Exam 5: Closing Entries and the Post-Closing Trial Balance Including Appendix

The adjusted balances for Tomas Co. are listed below. Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J.Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000 The entry to close expenses would involve a

Match the terms that follow with the correct definitions. -An accounting system that records transactions using a computer and accounting software.

Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry?

Compare and contrast a post-closing trial balance with a trial balance before closing.

The balance of Accumulated Depreciation will normally appear on the income statement.

A net loss

Which of the following accounts would be shown on the post-closing trial balance?

After closing the expense accounts, the total of the expense accounts will appear on the debit side of the Income Summary account.

Which of the following account(s) are real accounts?

The last step in the accounting cycle is to

The balance of Wages Payable will normally appear on the balance sheet.

The post-closing trial balance contains only asset, liability, and revenue accounts.