Question 1

The balance sheet should be prepared

Accepted Answer

A) before the income statement and the statement of owner's equity 
B) before the income statement and after the statement of owner's equity 
C) after the income statement and the statement of owner's equity 
D) after the income statement and before the statement of owner's equity 
A) before the income statement and the statement of owner's equity 
B) before the income statement and after the statement of owner's equity 
C) after the income statement and the statement of owner's equity 
D) after the income statement and before the statement of owner's equity

Question 2

Match each journal entry that follows as one of the types of journal entries (a-c) below.
-

Accepted Answer

A) Journal entries 
B) Adjusting journal entries 
C) Closing journal entries 
A) Journal entries 
B) Adjusting journal entries 
C) Closing journal entries

Question 3

The balance in the capital account on the worksheet will equal the amount presented in the balance sheet.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

Accepted Answer

A) True 
 B)False

Question 6

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.​

Accepted Answer

The answer of The following adjusted trial balance is the...

Question 7

Use the following end-of-period spreadsheet to answer the questions that follow.
​
​
   ​
-Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

Accepted Answer

A) debit to C. Finley, Capital for $155,000 
B) debit to C. Finley, Capital for $50,000 
C) credit to C. Finley, Capital for $50,000 
D) credit to C. Finley, Capital for $155,000 
A) debit to C. Finley, Capital for $155,000 
B) debit to C. Finley, Capital for $50,000 
C) credit to C. Finley, Capital for $50,000 
D) credit to C. Finley, Capital for $155,000

Question 8

It is not necessary to post the closing entries to the general ledger.

Accepted Answer

A) True 
 B)False

Question 9

Closing entries

Accepted Answer

A) need not be journalized if adjusting entries are prepared 
B) need not be posted if the financial statements are prepared from the work sheet 
C) are not needed if adjusting entries are prepared 
D) must be journalized and posted 
A) need not be journalized if adjusting entries are prepared 
B) need not be posted if the financial statements are prepared from the work sheet 
C) are not needed if adjusting entries are prepared 
D) must be journalized and posted

Question 10

Notes receivable due in 390 days appear on the

Accepted Answer

A) balance sheet in the current assets section 
B) balance sheet in the noncurrent assets section 
C) balance sheet in the current liabilities section 
D) income statement as an expense 
A) balance sheet in the current assets section 
B) balance sheet in the noncurrent assets section 
C) balance sheet in the current liabilities section 
D) income statement as an expense

Question 11

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

Accepted Answer

The answer of Complete the following end-of-period spreadsheet for Danilo...

Question 12

The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet 
(work sheet).Indicate whether each balance would flow to 
(a)the income statement,
(b)the statement of owner's equity,or 
(c)the balance sheet.​
1.Accounts Payable
2.Dobson,Drawing
3.Depreciation Expense
4.Accumulated Depreciation
5.Fees Earned
6.Unearned Fees
7.Supplies
8.Supplies Expense

Accepted Answer

1.Balance sheet
2.Statement of

Question 13

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Accepted Answer

A) verify that the debits and credits are in balance 
B) verify that the net income correctly flows into the statement of owner's equity from the income statement 
C) verify that the net income (loss) is correct for the period 
D) verify the correct flow of accounts into the financial statements 
A) verify that the debits and credits are in balance 
B) verify that the net income correctly flows into the statement of owner's equity from the income statement 
C) verify that the net income (loss) is correct for the period 
D) verify the correct flow of accounts into the financial statements

Question 14

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)?

Accepted Answer

A) analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries 
B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger 
C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance 
D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries 
A) analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries 
B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger 
C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance 
D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries

Question 15

The accounting cycle requires three trial balances be done.In what order should they be prepared?

Accepted Answer

A) post-closing, unadjusted, adjusted 
B) unadjusted, post-closing, adjusted 
C) unadjusted, adjusted, post-closing 
D) post-closing, adjusted, unadjusted 
A) post-closing, unadjusted, adjusted 
B) unadjusted, post-closing, adjusted 
C) unadjusted, adjusted, post-closing 
D) post-closing, adjusted, unadjusted

Question 16

Net income is closed to the owner's capital account.

Accepted Answer

A) True 
 B)False

Question 17

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​   Prepare the entry required to close the drawing account at the end of the period.

Accepted Answer

The answer of Robert Evans owns a business,Beachside Realty,that rents...

Question 18

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.​

Accepted Answer

The answer of On the basis of the following information...

Question 19

Accumulated Depreciation is a permanent account.

Accepted Answer

A) True 
 B)False

Question 20

Kirk Enterprises offers rug cleaning services to business clients.Below are the adjustments data for the year ended July 31.Using this information along with the spreadsheet below,record the adjusting entries in proper general journal form.Adjustments:
(a) The equipment is estimated to last for five years with no salvage value.The asset will be depreciated evenly over its useful life.Record one month's depreciation.
(b) Accrued wages,$2.
(c) Unused supplies on hand,$8.
(d) Of the unearned revenue,75% has been earned.
(e) Unexpired insurance remaining at the end of the month,$9.​

Accepted Answer

The answer of Kirk Enterprises offers rug cleaning services to...

The balance sheet should be prepared

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

The balance in the capital account on the worksheet will equal the amount presented in the balance sheet.

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

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

It is not necessary to post the closing entries to the general ledger.

Closing entries

Notes receivable due in 390 days appear on the

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

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)?

The accounting cycle requires three trial balances be done.In what order should they be prepared?

Net income is closed to the owner's capital account.

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the drawing account at the end of the period.

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.

Accumulated Depreciation is a permanent account.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

The balance sheet should be prepared

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

The balance in the capital account on the worksheet will equal the amount presented in the balance sheet.

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

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.​

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

It is not necessary to post the closing entries to the general ledger.

Closing entries

Notes receivable due in 390 days appear on the

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

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)?

The accounting cycle requires three trial balances be done.In what order should they be prepared?

Net income is closed to the owner's capital account.

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​ Prepare the entry required to close the drawing account at the end of the period.

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.​

Accumulated Depreciation is a permanent account.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the drawing account at the end of the period.

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.