Question 1

A summary of selected ledger accounts appear below for S.Ball for the current calendar year.
  
Answer the following questions.
1.What was the total amount of withdrawals for the year?
2.What was the net income?
3.What was the total revenue?
4.What were the total expenses?

Accepted Answer

The answer of A summary of selected ledger accounts appear...

Question 2

On the basis of the following data taken from the adjusted trial balance columns of the worksheet for the year ended December 31 for Painting the Perfect Picture,journalize the four closing entries in the proper order.

Accepted Answer

The answer of On the basis of the following data...

Question 3

Determine the ending owner's equity of a business having a beginning owner's equity of $3,200,withdrawals of $2,000,and after closing the revenues and expenses Income Summary has a credit balance of $5,250.
$ ________

Accepted Answer

The answer of Determine the ending owner's equity of a...

Question 4

Of the following accounts,which might appear in the adjusted trial balance,but not in the post-closing trial balance?
A)Salary Expense
B)Owner's Capital
C)Accounts Payable
D)Income Summary

Accepted Answer

The answer of Of the following accounts,which might appear in...

Question 5

Which of the following accounts would appear on the post-closing trial balance?
A)Fees Earned
B)Rent Expense
C)Accounts Receivable
D)Income Summary

Accepted Answer

Accounts Receivable would appear on the post-closing trial balance, as it is a permanent account that reflects the amount owed to the company by customers. Fees Earned and Rent Expense are temporary accounts that are closed at the end of the accounting period, while Income Summary is a temporary account used during the closing process.

Question 6

In the normal accounting cycle the:
A)financial statements are prepared after the adjusting entries are posted.
B)financial statements are prepared before the adjusting entries are posted.
C)adjusting and closing entries are journalized before the financial statements are prepared.
D)post-closing trial balance is prepared before the closing entries are posted.

Accepted Answer

The answer of In the normal accounting cycle the:
A)financial statements...

Question 7

________
 $$\begin{array} { | l | l l | } 
\hline \text { Capital }& \$ 11,000 \
\hline \text { Wapital } & \$ 11,000 \
\hline
\end{array}$$

Accepted Answer

The answer of ________
 \[\begin{array} { | l | l...

Question 8

From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31,prepare the closing entries without explanation,assuming that a $1,000 withdrawal was made during the period.

Accepted Answer

The answer of From the following items in the income...

Question 9

From the following items in the income statement columns of the worksheet of Monaghan Company at December 31,prepare the closing entries without explanation,assuming that a $500 withdrawal was made during the period.

Accepted Answer

The answer of From the following items in the income...

Question 10

The final step in the accounting cycle is:
A)preparing the post-closing trial balance.
B)preparing the financial statements.
C)posting the closing entries.
D)posting the adjusting entries.

Accepted Answer

The final step in the accounting cycle is preparing the post-closing trial balance. This step occurs after all closing entries have been made and is used to verify that debits equal credits after closing entries are posted, ensuring the ledger is balanced for the start of the new accounting period.

Question 11

Which of the following sequence of actions describes the proper order in the accounting cycle?
A)Journalize,post,close,prepare financial statements,adjust,and analyze transactions
B)Prepare financial statements,journalize,post,adjust,analyze transactions,close
C)Analyze transactions,journalize,post,adjust,prepare financial statements,close
D)Post,close,prepare financial statements,adjust,analyze transactions,and journalize

Accepted Answer

The proper order for the accounting cycle is to analyze transactions, journalize them in the general journal, post them to the general ledger, adjust the accounts at the end of the period, prepare financial statements, and then close the accounts.

Question 12

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.

Accepted Answer

The answer of In the first space below,indicate whether each...

Question 13

The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.

Accepted Answer

The post-closing trial balance is prepared after all of the temporary accounts (revenue, expense, and dividend accounts) have been closed and transferred to the retained earnings account. It lists only the permanent accounts (asset, liability, and equity accounts) and serves as a final check to ensure that the accounting equation is in balance.

Question 14

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.

Accepted Answer

The answer of In the first space below,indicate whether each...

Question 15

Determine the beginning owner's equity of a business having an ending owner's equity of $6,000,withdrawals of $1,250,and after closing the revenues and expenses,the Income Summary account has a debit balance of $2,100.
$ ________

Accepted Answer

The answer of Determine the beginning owner's equity of a...

Question 16

After closing the revenue and expense accounts,Income Summary showed a debit balance of $1,500.Which of the following statements is true?
A)The company had a net loss of $1,500.
B)The company had a net income of $1,500.
C)The company's cash increased $1,500.
D)None of these answers is correct.

Accepted Answer

When Income Summary has a debit balance, it means the total expenses exceeded the total revenues, resulting in a net loss for the period. Therefore, choice A is correct. Choices B and C are incorrect because a debit balance in Income Summary does not indicate a net income or an increase in cash. Choice D is also incorrect, as there is a correct answer.

Question 17

Why will the Income Summary account never appear on a financial statement?

Accepted Answer

The answer of Why will the Income Summary account never...

Question 18

________
 $$\begin{array} { | c | l | } 
\hline \text { Depreciation Expense } & \$ 200 \
\hline \text { Accumulated Depreciation } & \$ 200 \
\hline
\end{array}$$

Accepted Answer

The answer of ________
 \[\begin{array} { | c | l...

Question 19

What are the major goals of the closing process?

Accepted Answer

The answer of What are the major goals of the...

Question 20

Determine the beginning assets of a business having ending liabilities of $4,000,the liabilities decreased by $1,500 during the year,an ending owner's equity of $10,700,additional investments of $2,000,withdrawals of $15,600,and after closing the revenues and expenses the Income Summary account has a credit balance of $6,800.
$ ________

Accepted Answer

The answer of Determine the beginning assets of a business...

Quiz 5: The Accounting Cycle Completed

A summary of selected ledger accounts appear below for S.Ball for the current calendar year. Answer the following questions. 1.What was the total amount of withdrawals for the year? 2.What was the net income? 3.What was the total revenue? 4.What were the total expenses?

On the basis of the following data taken from the adjusted trial balance columns of the worksheet for the year ended December 31 for Painting the Perfect Picture,journalize the four closing entries in the proper order.

Determine the ending owner's equity of a business having a beginning owner's equity of $3,200,withdrawals of $2,000,and after closing the revenues and expenses Income Summary has a credit balance of $5,250. $ ________

Of the following accounts,which might appear in the adjusted trial balance,but not in the post-closing trial balance?

Which of the following accounts would appear on the post-closing trial balance?

In the normal accounting cycle the:

________ $\begin{array} { | l | l l | } \hline \text { Capital }& \$ 11,000 \\\hline \text { Wapital } & \$ 11,000 \\\hline\end{array}$

From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31,prepare the closing entries without explanation,assuming that a $1,000 withdrawal was made during the period.

From the following items in the income statement columns of the worksheet of Monaghan Company at December 31,prepare the closing entries without explanation,assuming that a $500 withdrawal was made during the period.

The final step in the accounting cycle is:

Which of the following sequence of actions describes the proper order in the accounting cycle?

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.

The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.

Determine the beginning owner's equity of a business having an ending owner's equity of $6,000,withdrawals of $1,250,and after closing the revenues and expenses,the Income Summary account has a debit balance of $2,100. $ ________

After closing the revenue and expense accounts,Income Summary showed a debit balance of $1,500.Which of the following statements is true?

Why will the Income Summary account never appear on a financial statement?

________ $\begin{array} { | c | l | } \hline \text { Depreciation Expense } & \$ 200 \\\hline \text { Accumulated Depreciation } & \$ 200 \\\hline\end{array}$

What are the major goals of the closing process?

Quiz 5: The Accounting Cycle Completed

A summary of selected ledger accounts appear below for S.Ball for the current calendar year. Answer the following questions. 1.What was the total amount of withdrawals for the year? 2.What was the net income? 3.What was the total revenue? 4.What were the total expenses?

On the basis of the following data taken from the adjusted trial balance columns of the worksheet for the year ended December 31 for Painting the Perfect Picture,journalize the four closing entries in the proper order.

Determine the ending owner's equity of a business having a beginning owner's equity of $3,200,withdrawals of $2,000,and after closing the revenues and expenses Income Summary has a credit balance of $5,250. $ ________

Of the following accounts,which might appear in the adjusted trial balance,but not in the post-closing trial balance?

Which of the following accounts would appear on the post-closing trial balance?

In the normal accounting cycle the:

________ Capital $11,000 Wapital $11,000\begin{array} { | l | l l | } \hline \text { Capital }& \$ 11,000 \\\hline \text { Wapital } & \$ 11,000 \\\hline\end{array} Capital Wapital ​$11,000$11,000​​

From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31,prepare the closing entries without explanation,assuming that a $1,000 withdrawal was made during the period.

From the following items in the income statement columns of the worksheet of Monaghan Company at December 31,prepare the closing entries without explanation,assuming that a $500 withdrawal was made during the period.

The final step in the accounting cycle is:

Which of the following sequence of actions describes the proper order in the accounting cycle?

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.

The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.

In the first space below,indicate whether each account is a real or nominal account using (R)Real Account and (N)Nominal Account.In the second space below,indicate by an (X)if the account should be closed.

Determine the beginning owner's equity of a business having an ending owner's equity of $6,000,withdrawals of $1,250,and after closing the revenues and expenses,the Income Summary account has a debit balance of $2,100. $ ________

After closing the revenue and expense accounts,Income Summary showed a debit balance of $1,500.Which of the following statements is true?

Why will the Income Summary account never appear on a financial statement?

________ Depreciation Expense $200 Accumulated Depreciation $200\begin{array} { | c | l | } \hline \text { Depreciation Expense } & \$ 200 \\\hline \text { Accumulated Depreciation } & \$ 200 \\\hline\end{array} Depreciation Expense Accumulated Depreciation ​$200$200​​

What are the major goals of the closing process?

________ $\begin{array} { | l | l l | } \hline \text { Capital }& \$ 11,000 \\\hline \text { Wapital } & \$ 11,000 \\\hline\end{array}$

________ $\begin{array} { | c | l | } \hline \text { Depreciation Expense } & \$ 200 \\\hline \text { Accumulated Depreciation } & \$ 200 \\\hline\end{array}$