Exam 4: Completing the Accounting Cycle

If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

A work sheet includes columns for

After analyzing transactions,the next step would be to post the transactions in the ledger.

Prior to adjustment at August 31,2014,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $7,200. Present the entries to record the following: (1)Accrued salaries as of August 31. (2)Closing of Salary Expense as of August 31.

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.

The work sheet is considered a part of the formal accounting records.

On the work sheet,the capital stock and dividends account balances are extended to the Balance Sheet columns.

Which account would not appear in the Balance Sheet columns of the work sheet?

Balance sheet accounts

Net income appears on the work sheet in the

Unearned Fees appear on the

Which of the statements below indicates that a company earned a net income for the period?