Exam 3: Adjusting and Closing Entries

A company had a normal $50,000 cash balance on their adjusted trial balance.If revenues,expenses and dividends respectively were $90,000;$18,000 and $2,000 what amount of cash will be found on the post-closing trial balance?

Closing entries included debits to revenues for a total of $5,000,credits to expenses for a total of $3,000,and a credit to dividends for $1,000.The net income for the month was:

The Income Statement that is prepared from the adjusted trial balance begins with the:

To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted,prepare the adjustments.

The balance in the Depreciation Expense account on the adjusted trial balance:

The recording of depreciation is related to a(n):

Closing entries included debits to revenues for a total of $8,000,credits to expenses for a total of $4,000,and a credit to dividends for $650.The net change in Retained Earnings for the month was:

The balance in the Supplies account on the adjusted trial balance:

It does not matter when a fiscal year starts as long as it is twelve consecutive months long.

The post-closing trial balance is a listing of the general ledger accounts that have balances at the end of the accounting period.

Revenues,expenses and Dividends are called permanent accounts.

Respectively,Inventory,Accounts Receivable,and Accounts Payable are:

Dividends paid and net losses are:

A piece of equipment cost $1,000 and has a salvage value of $200.If it has an 8-year life,the annual depreciation expense under straight-line depreciation would be:

All financial statements must have,in order,the:

Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n):

Recording Unearned Subscriptions Revenue would be an example of a(n):

If Bloom company records revenue when cash is received,they are using the:

The post-closing accounting equation is:

Under accrual accounting,the most important GAAP concepts to remember are the recognition principle for expenses and the matching principle for revenues.