Exam 4: Completing the Accounting Cycle

Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?

The income summary account is also known as the clearing account.

Office Equipment is an example of a current asset account.

Prepare closing entries from the following end-of-period spreadsheet.

Common stock and dividends are reported in the stockholders' equity section of the balance sheet.

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 ending balance in retained earnings is

A net loss appears on the end-of-period spreadsheet in the

Any twelve-month accounting period adopted by a company is known as its fiscal year.

Since the adjustments are entered on the work sheet,it is not necessary to record them in the journal or post them to the ledger.

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Corporation.Utilize these adjusted values to perform the closing entries for Ladonna Douglas Corporation.

The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

A post-closing trial balance should be prepared before the financial statements are prepared.

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

The income statement will present

Complete the following end-of-period spreadsheet for Danilo Enterprises.

On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30,journalize the closing entries for Perez Roofing Company.