Exam 4: Completing the Accounting Cycle

A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

The retained earnings statement begins with the beginning balance followed by

Which of these titles would appear in the Income Statement columns of the end-of-period spreadsheet?

Which of the accounts below would be closed by posting a debit to the account?

The dividends account is a temporary account.

A fiscal year that ends when business activities have reached their lowest point is called the natural business year.

The income statement is prepared from

After all of the account balances have been extended to the Income Statement columns of the work sheet,the totals of the debit and credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

A work sheet heading is dated for a period of time.

Prior to adjustment at August 31,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $4,200. Present the entries to record the following: 1 Accrued salaries as of August 31. 2 Closing of Salary Expense as of August 31.

Which of the following is not true about closing entries?

Assets,liabilities,and stockholders' equity accounts are real accounts and do not get closed at the end of the period.

Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages Expense 63,000 Rent Expense 27,000 Depreciation Expense 15,000 Totals Net Income Loss Debit Credit Debit Credit 48,000 18,000 6,000 57,000 18,000 25,000 6,000 30,000 3,000 3,000 155,000 3,000 27,000 15,000 105,000 155,000 132,000 82,000 50,000 50,000 155,000 -The entry to close expenses would be:

Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages Expense 63,000 Rent Expense 27,000 Depreciation Expense 15,000 Totals Net Income Loss Debit Credit Debit Credit 48,000 18,000 6,000 57,000 18,000 25,000 6,000 30,000 3,000 3,000 155,000 3,000 27,000 15,000 105,000 155,000 132,000 82,000 50,000 50,000 155,000 -The entry to close Income Summary would be

The trial balance may be listed on the work sheet instead of being prepared separately.

Journalizing and posting the adjustments and closing entries update the ledger for the new accounting period.

The following is the adjusted trial balance for Miller Company. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Miller Company }$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Adjusted Trial Balance }$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { December } 31$ Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 8,130 3,300 2,750 10,400 2,200 2,700 1,000 9,200 2,000 4,870 36,600 12,450 4,900 3,475 2,150 1,275 Prepare closing entries and the post-closing trial balance.

The post-closing trial balance differs from the adjusted trial balance in that it does not

Which one of the fixed asset accounts listed below will not have a related contra asset account?