alcazar Service Co.,please prepare a statement of owner's equity.The data are for the year ended December 31,2012.

Which of the following accounts will still show a balance after the closing process is completed?

Buildings,land,and equipment would be classified as:

Under which of the following categories would Land appear?

The following is the adjusted trial balance from the worksheet for Tuttle Photography,Inc. Tuttle Photography Worksheet For the Year Ended December 31,2013 Account Debit Credit Cash \ 15,000 Accounts receivable 30,000 Prepaid insurance 7,500 Office supplies 3,200 Land 40,000 Building 160,000 Accumulated depreciation \ 12,000 Equipment 75,000 Accumulated depreciation 8,500 Accounts payable 12,000 Salaries payable 2,000 Unearned service revenue 25,000 Mortgage payable 100,000 R. Tuttle, capital 21,290 R. Tuttle, drawing 23,000 Service revenue Salaries expense 61,000 Depreciation expense 6,150 Supplies expense 14,040 Innsurance expense 14,000 Utilities expense 20,900 \ 469,790 \ 469,790 Using the information from the worksheet above,prepare a statement of owner's equity for Tuttle Photography.

Which of the following do NOT show up on a post-closing trial balance?

Withdrawals is a permanent account.

The adjusting process zeroes out all revenues and all expenses.

The following is the adjusted trial balance for Tuttle Photography. Account Debit Credit Cash \ 1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated \ 2,000 depreciation Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Capital 3,400 Drawing 2,300 Service revenue 40,000 Salary expense 24,000 Supplies expense 2,300 Depreciation expense 1,600 \ 48,000 \4 8,000 Using the information from the worksheet above,prepare the closing entry for Expenses.

Accumulated depreciation is a permanent account.

Which of the following measures a company's ability to pay current liabilities with current assets?

Permanent accounts are NOT closed at the end of the period.

Where can closing entries be found?

Please refer to the following adjusted trial balance.What will the final ending balance in the Capital account be after posting the closing entries? Account Debit Credit Cash \ 1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated \ 2,000 depreciation Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Capital 3,400 Drawing 2,300 Service revenue 40,000 Salary expense 24,000 Supplies expense 2,300 Depreciation expense 1,600 \ 48,000 \4 8,000

Which of the following entries will be necessary to close the insurance expense account at the end of the year?

The adjusted balance in the service revenue account is copied to the credit column of the income statement worksheet.