Exam 6: Closing Entries and the Postclosing Trial Balance

After the worksheet has been completed, the next step in the accounting cycle is to

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 asset, liability, and owner's capital accounts appear on all of the following except the

On December 31, the ledger of Hartley Engineering Company contained the following account balances: All the accounts have normal balances. Journalize the closing entries. Use 6 as the general journal page number.

The revenue account Fees Income is closed by debiting

"Closing" is written in the Description column of the individual revenue and expense accounts in the general ledger.

The entry to close the owner's drawing account would include a debit to the

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

The partial worksheet for the Jamison Company showed the following data on October 31, 2013. Record the closing entries on page 6 of a general journal.

"After-closing trial balance" is another name for the postclosing trial balance.

During the closing process, Accumulated Depreciation--Equipment will

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

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 postclosing trial balance. F. Prepare financial statements. G. Prepare a worksheet. H. Record adjusting entries. I. Record closing entries.

Which of the following statements is not correct?

The adjusted ledger accounts of RD Consulting on December 31, 2013, appear as follows. All accounts have normal balances and adjusting entries have been made. Extend the balances to the Balance Sheet and Income Statement columns of the worksheet. Then, journalize the closing entries on page 4 of a general journal.

The ____________________ entries transfer the results of operations to owner's equity.

All of the following accounts will appear on the postclosing trial balance except

From the following list identify the accounts that will appear on the postclosing 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 Expense K. Salaries Expense L. Supplies Expense M. Utilities Expense

If the Income Summary account has a debit balance before it is closed, the firm experienced a net ____________________ from operations.

After the transactions have been posted, the next step in the accounting cycle is to