For each of the following,identify in Column 1 the category to which the account belongs,in Column 2 the normal balance for the account,in Column 3 the financial statement on which the account balance is reported,and in Column 4 the nature of the account (permanent/temporary). Example: \[\begin{array} { | l | l | c | c | c | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\ \hline \text { Cash } & \text { asset } & \text { debit } & \text { palance sheet } & \text { permanent } \\ \hline \end{array}\] -\[\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column } 4 \\ \hline \text { Salary Expense } & & & & \\ \hline \end{array}\]

The answer of For each of the following,identify in Column...

________ $\begin{array}{|l|l|} \hline\text { Wages Expense } & \$ 800 \\ \hline \text { Wages Payable } & \$ 800\\\hline \end{array}$

The answer of ________ \(\begin{array}{|l|l|} \hline\text { Wages Expense } &...

For each of the following,identify in Column 1 the category to which the account belongs,in Column 2 the normal balance for the account,in Column 3 the financial statement on which the account balance is reported,and in Column 4 the nature of the account (permanent/temporary). Example: \[\begin{array} { | l | l | c | c | c | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\ \hline \text { Cash } & \text { asset } & \text { debit } & \text { palance sheet } & \text { permanent } \\ \hline \end{array}\] -$\begin{array}{|l|l|l|l|l|} \hline& \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \\ \hline \text { Accounts } & & & & \\ \text { Receivable } & & & &\\\hline \end{array}$

The answer of For each of the following,identify in Column...

________ $\begin{array}{|l|l|} \hline\text { Income Summary } &\$600\\ \hline \text { Utilities Expense }&\$600\\\hline \end{array}$

The answer of ________ \(\begin{array}{|l|l|} \hline\text { Income Summary } &\$600\\ \hline...

Exam 5: The Accounting Cycle Completed

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. $ ________

(Short Answer)

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Question 41

For each of the following,identify in Column 1 the category to which the account belongs,in Column 2 the normal balance for the account,in Column 3 the financial statement on which the account balance is reported,and in Column 4 the nature of the account (permanent/temporary). Example: Column 1 Column 2 Column 3 Column 4 Cash asset debit palance sheet permanent - Column 1 Column 2 Column 3 Column 4 Salary Expense

(Essay)

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Question 42

The adjusting entry for accrued salaries is to:

(Multiple Choice)

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Question 43

The Income Summary account shows debits of $29,000 and credits of $20,000.This results in a:

(Multiple Choice)

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Question 44

All permanent accounts can be found:

(Multiple Choice)

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Question 45

Tina's Event Planning bought a computer worth $4,000 with an expected life of 4 years and a residual value of $800.What is the adjusting journal entry after the first year?

(Multiple Choice)

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Question 46

Nominal accounts are called temporary accounts because their balances are carried forward to the next accounting period.

(True/False)

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Question 47

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.

(Essay)

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Question 48

The post-closing trial balance contains the beginning figure for Capital.

(True/False)

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Question 49

The Income Summary account can be found on the worksheet.

(True/False)

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Question 50

Each adjustment affects:

(Multiple Choice)

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Question 51

The post-closing trial balance is used to determine if the ledger is in balance after closing.

(True/False)

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Question 52

________ Wages Expense \ 800 Wages Payable \ 800

(Short Answer)

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Question 53

The entry to close the Withdrawal account was entered in reverse-the Withdrawal account was debited and Capital credited.The result of this error is that:

(Multiple Choice)

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Question 54

The entry to close the Depreciation Expense account would cause:

(Multiple Choice)

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Question 55

For each of the following,identify in Column 1 the category to which the account belongs,in Column 2 the normal balance for the account,in Column 3 the financial statement on which the account balance is reported,and in Column 4 the nature of the account (permanent/temporary). Example: Column 1 Column 2 Column 3 Column 4 Cash asset debit palance sheet permanent - Column 1 Column 2 Column 3 Column 4 Accounts Receivable

(Essay)

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Question 56

Closing entries will update the Capital account to the same figure that is on the balance sheet for that date.

(True/False)

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Question 57

________ Income Summary \6 00 Utilities Expense \6 00

(Short Answer)

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Question 58

To close the Fees Earned account:

(Multiple Choice)

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Question 59

When closing the Income Summary account when there is a net income:

(Multiple Choice)

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Question 60

Exam 5: The Accounting Cycle Completed

The adjusting entry for accrued salaries is to:

The Income Summary account shows debits of $29,000 and credits of $20,000.This results in a:

All permanent accounts can be found:

Tina's Event Planning bought a computer worth $4,000 with an expected life of 4 years and a residual value of $800.What is the adjusting journal entry after the first year?

Nominal accounts are called temporary accounts because their balances are carried forward to the next accounting period.

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.

The post-closing trial balance contains the beginning figure for Capital.

The Income Summary account can be found on the worksheet.

Each adjustment affects:

The post-closing trial balance is used to determine if the ledger is in balance after closing.

________ Wages Expense \ 800 Wages Payable \ 800

The entry to close the Withdrawal account was entered in reverse-the Withdrawal account was debited and Capital credited.The result of this error is that:

The entry to close the Depreciation Expense account would cause:

Closing entries will update the Capital account to the same figure that is on the balance sheet for that date.

________ Income Summary \6 00 Utilities Expense \6 00

To close the Fees Earned account:

When closing the Income Summary account when there is a net income:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

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

Completion of the Accounting Cycle 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

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