Exam 4: Completing the Accounting Cycle

Of the following steps of the accounting cycle, which step should be completed last?

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company: Accumulated Depreciation \ 42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Common Stock 2,000 Retained Earnings ? ​ Prepare a classified balance sheet.

The first item appearing on the statement of retained earnings is

Match each journal entry that follows as one of the types of journal entries a-c) below. -Dividends 215 Cash 215

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Which of the following has steps of the accounting cycle in proper sequence some steps may be missing)?

Match each journal entry that follows as one of the types of journal entries a-c) below. -​Utilities Expense 430 Cash 430

In the accounting cycle, the last step is

Closing entries are entered directly on to the work sheet.

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?

The income summary account is also called

Explain how net income or loss is determined by using the end-of-period spreadsheets.

The income summary account is closed to the retained earnings account.

The statement of retained earnings should be prepared

Describe a classified balance sheet.

Indicate whether each of the following would be reported in the financial statements as a a) current asset, b) current liability, c) revenue, or d) expense:

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

Which of these titles would appear in the Income Statement columns of the end-of-period spreadsheet?

A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?