Exam 4: Completing the Accounting Cycle

Kline Company accrued wages of $7,350 that were earned by employees unpaid at the end of 2014.Assuming Kline uses reversing entries,which of the following entries is appropriate for reversing the accrued wages at the beginning of 2015?

Closing entries are required:

The recurring steps performed each reporting period in preparing financial statements,starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance,is referred to as the:

Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company:

When closing entries are made:

The calendar year-end adjusted trial balance for Blessinger Co.follows: Required: (a)Prepare a classified year-end balance sheet.(Note: A $9,000 installment on the long-term note payable is due within one year. )

Flagg records adjusting entries at its December 31 year end.At December 31,employees had earned $12,000 of unpaid and unrecorded salaries.The next payday is January 3,at which time $30,000 will be paid.Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.

The current portion of long-term debt is classified in the ______________ section of the balance sheet.

Reversing entries are linked to ____________________ and _____________ that were created by adjusting entries at the end of the prior accounting period. answers listed above can appear in any order as shown

The balances in the unadjusted columns of a work sheet will agree with:

The following information is available for Brendon Company before closing the accounts.What will be the amount in the Income Summary account that should be closed to Brendon,Capital?

Palmer Company is at the end of its annual accounting period.The accountant has journalized and posted all external transactions and all adjusting entries,had prepared an adjusted trial balance,and completed the financial statements.The next step in the accounting cycle is:

Two common subgroups for liabilities on a classified balance sheet are:

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from)the owner's capital account is the:

Which of the following accounts could not be classified as a current liability?

The ______________ refers to the steps in preparing financial statements for users.

Which of the following accounts are permanent (real)accounts?

The closing process is necessary in order to:

The ___________________ account is a temporary account used only in the closing process.

The Income Statement columns of the work sheet prepared for Crawford Delivery Service at current year-end are shown below.In addition,L.Crawford,Capital had a credit balance of $117,000 and L.Crawford,Withdrawals had a debit balance of $30,000 at year end.Prepare closing journal entries for this company.