Question 1

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company:​  Journalize the four entries required to close the accounts

Accepted Answer

​

Question 2

The following balance sheet contains errors.​​​  (a) List the errors in the balance sheet above and 
(b) prepare a corrected balance sheet.​

Accepted Answer

(a)
(1)Date of statement should be "December 31" not "For the Year Ended December 31."
(2)Accounts payable should be a current liability.
(3)Land is a fixed asset and should be listed as property, plant, and equipment.
(4)Accumulated depreciation should be deducted from the related fixed asset in the property, plant, and equipment section.
(5)An adding error was made in determining the amount of total assets.
(6)Accounts receivable should be a current asset.
(7)Net income would be reported on the income statement.
(8)Wages payable should be a current liability.​A corrected balance sheet would be as follows:

Question 3

Accrued fees earned are recorded during the adjusting process. The reversing entry will leave a debit balance in Fees Earned as of the first day of the next period.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following does not appear on the end-of-period spreadsheet?

Accepted Answer

A)   adjusting entries
B)   the unadjusted trial balance
C)   closing entries
D)   the drawing account

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

Prepare closing entries from the following end-of-period spreadsheet.

Accepted Answer

The answer of Prepare closing entries from the following end-of-period...

Question 7

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 8

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

Accepted Answer

A)   the word "Total" written at the bottom of each pair of columns
B)   the double rule under each pair of columns
C)   the circles around each total
D)   the final figures written in ink

Question 9

In the accounting cycle, the last step is

Accepted Answer

A)   preparing the financial statements
B)   journalizing and posting the adjusting entries
C)   preparing a post-closing trial balance
D)   journalizing and posting the closing entries

Question 10

Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

Accepted Answer

A)   credit balance of $15,000
B)   debit balance of $37,500
C)   debit balance of $15,000
D)   credit balance of $7,500

Question 11

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

Question 12

The accounting cycle begins with preparing an unadjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 13

A fiscal year for a business

Accepted Answer

A)   ordinarily begins on the first day of a month and ends on the last day of the following twelfth month
B)   is determined by the federal government
C)   always begins on January 1 and ends on December 31 of the same year
D)   should end at the height of the business's annual operating cycle

Question 14

On March 1, a company collects revenue in advance for the next 12 months and credits a liability account. The adjusting entry at year-end on the work sheet would

Accepted Answer

A)   increase a liability account
B)   decrease an asset account
C)   decrease a revenue account
D)   decrease a liability account

Question 15

Accumulated Depreciation appears on the

Accepted Answer

A)   balance sheet in the current assets section
B)   balance sheet in the property, plant, and equipment section
C)   balance sheet in the long-term liabilities section
D)   income statement as an operating expense

Question 16

Capital and drawing are reported in the owner's equity section of the balance sheet.

Accepted Answer

A) True 
 B)False

Question 17

Debts listed as current liabilities are those that

Accepted Answer

A)   will be paid in less than one year
B)   are due to be paid in 5 to 10 years
C)   are due to be paid in more than one year
D)   are owed to the owner and will never be paid

Question 18

The end-of-period spreadsheet 
(work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount for net income or net loss has been included. In preparing the income statement from the work sheet, what is the amount of net income or net loss?

Accepted Answer

The answer of The end-of-period spreadsheet 
(work sheet) for the...

Question 19

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

Question 20

During the end-of-period processing, which of the following best describes the logical order of steps?

Accepted Answer

A)   ​preparation of adjustments, adjusted trial balance, financial statements
B)   ​preparation of income statement, adjusted trial balance, balance sheet
C)   ​preparation of adjusted trial balance, cross-referencing, journalizing
D)   ​preparation of adjustments, adjusted trial balance, posting

Exam 4: Completing the Accounting Cycle

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the four entries required to close the accounts

The following balance sheet contains errors. (a) List the errors in the balance sheet above and (b) prepare a corrected balance sheet.

Accrued fees earned are recorded during the adjusting process. The reversing entry will leave a debit balance in Fees Earned as of the first day of the next period.

Which of the following does not appear on the end-of-period spreadsheet?

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.

Prepare closing entries from the following end-of-period spreadsheet.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

In the accounting cycle, the last step is

Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

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

The accounting cycle begins with preparing an unadjusted trial balance.

A fiscal year for a business

On March 1, a company collects revenue in advance for the next 12 months and credits a liability account. The adjusting entry at year-end on the work sheet would

Accumulated Depreciation appears on the

Capital and drawing are reported in the owner's equity section of the balance sheet.

Debts listed as current liabilities are those that

The balance sheet should be prepared

During the end-of-period processing, which of the following best describes the logical order of steps?

Exam 4: Completing the Accounting Cycle

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company:​ Journalize the four entries required to close the accounts

The following balance sheet contains errors.​​​ (a) List the errors in the balance sheet above and (b) prepare a corrected balance sheet.​

Accrued fees earned are recorded during the adjusting process. The reversing entry will leave a debit balance in Fees Earned as of the first day of the next period.

Which of the following does not appear on the end-of-period spreadsheet?

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.

Prepare closing entries from the following end-of-period spreadsheet.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

In the accounting cycle, the last step is

Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

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

The accounting cycle begins with preparing an unadjusted trial balance.

A fiscal year for a business

On March 1, a company collects revenue in advance for the next 12 months and credits a liability account. The adjusting entry at year-end on the work sheet would

Accumulated Depreciation appears on the

Capital and drawing are reported in the owner's equity section of the balance sheet.

Debts listed as current liabilities are those that

The balance sheet should be prepared

During the end-of-period processing, which of the following best describes the logical order of steps?

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the four entries required to close the accounts

The following balance sheet contains errors. (a) List the errors in the balance sheet above and (b) prepare a corrected balance sheet.

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