Question 1

When closing the expense account,which of the following accounts will also be closed?

Accepted Answer

A) Purchases Returns and Allowances 
B) Merchandise Inventory 
C) Sales Returns and Allowances 
D) Prepaid Rent Expense 
A) Purchases Returns and Allowances 
B) Merchandise Inventory 
C) Sales Returns and Allowances 
D) Prepaid Rent Expense

Question 2

The following accounts are on the Balance Sheet section of Great Lakes Camping worksheet for the month ended January 31,201x.Required: Prepare a classified balance sheet.
 $$\begin{array} { | l | c | c | } 
\hline \text { Account } & \text { Balance Sheet Debit } & \text { Balance Sheet Credit } \
\hline \text { Cash } & 2 & \
\hline \text { Accounts Receivable } & 14 & \
\hline \text { Merchandise Inventory } & 2 & \
\hline \text { Store Equipment } & 6 & \
\hline \text { Accumulated Depreciation - Store } & & \
 \text { Equipment } & & 2 \
\hline \text { Accounts Payable } & & 3 \
\hline \text { Mortgage Payable } & &16 \
\hline \text { Great Lakes, Capital } & & 2\
\hline
\end{array}$$ 
Additional information: Withdrawals for the period are $2,and Net Income is $3.

Accepted Answer

The answer of The following accounts are on the Balance...

Question 3

The formal income statement can be prepared from the income statement columns of the worksheet.

Accepted Answer

A) True 
 B)False

When closing the expense account,which of the following accounts will also be closed?

The formal income statement can be prepared from the income statement columns of the worksheet.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 12: Completion of the Accounting Cycle for a Merchandise Company

When closing the expense account,which of the following accounts will also be closed?

The formal income statement can be prepared from the income statement columns of the worksheet.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters