Exam 4: Completing the Accounting Cycle

The owner's Capital,Withdrawals,and Income Summary accounts for Harmon Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The total amount of revenue earned for the period is

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

Which of the following accounts is a real account?

Use the following adjusted trial balance to answer the question below. Which account bypasses the Income Summary account in the closing process?

Which of the following items is not used in preparing the statement of owner's equity?

Which of the following could not possibly be a closing entry?

On the work sheet,account balances are "extended" from the

Closing entries ultimately will affect

Which of the following is the most useful aid to the accountant in preparing closing entries?

K & K Enterprises pays wages of $16,000 every other Friday ($1,600 per weekday). a.In the journal provided,prepare the following entries for the fiscal year ended May 31,20x5 (omit explanations): b.What would the June 8 entry be if no reversing entry was made? Use the journal provided.

The purpose of reversing entries is to simplify the bookkeeping process.

Depreciation Expense-Buildings is a nominal account.

The balances of all the real (permanent)accounts are the same on the adjusted trial balance as they are on a post-closing trial balance.

Which of the following items is associated with the purpose of the closing entries?

When a company has net income,the Income Summary account appears as a credit on the post-closing trial balance.

Reversing entries are made to correct errors in the accounts.

Which of the following items is associated with a purpose of the work sheet?

The amount placed opposite the Land account in the Balance Sheet columns of the work sheet is the amount to be reflected for Land on the balance sheet.

A reversing entry will include either a debit to a revenue account or a credit to an expense account.

The owner's Capital,Withdrawals,and Income Summary accounts for Harmon Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The amount of net income (or net loss)for the period is