Exam 4: Completing the Accounting Cycle

The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable long-term) 2,800 Equipment 15,000 Accumulated Depreciation 3,000 A.ccounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Fees 500 Common Stock 5,000 Retained Earnings 2,700 Dividends 2,000 Rent Fees Earned 37,000 Furniture Rental Revenue 1,200 Interest Revenue 100 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 9,000 Income Tax Expense 2,700 58,520 58,520 Prepare the entry required to close the expense accounts at the end of the period.

Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. The entry required to close the expense accounts at the end of the period includes a:

Match each journal entry that follows as one of the types of journal entries a-c) below. -Income Summary 650 Retained Earnings 650

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. -Determine the current assets.

Which of the items below does not appear on the end-of-period spreadsheet?

The end-of-period spreadsheet

Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

Since the adjustments are entered on the work sheet, it is not necessary to record them in the journal or post them to the ledger.

A work sheet heading is dated for a period of time.

The classified balance sheet will show which liability subsections?

The accounting cycle requires three trial balances be done. In what order should they be prepared?

On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30, journalize the closing entries for Perez Roofing Company.

Which of the following is not an essential part of the accounting records?

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

The retained earnings statement begins with the beginning balance followed by

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

After analyzing transactions, the next step would be to post the transactions in the ledger.

The following balance sheet contains errors. a) List the errors in the balance sheet above and b) prepare a corrected balance sheet.

Land is an example of a plant asset.