The following accounts are on the Balance Sheet section of Scents Galore worksheet for the date November 30,200X. Additional information: Withdrawals for the period are $4,and Net Income is $12. $\begin{array} { | l | l | l | } \hline \text { Account } & \text { Balance Sheet Debit } & \text { Balance Sheet Credit } \\ \hline \hline \text { Cash } & 6 & \\ \hline \text { Accounts Receivable } & 15 & \\ \hline \text { Merchandise Inventory } & 14 & \\ \hline \text { Store Equipment } & 30 & \\ \hline \text { Accumulated Depreciation - Store } & & \\ \text { Equipment } & & 6 \\ \hline \text { Accounts Payable } & & 19 \\ \hline \text { Mortgage Payable } & & 24\\ \hline \text { Scents Galore, Capital } & & 3\\ \hline \end{array}$

The answer of The following accounts are on the Balance...

Exam 12: Completion of the Accounting Cycle for a Merchandise Company

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Equipment

(Essay)

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Question 21

To determine how much merchandise a company has returned to its vendors,it should review the:

(Multiple Choice)

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Question 22

After the closing process,the temporary accounts are set back to zero.

(True/False)

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Question 23

In what category in a classified balance sheet is Mortgage Payable found?

(Multiple Choice)

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Question 24

Beginning inventory is adjusted by debiting Income Summary and crediting Merchandise Inventory.

(True/False)

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Question 25

How is Income Summary closed if the company had a net income?

(Multiple Choice)

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Question 26

Which of the following could appear in an adjusting entry,closing entry,and reversing entry?

(Multiple Choice)

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Question 27

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Sales Returns and Allowances

(Essay)

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Question 28

Determine the ending Capital balance of a business having: Beginning Capital of $50,000 No investments or withdrawals Beginning inventory of $10,000 Net Purchases of $90,000 Ending inventory of $12,000 Operating expenses of $72,000 Net sales $190,000 $ ________

(Short Answer)

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Question 29

An item that can be converted into cash or used up during the normal operating cycle is:

(Multiple Choice)

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Question 30

Selling expenses include:

(Multiple Choice)

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Question 31

The post-closing trial balance contains:

(Multiple Choice)

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Question 32

Plant and Equipment includes which of the following?

(Multiple Choice)

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Question 33

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Wages Payable

(Essay)

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Question 34

Cost of Goods Sold includes:

(Multiple Choice)

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Question 35

Adjusting entries from the worksheet:

(Multiple Choice)

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Question 36

The following accounts are on the Balance Sheet section of Scents Galore worksheet for the date November 30,200X. Additional information: Withdrawals for the period are $4,and Net Income is $12. Account Balance Sheet Debit Balance Sheet Credit Cash 6 Accounts Receivable 15 Merchandise Inventory 14 Store Equipment 30 Accumulated Depreciation - Store Equipment 6 Accounts Payable 19 Mortgage Payable 24 Scents Galore, Capital 3

(Essay)

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Question 37

Which of the following could be recorded as a reversing entry?

(Multiple Choice)

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Question 38

Land is listed first under Plant,Property and Equipment.

(True/False)

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Question 39

Merchandise purchased for resale under the perpetual inventory method is added to:

(Multiple Choice)

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Question 40

Exam 12: Completion of the Accounting Cycle for a Merchandise Company

To determine how much merchandise a company has returned to its vendors,it should review the:

After the closing process,the temporary accounts are set back to zero.

In what category in a classified balance sheet is Mortgage Payable found?

Beginning inventory is adjusted by debiting Income Summary and crediting Merchandise Inventory.

How is Income Summary closed if the company had a net income?

Which of the following could appear in an adjusting entry,closing entry,and reversing entry?

Determine the ending Capital balance of a business having: Beginning Capital of $50,000 No investments or withdrawals Beginning inventory of $10,000 Net Purchases of $90,000 Ending inventory of $12,000 Operating expenses of $72,000 Net sales $190,000 $ ________

An item that can be converted into cash or used up during the normal operating cycle is:

Selling expenses include:

The post-closing trial balance contains:

Plant and Equipment includes which of the following?

Cost of Goods Sold includes:

Adjusting entries from the worksheet:

Which of the following could be recorded as a reversing entry?

Land is listed first under Plant,Property and Equipment.

Merchandise purchased for resale under the perpetual inventory method is added to:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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