Exam 4: Completing the Accounting Cycle

Which of the following accounts most likely would have an amount contained in the Income Statement columns of a work sheet but not in Balance Sheet columns of work sheet?

Which of the following steps is the last step in accounting cycle?

Which of the following entries could not be a legitimate reversing entry?

Information from the Income Statement columns of the work sheet of Landry Laundry Service is provided below: The entry to close the Cleaning Revenue account is

The heading of a work sheet might contain the line "As of February 28, 20xx."

Which of the following sequences of documents or records describes the proper sequence in the accounting cycle?

Which of the following steps is the first step in accounting cycle?

Closing entries result in the transfer of net income or net loss into the owner's Capital account.

Supplies Expense is a temporary account.

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

After all closing entries have been entered and posted, the balance of the Income Summary account will be zero.

Which of the following accounts is not found in closing entries?

Which of the following sequences of actions describes the proper sequence in the accounting cycle?

When net income is exactly zero, one of the usual closing entries can be avoided.

Which of the following accounts might appear in the adjusted trial balance but not in the post-closing trial balance?

When a company has suffered a net loss, the net loss amount is entered on the work sheet on the

Permanent accounts are also known as real accounts.

Using the following information and the trial balance accounts and balances in the work sheet provided, complete the work sheet. a. Expired insurance totals $8. b. Of the unearned revenue, all has been earned by the balance sheet date. c. Estimated depreciation of equipment is $6. d. Accrued wages equal $6. e. Unused supplies on hand are $4.

Which account that does not appear on the balance sheet has an amount in the Balance Sheet columns of a work sheet?

There is sufficient information on a post-closing trial balance to prepare a balance sheet.