Exam 5: The Accounting Cycle Completed

The entry to close the Fees Earned account would cause:

Which of the following accounts will be closed directly to Capital at the end of the fiscal year?

How do you close a revenue account?

The income statement credit column of the worksheet showed the following revenues: The journal entry to close the revenue accounts is:

Each individual revenue account is debited when closing, and the total of all the revenue accounts is transferred to Income Summary.

To close the Withdrawals account:

Which of the following sequence of actions describes the proper order in the accounting cycle?

The balance in the Rent Expense account on the worksheet was $220. The journal entry to close the Rent Expense account is:

From the following accounts, prepare in proper form a post-closing trial balance for Matison Company on December 31.

Tom's Electrical Service purchased tools for $6,000. They have an expected life of 30 months and no residual value. The adjusting journal entry for the month is:

The following normal account balances were found on the general ledger before closing entries were prepared: After closing entries are posted, what is the balance in the Capital account?

After closing the revenue and expense accounts, Income Summary showed a debit balance of $1,900. Which of the following statements is true?

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

When the balance of the Income Summary account is a credit, the entry to close this account is:

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

Which of the following is a temporary account?

Which of the following accounts would appear on the post-closing trial balance?

Which of the following columns of the worksheet are referred to when preparing closing entries to the Income Summary?

Closing entries: