Which of these accounts is never closed? Group of answer choices a-Service Fee Revenue b-Retained Earnings...
Which of these accounts is never closed?
Group of answer choices
a-Service Fee Revenue
b-Retained Earnings
c-Dividends
d- Income Summary
On which of the following would the year-end Retained Earnings balance be stated correctly?
a-The Worksheet
b-Post-Closing Trial Balance
c-Unadjusted Trial Balance
d-Adjusted Trial Balance
Homework Answers
|
1. Option B Retained earnings is a permanent account. Therefore it is not closed at the end of accounting period. |
|
2. Option B Retained earnings balance is correctly stated in Post closing trial balance |
Add Answer to:
Which of these accounts is never closed?
Group of answer choices
a-Service Fee Revenue
b-Retained Earnings...
1. Which of these accounts is included in the post-closing trial balance? a. Accounts Payable b. Supplies Expense c. Sal...
1. Which of these accounts is included in the post-closing trial balance? a. Accounts Payable b. Supplies Expense c. Sales Revenue d. Insurance Expense 2. On which of the following would the year-end Retained Earnings balance be stated correctly? a. Post-Closing Trial Balance b. Unadjusted Trial Balance c. Adjusted Trial Balance d. The Worksheet 3. Which of these accounts is never closed? a. Prepaid Rent b. Income Summary c. Rent Revenue d. Rent Expense 4. Which of these accounts is...
Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a....
Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a. Expenses. b. Income Summary c. Dividends. d. All of these are closed Retained Earnings. Question 7 (4 points) The financial figures on the financial statements are equal to the a. Trial balance columns on the worksheet. O b. Adjustments columns on the worksheet. c. Adjusted trial balance columns on the worksheet. d. None of the above.
1. Which accounts do we close? And why do we close them? (hint: pay attention to...
1. Which accounts do we close? And why do we close them? (hint: pay attention to every word in the choices given) A) We close the temporary accounts only (revenue, expenses, dividends, and Income Summary) because we want to zero them out after we prepare the financial statements to have them start from zero the following period B) We close the temporary accounts only (revenue, expenses, dividends, Income Summary, and Retained Earnings) because we want to zero them out after...
Which of the following accounts is considered a temporary or nominal account? Group of answer choices...
Which of the following accounts is considered a temporary or nominal account? Group of answer choices a-Prepaid Insurance b-Unearned Service Revenue c-Fees Earned Revenue d-Prepaid Advertising Which of these accounts is never closed? Group of answer choices a-Prepaid Rent b-Rent Revenue c-Rent Expense d-Income Summary
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
I'm not sure what goes in the Retained Earnings under the T-account. I'd tried crediting 32000...
I'm not sure what goes in the Retained Earnings under the
T-account. I'd tried crediting 32000 for the closing entry and it
is still wrong. Then I am also not sure what goes in the entry
under 2500 debit. The unadjusted trial balance for the salaries
payable I put in 0 and was wrong; same when I left it blank.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
Identify the accounts that would be included in a post-closing trial balance.
The following selected accounts appear in the adjusted trial balance for Deane Company. Identify the accounts that would be included in a post-closing trial balance.(a) Accumulated Depreciation.(b) Depreciation Expense.(c) Retained Earnings (ending).(d) Dividends.(e) Service Revenue.(f) Supplies.(g) Accounts Payable.
The ledger of Flounder Company contains the following balances: Retained Earnings $30,500; Dividends $2,000; Service Revenue...
The ledger of Flounder Company contains the following balances:
Retained Earnings $30,500; Dividends $2,000; Service Revenue
$48,000; Salaries and Wages Expense $26,000; and Supplies Expense
$7,500. The closing entries are as follows: (1) Close revenue
accounts. (2) Close expense accounts. (3) Close net income/(loss).
(4) Close dividends. Enter the balances in the T-accounts, post the
closing entries in the order presented in the problem and use the
numbers as a reference.
Your answer is partially correct. Try again. The ledger...
Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a. Expenses. b. Income Summary c. Dividends. d. All of these are closed Retained Earnings. Question 7 (4 points) The financial figures on the financial statements are equal to the a. Trial balance columns on the worksheet. O b. Adjustments columns on the worksheet. c. Adjusted trial balance columns on the worksheet. d. None of the above.
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
I'm not sure what goes in the Retained Earnings under the
T-account. I'd tried crediting 32000 for the closing entry and it
is still wrong. Then I am also not sure what goes in the entry
under 2500 debit. The unadjusted trial balance for the salaries
payable I put in 0 and was wrong; same when I left it blank.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits...
The ledger of Flounder Company contains the following balances:
Retained Earnings $30,500; Dividends $2,000; Service Revenue
$48,000; Salaries and Wages Expense $26,000; and Supplies Expense
$7,500. The closing entries are as follows: (1) Close revenue
accounts. (2) Close expense accounts. (3) Close net income/(loss).
(4) Close dividends. Enter the balances in the T-accounts, post the
closing entries in the order presented in the problem and use the
numbers as a reference.
Your answer is partially correct. Try again. The ledger...
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