Question 1

Which of the following accounts does not appear in the Balance Sheet columns of a work sheet?

Accepted Answer

A) Withdrawals 
B) Unearned Revenue 
C) Wages Payable 
D) Depreciation Expense-Equipment 
A) Withdrawals 
B) Unearned Revenue 
C) Wages Payable 
D) Depreciation Expense-Equipment

Question 2

The adjustment dated 12/31/20x1 to accrue interest to be paid most likely would be reversed by which of the following entries?

Accepted Answer

A) Debit Interest Payable and credit Interest Expense dated 1/1/20x2 
B) Debit Interest Expense and credit Interest Payable dated 12/31/20x1 
C) Debit Interest Payable and credit Interest Expense dated 12/31/20x1 
D) Debit Interest Expense and credit Interest Payable dated 1/1/20x2 
A) Debit Interest Payable and credit Interest Expense dated 1/1/20x2 
B) Debit Interest Expense and credit Interest Payable dated 12/31/20x1 
C) Debit Interest Payable and credit Interest Expense dated 12/31/20x1 
D) Debit Interest Expense and credit Interest Payable dated 1/1/20x2

Question 3

The only accounts that are closed are income statement accounts.

Accepted Answer

A) True 
 B)False

Question 4

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 Bill Harmon,Capital balance on 1/1 was

Accepted Answer

A) $300. 
B) $800. 
C) $700. 
D) $1,500. 
A) $300. 
B) $800. 
C) $700. 
D) $1,500.

Question 5

Reversing entries can be made for accruals,but not for deferrals.

Accepted Answer

A) True 
 B)False

Question 6

From the following items in the Income Statement columns of the work sheet of Sailors Co.at December 31,20x5,prepare the closing entries without explanations,assuming that a $100 withdrawal was made by the owner during the period.

Accepted Answer

The answer of From the following items in the Income...

Question 7

The normal account balances for owner's Capital and Withdrawals are

Accepted Answer

A) credit and debit,respectively. 
B) debits. 
C) credits. 
D) debit and credit,respectively. 
A) credit and debit,respectively. 
B) debits. 
C) credits. 
D) debit and credit,respectively.

Question 8

The adjusting entries involving Depreciation Expense-Buildings and Supplies Expense could be reversed.

Accepted Answer

A) True 
 B)False

Question 9

The adjusting entries involving Rent Receivable and Salaries Payable could be reversed.

Accepted Answer

A) True 
 B)False

Question 10

Failure to prepare closing entries will produce a misstated

Accepted Answer

A) total liabilities figure on the balance sheet. 
B) total assets figure on the balance sheet. 
C) owner's Capital account balance. 
D) Income Summary account balance. 
A) total liabilities figure on the balance sheet. 
B) total assets figure on the balance sheet. 
C) owner's Capital account balance. 
D) Income Summary account balance.

Question 11

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

Accepted Answer

A) credit side of both the Income Statement and the Balance Sheet columns. 
B) credit side of the Income Statement columns and the debit side of the Balance Sheet columns. 
C) debit side of the Income Statement columns and the credit side of the Balance Sheet columns. 
D) debit side of both the Income Statement and the Balance Sheet columns. 
A) credit side of both the Income Statement and the Balance Sheet columns. 
B) credit side of the Income Statement columns and the debit side of the Balance Sheet columns. 
C) debit side of the Income Statement columns and the credit side of the Balance Sheet columns. 
D) debit side of both the Income Statement and the Balance Sheet columns.

Question 12

The process of crossfooting on the work sheet results in the

Accepted Answer

A) Income Statement columns. 
B) Trial Balance columns. 
C) Adjusted Trial Balance columns. 
D) Adjustments columns. 
A) Income Statement columns. 
B) Trial Balance columns. 
C) Adjusted Trial Balance columns. 
D) Adjustments columns.

Question 13

The post-closing trial balance will typically have more accounts than the adjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) Depreciation Expense-Trucks 
B) Withdrawals 
C) Accumulated Depreciation-Trucks 
D) Owner's Capital 
A) Depreciation Expense-Trucks 
B) Withdrawals 
C) Accumulated Depreciation-Trucks 
D) Owner's Capital

Question 15

Which of the following accounts could appear in an adjusting entry,closing entry,and reversing entry?

Accepted Answer

A) Accumulated Depreciation-Buildings 
B) Interest Income 
C) Salaries Payable 
D) Depreciation Expense-Buildings 
A) Accumulated Depreciation-Buildings 
B) Interest Income 
C) Salaries Payable 
D) Depreciation Expense-Buildings

Question 16

The Income Summary account is credited in the entry that closes

Accepted Answer

A) the Withdrawals account. 
B) expense accounts. 
C) net income. 
D) revenue accounts. 
A) the Withdrawals account. 
B) expense accounts. 
C) net income. 
D) revenue accounts.

Question 17

Jack Stephan,a house painter,has entered into a $2,400 contract to do a paint job that will begin in 20x5 and end in 20x6.Assuming a calendar-year accounting period,prepare Jack's entries in the following journal,using the dates and explanations provided.

Accepted Answer

The answer of Jack Stephan,a house painter,has entered into a...

Question 18

The Income Statement columns of the work sheet show all the accounts that need to be closed,except for the Withdrawals account.

Accepted Answer

A) True 
 B)False

Question 19

The owner's Capital,Withdrawals,and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:   The Fran Laurel,Capital balance on 1/1 was

Accepted Answer

A) $2,000. 
B) $1,800. 
C) $2,400. 
D) $2,200. 
A) $2,000. 
B) $1,800. 
C) $2,400. 
D) $2,200.

Question 20

An important use of the work sheet is as a replacement for the annual financial statements.

Accepted Answer

A) True 
 B)False

Which of the following accounts does not appear in the Balance Sheet columns of a work sheet?

The adjustment dated 12/31/20x1 to accrue interest to be paid most likely would be reversed by which of the following entries?

The only accounts that are closed are income statement accounts.

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 Bill Harmon,Capital balance on 1/1 was

Reversing entries can be made for accruals,but not for deferrals.

From the following items in the Income Statement columns of the work sheet of Sailors Co.at December 31,20x5,prepare the closing entries without explanations,assuming that a $100 withdrawal was made by the owner during the period.

The normal account balances for owner's Capital and Withdrawals are

The adjusting entries involving Depreciation Expense-Buildings and Supplies Expense could be reversed.

The adjusting entries involving Rent Receivable and Salaries Payable could be reversed.

Failure to prepare closing entries will produce a misstated

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

The process of crossfooting on the work sheet results in the

The post-closing trial balance will typically have more accounts than the adjusted trial balance.

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

Which of the following accounts could appear in an adjusting entry,closing entry,and reversing entry?

The Income Summary account is credited in the entry that closes

Jack Stephan,a house painter,has entered into a $2,400 contract to do a paint job that will begin in 20x5 and end in 20x6.Assuming a calendar-year accounting period,prepare Jack's entries in the following journal,using the dates and explanations provided.

The Income Statement columns of the work sheet show all the accounts that need to be closed,except for the Withdrawals account.

The owner's Capital,Withdrawals,and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The Fran Laurel,Capital balance on 1/1 was

An important use of the work sheet is as a replacement for the annual financial statements.

Accounting Principles and the Financial Statements

Analyzing and Recording Business Transactions

Adjusting the Accounts

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

Filters

Exam 4: Completing the Accounting Cycle

Which of the following accounts does not appear in the Balance Sheet columns of a work sheet?

The adjustment dated 12/31/20x1 to accrue interest to be paid most likely would be reversed by which of the following entries?

The only accounts that are closed are income statement accounts.

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 Bill Harmon,Capital balance on 1/1 was

Reversing entries can be made for accruals,but not for deferrals.

From the following items in the Income Statement columns of the work sheet of Sailors Co.at December 31,20x5,prepare the closing entries without explanations,assuming that a $100 withdrawal was made by the owner during the period.

The normal account balances for owner's Capital and Withdrawals are

The adjusting entries involving Depreciation Expense-Buildings and Supplies Expense could be reversed.

The adjusting entries involving Rent Receivable and Salaries Payable could be reversed.

Failure to prepare closing entries will produce a misstated

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

The process of crossfooting on the work sheet results in the

The post-closing trial balance will typically have more accounts than the adjusted trial balance.

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

Which of the following accounts could appear in an adjusting entry,closing entry,and reversing entry?

The Income Summary account is credited in the entry that closes

Jack Stephan,a house painter,has entered into a $2,400 contract to do a paint job that will begin in 20x5 and end in 20x6.Assuming a calendar-year accounting period,prepare Jack's entries in the following journal,using the dates and explanations provided.

The Income Statement columns of the work sheet show all the accounts that need to be closed,except for the Withdrawals account.

The owner's Capital,Withdrawals,and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The Fran Laurel,Capital balance on 1/1 was

An important use of the work sheet is as a replacement for the annual financial statements.

Accounting Principles and the Financial Statements

Analyzing and Recording Business Transactions

Adjusting the Accounts

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

Filters