DB 3- What types of accounts are closed at the end of the accounting year? What...
1. Which of the following types of accounts is closed at the end of an accounting cycle? A) Dividends B) Assets C) Liabilities D) Common Stock 2. Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period? A) Equal to the amount of retained earnings for the previous period B) Last period's ending balance C) Higher than the previous period’s beginning balance D) Zero
1. What types of accounts should be closed at the end of the period? What are the closing processes? 2. Based on the following trial balance for XYZ company, prepare the income statement XYZ Partial Trial Balance December 31 Dividends 36,000 Revenue earned 72,000 Supplies expense 3,425 Rent expense 6,000 Wages expense 22,000 *Answer these Questions * No hand Writing or Pics
Which of the following accounts is not closed out at the end of the accounting period?a. Wages Expenseb. Accounts Receivablec. Bank Charges Expensed. Drawings
15. Which of the following accounts is not closed at the end of the accounting period? Retained Earnings b. Operating Expenses c. Dividends d. Service Revenue
Explain the process of closing the books. What are permanent accounts and are they closed in the closing process? Why or why not?
All of the following accounts must be closed at the end of the accounting period except: Service Revenue Unearned (deferred) revenue Dividends Utilities Expense
At the end of the accounting period, the balances of which types of accounts are carried over to the next accounting period? revenue, liability, and dividend asset, expense, and dividend O revenue, expense, and dividend asset, liability, and stockholders' equity
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $787,365 and Allowance for Doubtful Accounts has a balance of $20,575. What is the net realizable value of the accounts receivable? a.$787,365 b.$807,940 c.$766,790 d.$20,575 **Please show step-by-step of the problem solved**
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary will be closed to Retained Earnings at the end of the year) and which are permanent: (1) Other Operating Expenses (2) Utilities Expense (3) Retained Earnings (4) Salaries Expense (5) Land (6) Dividends (7) Service Revenue (8) Cash (9) Salaries Payable (10) Common Stock
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Owner's Capital has a balance of $115,000, and Owner's Drawings has a balance of $48,000. No new owner investments were made during the year. Journalize the entries required to complete the closing of the accounts.Prepare an owner's equity statement for the year ended December...