Homework Answers
A closing entry is a journal entry made at the end of accounting periods that involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet.
Thus the answer is B)
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Closing entries are Multiple Choice Mode to record events that occurred during the period but have...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra...
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liability A revenue. An asset. CPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC. The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inventory to cost of goods sold when merchandise is sold. Balances in temporary accounts to a permanent account. Accounts receivable to retained...
2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued r...
2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued revenue Match each of the options above to the items below. Receive cash in the current period that will be recorded as a revenue in a future period. Record an expense in the current period that will be paid in cash in a future period. Record a revenue in the current period that will be collected in cash in a future period. Pay...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to Retained Earnings. O transfer assets and liabilities to Retained Earnings. O transfer net income (or loss) and Dividends to Retained Earnings O close permanent and temporary accounts
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings,...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $39, 300 9 ,300 7,200 23,500 3,400 2,200 19,100 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice o Increase of $16,600 Increase of $15,600
match the lettered definition with the vocab word a. Expenses paid in cash before they are...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances of temporary accounts to retained earnings; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. - None of the answers given are correct OC. Transfer the balances of temporary accounts to common stock; reduce the balances of the asset and liability accounts to zero to prepare them for measuring activity in the next period....
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below....
A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,250 Dividends 7,350 Revenue 21,000 Rent expense 2,100 Salaries expense 5,000 Insurance expense 235 Depr. Expense-equipment 320 Accum depr.-equipment 960
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liability A revenue. An asset. CPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC. The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inventory to cost of goods sold when merchandise is sold. Balances in temporary accounts to a permanent account. Accounts receivable to retained...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
Question 4 (of 51) value: 2.00 points Closing journal entries: O transfer revenues and expenses to Retained Earnings. O transfer assets and liabilities to Retained Earnings. O transfer net income (or loss) and Dividends to Retained Earnings O close permanent and temporary accounts
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $39, 300 9 ,300 7,200 23,500 3,400 2,200 19,100 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice o Increase of $16,600 Increase of $15,600
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances of temporary accounts to retained earnings; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. - None of the answers given are correct OC. Transfer the balances of temporary accounts to common stock; reduce the balances of the asset and liability accounts to zero to prepare them for measuring activity in the next period....
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