Question 1

A reversing entry should not be made for an adjusting entry to record

Accepted Answer

A)  an accrued income item that will involve future cash receipts.
B)  depreciation.
C)  the accrued salaries.
D)  an accrued expense item that will involve future cash payments.E) B) and C)
F) B) and D)

Question 2

Cost of Goods Sold is classified as a(n) :

Accepted Answer

A)  Expense account
B)  Asset account
C)  Revenue account
D)  Owner's Equity accountE) B) and C)
F) A) and C)

Question 3

The adjusted trial balance data given below is from the Morgan Company's worksheet for the year ended December 31, 2019. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts numbered 611-615 represent selling expenses, and those numbered 621-631 represent general and administrative expenses.

Accepted Answer

The answer of The adjusted trial balance data given below...

Question 4

The Income Summary account, for Edgar's Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct.
Income Summary

Accepted Answer

A)  Edgar's Cigars will report an $11,000 net loss for the period ending 12/31
B)  Edgar's Cigars will report net income of $7,000 for the period ending 12/31
C)  Edgar's Cigars will report a $7,000 net loss for the period ending 12/31
D)  Edgar's Cigars will report net income of $11,000 for the period ending 12/31E) A) and B)
F) None of the above

Question 5

Write the word "YES" in the empty column if an account would be closed at the end of the accounting period.

Accepted Answer

The answer of Write the word "YES" in the empty...

Question 6

The entry to reverse the adjustment for accrued interest income consists of a debit to

Accepted Answer

A)  Interest Income and a credit to Income Summary.
B)  Interest Income and a credit to Interest Receivable.
C)  Interest Receivable and a credit to Interest Income.
D)  Interest Income and a credit to Interest Expense.E) A) and D)
F) None of the above

Question 7

After all adjusting entries are posted, the balances of the general ledger accounts should match the amounts shown in the Adjusted Trial Balance section of the worksheet.

Accepted Answer

A) True 
 B)False

Question 8

On the balance sheet, the cost of a fixed asset less its accumulated depreciation to date is the asset's________.

Accepted Answer

The answer of On the balance sheet, the cost of...

Question 9

The beginning capital balance shown on a statement of owner's equity is $64,000. Net income for the period is $23,000 and the owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

Accepted Answer

A)  $64,000.
B)  $117,000.
C)  $71,000.
D)  $57,000.E) A) and C)
F) A) and B)

Question 10

The adjusting entry was then reversed. To record the first payroll of 2020, which totaled $1,500, Salaries Expense should be debited for $________.

Accepted Answer

The answer of The adjusting entry was then reversed. To...

Question 11

The beginning capital balance shown on a statement of owner's equity is $36,000. Net income for the period is $16,000. The owner withdrew $20,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

Accepted Answer

A)  $40,000.
B)  $72,000.
C)  $32,000.
D)  $36,000.E) B) and D)
F) A) and B)

Question 12

A. Check all of the following accounts that would be classified as a current asset.
  
B. Check all of the following accounts that would be classified as a current liability.

Accepted Answer

The answer of A. Check all of the following accounts...

Exam 13: Financial Statements and Closing Procedures

Write the word "YES" in the empty column if an account would be closed at the end of the accounting period.

Correct Answer
verified

The entry to reverse the adjustment for accrued interest income consists of a debit to

Correct Answer
verified

The beginning capital balance shown on a statement of owner's equity is $36,000. Net income for the period is $16,000. The owner withdrew $20,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

Correct Answer
verified

After all adjusting entries are posted, the balances of the general ledger accounts should match the amounts shown in the Adjusted Trial Balance section of the worksheet.

Correct Answer
verified

On the balance sheet, the cost of a fixed asset less its accumulated depreciation to date is the asset's________.

Correct Answer
verified

The Income Summary account, for Edgar's Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary

Correct Answer
verified

A. Check all of the following accounts that would be classified as a current asset. B. Check all of the following accounts that would be classified as a current liability.

Correct Answer
verified

A reversing entry should not be made for an adjusting entry to record

Correct Answer
verified

Correct Answer
verified

Cost of Goods Sold is classified as a(n) :

Correct Answer
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The adjusting entry was then reversed. To record the first payroll of 2020, which totaled $1,500, Salaries Expense should be debited for $________.

Correct Answer
verified

The beginning capital balance shown on a statement of owner's equity is $64,000. Net income for the period is $23,000 and the owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

Correct Answer
verified

Exam 13: Financial Statements and Closing Procedures

Write the word "YES" in the empty column if an account would be closed at the end of the accounting period.

Correct AnswerverifiedShow Answer

The entry to reverse the adjustment for accrued interest income consists of a debit to

Correct AnswerverifiedShow Answer

The beginning capital balance shown on a statement of owner's equity is $36,000. Net income for the period is $16,000. The owner withdrew $20,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

Correct AnswerverifiedShow Answer

After all adjusting entries are posted, the balances of the general ledger accounts should match the amounts shown in the Adjusted Trial Balance section of the worksheet.

Correct AnswerverifiedShow Answer

On the balance sheet, the cost of a fixed asset less its accumulated depreciation to date is the asset's________.

Correct AnswerverifiedShow Answer

The Income Summary account, for Edgar's Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary

Correct AnswerverifiedShow Answer

A. Check all of the following accounts that would be classified as a current asset. B. Check all of the following accounts that would be classified as a current liability.

Correct AnswerverifiedShow Answer

A reversing entry should not be made for an adjusting entry to record

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Cost of Goods Sold is classified as a(n) :

Correct AnswerverifiedShow Answer

The adjusting entry was then reversed. To record the first payroll of 2020, which totaled $1,500, Salaries Expense should be debited for $________.

Correct AnswerverifiedShow Answer

The beginning capital balance shown on a statement of owner's equity is $64,000. Net income for the period is $23,000 and the owner withdrew $30,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is

Correct AnswerverifiedShow Answer

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