Question 1

The revenue account Fees Income is closed by debiting

Accepted Answer

A)   Cash and crediting Fees Income.
B)   Fees Income and crediting Income Summary.
C)   the owner's capital account and crediting Fees Income.
D)   Income Summary and crediting Fees Income.E) None of the above
F) All of the above

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 the owner's withdrawal account at the end of the accounting period.

Accepted Answer

A)  
B)  
C)  
D)  E) A) and B)
F) None of the above

Question 3

Which of the following accounts has a normal debit balance?

Accepted Answer

A)   Accounts Receivable
B)   Accounts Payable
C)   Fees Income
D)   T.Stark,CapitalE) All of the above
F) C) and D)

Question 4

On December 31,the ledger of Hartley Engineering Company contained the following account balances:  All the accounts have normal balances.Journalize the closing entries.Use 6 as the general journal page number.

Accepted Answer

The answer of On December 31,the ledger of Hartley Engineering...

Question 5

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...

Question 6

During the closing process,Accumulated Depreciation,Equipment will

Accepted Answer

A)   be closed to the income summary account.
B)   be closed to the capital account.
C)   be closed to the drawing account.
D)   not be used.E) None of the above
F) C) and D) D

Question 7

"Closing" is written in the Description column of the individual revenue and expense accounts in the general ledger.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?

Accepted Answer

A)   Debit Penny Pincer,Drawing;credit Penny Pincher,Capital
B)   Debit Penny Pincher,Capital;credit Income Summary
C)   Debit Income Summary;credit Penny Pincher,Drawing
D)   Debit Penny Pincher,Capital;credit Penny Pincher,DrawingE) A) and C)
F) A) and B)

Question 9

The first step in the closing process is to close

Accepted Answer

A)   the drawing account.
B)   the capital account.
C)   the revenue accounts.
D)   the expense accounts.E) C) and D)
F) A) and D)

Question 10

Which of the following accounts is not closed?

Accepted Answer

A)   Cash
B)   Fees Income
C)   Rent Expense
D)   Joan Wilson,DrawingE) A) and B)
F) C) and D)

Question 11

One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

Accepted Answer

A) True 
 B)False

Question 12

Trial balances are prepared in a certain order.Given the choices below,which one depicts the trial balances in the correct order in which they would be prepared?

Accepted Answer

A)   trial balance,adjusted trial balance,post-closing trial balance.
B)   adjusted trial balance,trial balance,post-closing trial balance.
C)   post-closing trial balance,adjusted trial balance,trial balance.
D)   trial balance,post-closing trial balance,adjusted trial balance.E) A) and D)
F) B) and D)

Question 13

One purpose of closing entries is to give zero balances to

Accepted Answer

A)   asset and liability accounts.
B)   liability and capital accounts.
C)   revenue and expense accounts.
D)   expense and capital accounts.E) None of the above
F) A) and B)

Question 14

Which of the following accounts has a normal credit balance?

Accepted Answer

A)   Accounts Receivable
B)   Accounts Payable
C)   Supplies Expense
D)   T.Stark,DrawingE) A) and B)
F) A) and C) B

Question 15

Which of the following statements is not correct?

Accepted Answer

A)   Before the Income Summary account is closed,its balance represents the net income or net loss for the accounting period.
B)   The Income Summary account is a temporary owner's equity account.
C)   The Income Summary account is used only at the end of an accounting period to help with the closing procedure.
D)   The owner's drawing account is closed to the Income Summary Statement.E) A) and B)
F) A) and C)

Question 16

Identify the item below that is NOT one of the steps in an accounting cycle.

Accepted Answer

A)   prepare the financial statements
B)   prepare the post-closing trial balance
C)   journalize and post the adjusting entries
D)   prepare invoices for customersE) A) and D)
F) A) and C) D

Question 17

Which of the following accounts would be closed?

Accepted Answer

A)   Accounts Receivable
B)   Accumulated Depreciation
C)   Supplies Expense
D)   Joan Wilson,CapitalE) A) and B)
F) A) and C)

Question 18

The owner's drawing account is closed by debiting

Accepted Answer

A)   the owner's drawing account and crediting the owner's capital account.
B)   the owner's capital account and crediting the owner's drawing account.
C)   Income Summary and crediting the owner's drawing account.
D)   the owner's drawing account and crediting Income Summary.E) A) and D)
F) None of the above

Question 19

The partial worksheet for the Roberts Company showed the following data on October 31,2016.Record the closing entries on page 9 of a general journal.

Accepted Answer

The answer of The partial worksheet for the Roberts Company...

Question 20

The entry to close the Depreciation Expense account may include a debit to

Accepted Answer

A)   the Income Summary account and a credit to the Depreciation Expense account.
B)   the Depreciation Expense account and a credit to the Accumulated Depreciation account.
C)   the Accumulated Depreciation account and a credit to the Income Summary account.
D)   the Depreciation Expense account and a credit to the Income Summary account.E) All of the above
F) A) and B)

Exam 6: Closing Entries and the Postclosing Trial Balance

The revenue account Fees Income is closed by debiting

Correct Answer
verified

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 the owner's withdrawal account at the end of the accounting period.

Correct Answer
verified

Which of the following accounts has a normal debit balance?

Correct Answer
verified

On December 31,the ledger of Hartley Engineering Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 6 as the general journal page number.

Correct Answer
verified

Correct Answer
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During the closing process,Accumulated Depreciation,Equipment will

Correct Answer
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D

"Closing" is written in the Description column of the individual revenue and expense accounts in the general ledger.

Correct Answer
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Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?

Correct Answer
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The first step in the closing process is to close

Correct Answer
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Which of the following accounts is not closed?

Correct Answer
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One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

Correct Answer
verified

Trial balances are prepared in a certain order.Given the choices below,which one depicts the trial balances in the correct order in which they would be prepared?

Correct Answer
verified

One purpose of closing entries is to give zero balances to

Correct Answer
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Which of the following accounts has a normal credit balance?

Correct Answer
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B

Which of the following statements is not correct?

Correct Answer
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Identify the item below that is NOT one of the steps in an accounting cycle.

Correct Answer
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D

Which of the following accounts would be closed?

Correct Answer
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The owner's drawing account is closed by debiting

Correct Answer
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The partial worksheet for the Roberts Company showed the following data on October 31,2016.Record the closing entries on page 9 of a general journal.

Correct Answer
verified

The entry to close the Depreciation Expense account may include a debit to

Correct Answer
verified

Exam 6: Closing Entries and the Postclosing Trial Balance

The revenue account Fees Income is closed by debiting

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 the owner's withdrawal account at the end of the accounting period.

Correct AnswerverifiedShow Answer

Which of the following accounts has a normal debit balance?

Correct AnswerverifiedShow Answer

On December 31,the ledger of Hartley Engineering Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 6 as the general journal page number.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

During the closing process,Accumulated Depreciation,Equipment will

Correct AnswerverifiedD

"Closing" is written in the Description column of the individual revenue and expense accounts in the general ledger.

Correct AnswerverifiedShow Answer

Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?

Correct AnswerverifiedShow Answer

The first step in the closing process is to close

Correct AnswerverifiedShow Answer

Which of the following accounts is not closed?

Correct AnswerverifiedShow Answer

One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

Correct AnswerverifiedShow Answer

Trial balances are prepared in a certain order.Given the choices below,which one depicts the trial balances in the correct order in which they would be prepared?

Correct AnswerverifiedShow Answer

One purpose of closing entries is to give zero balances to

Correct AnswerverifiedShow Answer

Which of the following accounts has a normal credit balance?

Correct AnswerverifiedB

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

Identify the item below that is NOT one of the steps in an accounting cycle.

Correct AnswerverifiedD

Which of the following accounts would be closed?

Correct AnswerverifiedShow Answer

The owner's drawing account is closed by debiting

Correct AnswerverifiedShow Answer

The partial worksheet for the Roberts Company showed the following data on October 31,2016.Record the closing entries on page 9 of a general journal.

Correct AnswerverifiedShow Answer

The entry to close the Depreciation Expense account may include a debit to

Correct AnswerverifiedShow Answer

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D

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B

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D

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