Exam 4: Supplement - Closing Entries and the Work Sheet

An amount would not appear along the Dividends account line in which of the following work sheet columns?

When adjusting entries are entered onto a work sheet,it is not necessary to record them in the general journal.

When a company has earned a net income,the net income amount is entered on the work sheet on the

The amount of Retained Earnings for the balance sheet is obtained from the

Use this information from the Income Statement columns of the work sheet of Oneida Landscape Service to answer the following question. The entry to close the expense accounts would be

In preparing closing entries,which of the following columns of the work sheet are the most helpful?

A work sheet is useful for all except which of the following?

Using the information below from the Income Statement and Balance Sheet columns of Tople Corporation's work sheet for the month ended April 30,2013,prepare the income statement,statement of retained earnings,and balance sheet.

The balances of the Accumulated Depreciation accounts will appear on the credit side of the work sheet's Balance Sheet columns.

From the following items in the Income Statement columns of the work sheet of ElKay Corporation,prepare the closing entries at December 31,assuming that a $75 dividend was paid during the period (omit explanations).

The Trial Balance and Adjusted Trial Balance columns of Roland Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)In the journal provided,prepare the seven adjusting entries and the four closing entries for the month ended June 30,2013.Omit explanations.

In a manual system which uses a work sheet,the preparation of adjusting entries

Which of the following accounts most likely would have an amount contained in every set of columns but the Balance Sheet columns of a work sheet?

On a work sheet,the balance of Retained Earnings is its ending amount for the period.

The process of crossfooting requires horizontal addition and subtraction.

Which of the following is the most useful aid to the accountant in preparing closing entries?

Which of the following accounts most likely would have an amount contained in the Income Statement columns of a work sheet?

Monty Milko is the only accountant employed at Gamma Enterprises,Inc.When asked by the company president if the financial statements had been prepared yet,Milko answered that he had completed all of his work except the preparation of the statements.He added that the net income that would appear on the current income statement would be $369,075.Identify the two instances where Milko would have learned the net income before he actually prepared the income statement.

Presented below are the Retained Earnings,Dividends,and Income Summary accounts for Shawano Company for the year ended December 31,2013.Closing entries have been entered and posted.Prepare a statement of retained earnings.

An important reason to use a work sheet is to