Exam 4: The Accounting Cycle

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

Which of the following is not an essential part of the accounting records?

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the net income (loss) for the period.

During the end-of-period processing, which of the following best describes the logical order of steps?

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the total liabilities for the period.

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Net income for the period is

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Utilities Expense 430 Cash 430

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Dividends 215 Cash 215

Journalizing and posting closing entries must be completed before financial statements can be prepared.

An end-of-period spreadsheet heading is dated for a period of time.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Cash 450 Fees Earned 450

The majority of businesses end their fiscal year on December 31.

If the totals of the Income Statement Debit and Credit columns of an end-of-period spreadsheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000.

Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

The balance sheet should be prepared

Use this end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -The entry to close the dividends account would be

Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense:

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?

Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.

The income summary account is closed to the retained earnings account.