Question 1

The adjusted ledger accounts of Miraldi Landscaping Design on December 31,2016,appear as follows.All accounts have normal balances and adjusting entries have been made.Extend the balances to the Balance Sheet and Income Statement columns of the worksheet.Then,journalize the closing entries on page 12 of a general journal.

Accepted Answer

The answer of The adjusted ledger accounts of Miraldi Landscaping...

Question 2

Use the following account balances from the adjusted trial balance of Gees Catering  Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.

Accepted Answer

A)  
B)  
C)  
D)  E) C) and D)
F) B) and C)

Question 3

After the transactions have been posted,the next step in the accounting cycle is to

Accepted Answer

A)   prepare the financial statements.
B)   prepare the post-closing trial balance.
C)   prepare the worksheet.
D)   journalize and post the adjusting entries.E) A) and D)
F) B) and C)

Question 4

When done properly,how many journal entries are involved in the closing process?

Accepted Answer

A)   2
B)   3
C)   4
D)   5E) B) and D)
F) B) and C)

Question 5

The heading "Closing Entries" is usually written in the Description column of the general journal above the first closing entry.

Accepted Answer

A) True 
 B)False

Question 6

A post-closing trial balance could include all of the following except the

Accepted Answer

A)   owner's capital account.
B)   Cash account.
C)   Fees Income account.
D)   Accounts Receivable account.E) A) and B)
F) A) and C)

Question 7

The temporary owner's equity accounts are closed because they apply to only one accounting period.

Accepted Answer

A) True 
 B)False

Question 8

If a business has a net loss for a fiscal period,the journal entry to close the Income Summary account is

Accepted Answer

A)   a debit to Income Summary and a credit to Fees Income.
B)   a debit to Income Summary and a credit to Capital.
C)   a debit to Capital and a credit to Income Summary.
D)   a debit to Capital and a credit to Drawing.E) None of the above
F) A) and B)

Question 9

Danos Company's partial worksheet for the month ended December 31,2016,is shown below.Open the owner's capital account (account number 301)in the general ledger and record the December 1,2016,balance of $64,000 shown on the worksheet.Journalize the closing entries on page 8 of a general journal.Post the closing entries to the owner's capital account.Prepare a post-closing trial balance.

Accepted Answer

The answer of Danos Company's partial worksheet for the month...

Question 10

After all the closing entries are posted to the ledger,the Income Summary account will have a ____________________ balance.

Accepted Answer

The answer of After all the closing entries are posted...

Question 11

"Income and Expense Summary" is another name for the Income Summary account.

Accepted Answer

A) True 
 B)False

Question 12

The adjusted ledger accounts of RD Consulting on December 31,2016,appear as follows.All accounts have normal balances and adjusting entries have been made.Extend the balances to the Balance Sheet and Income Statement columns of the worksheet.Then,journalize the closing entries on page 4 of a general journal.

Accepted Answer

The answer of The adjusted ledger accounts of RD Consulting...

Question 13

Which of the following accounts would not be involved in any of the closing entries?

Accepted Answer

A)   Accounts Payable
B)   Fred Sanford,Drawing
C)   Income from Services
D)   Advertising ExpenseE) None of the above
F) A) and B)

Question 14

On December 31,the ledger of Davis Company contained the following account balances:  All the accounts have normal balances.Journalize the closing entries.Use 11 as the general journal page number.

Accepted Answer

The answer of On December 31,the ledger of Davis Company...

Question 15

Which of the following statements is not correct?

Accepted Answer

A)   If the post-closing trial balance does not balance,there are errors in the accounting records.
B)   The audit trial should be used to trace data through the accounting records to find and correct errors.
C)   The balance of the owner's capital account,as reflected on the post-closing trial balance,will match the amount reported on the income statement.
D)   The balance of the owner's capital account on the adjusted trial balance will usually be different than that reported on the post-closing trial balance.E) C) and D)
F) A) and C)

Question 16

All of the following accounts will appear on the post-closing trial balance except

Accepted Answer

A)   Equipment.
B)   Accumulated Depreciation-Equipment.
C)   Depreciation Expense-Equipment.
D)   Accounts Payable.E) All of the above
F) A) and B)

Question 17

Which of the following statements is not correct?

Accepted Answer

A)   After closing entries are posted,the revenue,expense,and drawing accounts will have zero balances.
B)   At the end of each accounting period,asset and liability account balances are reduced to zero.
C)   A post-closing trial balance will not contain revenue and expense account balances.
D)   Adjusting entries must be journalized and posted before the closing entries are journalized and posted.E) None of the above
F) A) and B)

Question 18

Entries required to zero the balances of the temporary accounts at the end of the year are called

Accepted Answer

A)   posting entries.
B)   adjusting entries.
C)   closing entries.
D)   correcting entries.E) A) and B)
F) A) and D)

Question 19

Data for the closing entries is taken from the ____________________ section of the worksheet.

Accepted Answer

The answer of Data for the closing entries is taken...

Question 20

Managers often consult financial statements for specific types of information.Indicate whether each of the following items would appear on the income statement,statement of owner's equity,or the balance sheet.Note that an item may appear on more than one statement.The first item is completed as an example.

Accepted Answer

The answer of Managers often consult financial statements for specific...

Exam 6: Closing Entries and the Postclosing Trial Balance

Correct Answer
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Entries required to zero the balances of the temporary accounts at the end of the year are called

Correct Answer
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Which of the following statements is not correct?

Correct Answer
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Use the following account balances from the adjusted trial balance of Gees Catering Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.

Correct Answer
verified

"Income and Expense Summary" is another name for the Income Summary account.

Correct Answer
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Data for the closing entries is taken from the ____________________ section of the worksheet.

Correct Answer
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After all the closing entries are posted to the ledger,the Income Summary account will have a ____________________ balance.

Correct Answer
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The temporary owner's equity accounts are closed because they apply to only one accounting period.

Correct Answer
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All of the following accounts will appear on the post-closing trial balance except

Correct Answer
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On December 31,the ledger of Davis Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 11 as the general journal page number.

Correct Answer
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Which of the following statements is not correct?

Correct Answer
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The heading "Closing Entries" is usually written in the Description column of the general journal above the first closing entry.

Correct Answer
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Which of the following accounts would not be involved in any of the closing entries?

Correct Answer
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A post-closing trial balance could include all of the following except the

Correct Answer
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Correct Answer
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If a business has a net loss for a fiscal period,the journal entry to close the Income Summary account is

Correct Answer
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When done properly,how many journal entries are involved in the closing process?

Correct Answer
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After the transactions have been posted,the next step in the accounting cycle is to

Correct Answer
verified

Exam 6: Closing Entries and the Postclosing Trial Balance

Correct AnswerverifiedShow Answer

Entries required to zero the balances of the temporary accounts at the end of the year are called

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

Use the following account balances from the adjusted trial balance of Gees Catering Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.

Correct AnswerverifiedShow Answer

"Income and Expense Summary" is another name for the Income Summary account.

Correct AnswerverifiedShow Answer

Data for the closing entries is taken from the ____________________ section of the worksheet.

Correct AnswerverifiedShow Answer

After all the closing entries are posted to the ledger,the Income Summary account will have a ____________________ balance.

Correct AnswerverifiedShow Answer

The temporary owner's equity accounts are closed because they apply to only one accounting period.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

All of the following accounts will appear on the post-closing trial balance except

Correct AnswerverifiedShow Answer

On December 31,the ledger of Davis Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 11 as the general journal page number.

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

The heading "Closing Entries" is usually written in the Description column of the general journal above the first closing entry.

Correct AnswerverifiedShow Answer

Which of the following accounts would not be involved in any of the closing entries?

Correct AnswerverifiedShow Answer

A post-closing trial balance could include all of the following except the

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

If a business has a net loss for a fiscal period,the journal entry to close the Income Summary account is

Correct AnswerverifiedShow Answer

When done properly,how many journal entries are involved in the closing process?

Correct AnswerverifiedShow Answer

After the transactions have been posted,the next step in the accounting cycle is to

Correct AnswerverifiedShow Answer

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