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Question 1 (4 points) Each of the following accounts is closed to Retained Earnings except a....
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
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...
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...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal document required by the Canada Revenue Agency. C) formal document required by creditors. D) multicolumn document used by accountants to aid in the preparation of the financial statements. 2) All of the following are listed on a worksheet except: A) a debit and credit column for a statement of owner's equity. B) a debit and credit column for an income statement. C) a debit...
Quick accounting questions! Please answer all thank you! I will rate highly. All accounting systems currently...
Quick accounting questions!
Please answer all thank you! I will rate highly.
All accounting systems currently in use are computerized Select one True False The amounts in the Adjustments Columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one True False If the Balance Sheet columns do not balance, the error is most likely to exist in the Select one or more a Last six columns...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings account at the end of the fiscal year? OA) Rent Expense OB) Fees Earned C) Depreciation Expense OD) All of the above
15) Which account will appear on an After-Closing Trial Balance? A) Prepaid Expenses B) Retained Earnings,...
15) Which account will appear on an After-Closing Trial Balance? A) Prepaid Expenses B) Retained Earnings, at the beginning of the period C) Dividends D) Sales 16) 16) Only two adjustments appear in the adjustments column of a worksheet for Winona Mfg: one to record $8.000 depreciation of factory equipment, and the other to record the use of $1,500 of prepaid insurance. If the Trial Balance column totals are $145,380, what are the totals of the Adjusted Trial Balance columns?...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
14. Which statement is correct? a. AOCI is closed out against Retained Earnings. b. OCI is...
14. Which statement is correct? a. AOCI is closed out against Retained Earnings. b. OCI is closed out against Retained Earnings. c. OCI is closed out against AOCI d. AOCI is closed out against OCI 15. Which of the following statements is correct? a. AOCI is recorded on the parent's separate books b. AOCI is reported on the Consolidated Financial Statements e. Both a and b are correct d. Neither a norb is correct 16. Home Depot makes reference to...
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end...
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end of the accounting period to retained earnings. b. Asset, liability, and stockholders' equity accounts are referred to as permanent accounts. c. Adjusting entries are necessary when cash flow and the economic transaction occur in the same accounting period d. Revenue, expense, and dividend accounts are described as temporary accounts. e. Closing entries prepare accounting records for the next accounting period. At the end of...
Quick accounting questions!
Please answer all thank you! I will rate highly.
All accounting systems currently in use are computerized Select one True False The amounts in the Adjustments Columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one True False If the Balance Sheet columns do not balance, the error is most likely to exist in the Select one or more a Last six columns...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings account at the end of the fiscal year? OA) Rent Expense OB) Fees Earned C) Depreciation Expense OD) All of the above
15) Which account will appear on an After-Closing Trial Balance? A) Prepaid Expenses B) Retained Earnings, at the beginning of the period C) Dividends D) Sales 16) 16) Only two adjustments appear in the adjustments column of a worksheet for Winona Mfg: one to record $8.000 depreciation of factory equipment, and the other to record the use of $1,500 of prepaid insurance. If the Trial Balance column totals are $145,380, what are the totals of the Adjusted Trial Balance columns?...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
14. Which statement is correct? a. AOCI is closed out against Retained Earnings. b. OCI is closed out against Retained Earnings. c. OCI is closed out against AOCI d. AOCI is closed out against OCI 15. Which of the following statements is correct? a. AOCI is recorded on the parent's separate books b. AOCI is reported on the Consolidated Financial Statements e. Both a and b are correct d. Neither a norb is correct 16. Home Depot makes reference to...
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