Exam 4: Completing the Accounting Cycle

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the four entries required to close the accounts

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Question 1

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

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Question 2

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(a)
(1)Date of statement should be "December 31" not "For the Year Ended December 31."
(2)Accounts payable should be a current liability.
(3)Land is a fixed asset and should be listed as property, plant, and equipment.
(4)Accumulated depreciation should be deducted from the related fixed asset in the property, plant, and equipment section.
(5)An adding error was made in determining the amount of total assets.
(6)Accounts receivable should be a current asset.
(7)Net income would be reported on the income statement.
(8)Wages payable should be a current liability.A corrected balance sheet would be as follows:

Accrued fees earned are recorded during the adjusting process. The reversing entry will leave a debit balance in Fees Earned as of the first day of the next period.

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Question 3

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

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Question 4

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

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Question 5

Prepare closing entries from the following end-of-period spreadsheet.

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Question 6

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

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Question 7

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

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Question 8

In the accounting cycle, the last step is

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Question 9

Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

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Question 10

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company. The first closing entry would include a

(Multiple Choice)

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Question 11

The accounting cycle begins with preparing an unadjusted trial balance.

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Question 12

A fiscal year for a business

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Question 13

On March 1, a company collects revenue in advance for the next 12 months and credits a liability account. The adjusting entry at year-end on the work sheet would

(Multiple Choice)

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Question 14

Accumulated Depreciation appears on the

(Multiple Choice)

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Question 15

Capital and drawing are reported in the owner's equity section of the balance sheet.

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Question 16

Debts listed as current liabilities are those that

(Multiple Choice)

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Question 17

The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount for net income or net loss has been included. In preparing the income statement from the work sheet, what is the amount of net income or net loss?

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Question 18

The balance sheet should be prepared

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Question 19

During the end-of-period processing, which of the following best describes the logical order of steps?

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Question 20

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Exam 4: Completing the Accounting Cycle

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company:​ Journalize the four entries required to close the accounts

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

Accrued fees earned are recorded during the adjusting process. The reversing entry will leave a debit balance in Fees Earned as of the first day of the next period.

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

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

Prepare closing entries from the following end-of-period spreadsheet.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

In the accounting cycle, the last step is

Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company. The first closing entry would include a

The accounting cycle begins with preparing an unadjusted trial balance.

A fiscal year for a business

On March 1, a company collects revenue in advance for the next 12 months and credits a liability account. The adjusting entry at year-end on the work sheet would

Accumulated Depreciation appears on the

Capital and drawing are reported in the owner's equity section of the balance sheet.

Debts listed as current liabilities are those that

The balance sheet should be prepared

During the end-of-period processing, which of the following best describes the logical order of steps?

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Cost-Volume-Profit Analysis

Evaluating Variances From Standard Costs

Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Filters

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the four entries required to close the accounts

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

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company. The first closing entry would include a