Homework Answers
Answer: Service Revenue
Service Revenue Account is closed with the Accounting Period by Transfering the service REnuce to Income Summary Account. prepaid expenses , Accumulated Depreciation and Supplies Accounts will continue after Preparation of the financial Statements
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Which account will have a zero balance after closing entries have been journalized and posted? O...
1 Cash is a temporary account and it should be zero after all closing entries have...
1 Cash is a temporary account and it should be zero after all closing entries have been posted. True False 2 The accounting cycle begins at the start of a new accounting period. True False 3 Crane Company has the following year-end account balances on November 30, 2017: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $8,000; Supplies Expense $1,350; L. Wilfrid, Capital $42,000; and L. Wilfrid, Drawings $28,000. Prepare the closing entries. (Credit account titles are automatically indented when...
Verify all ending balances for each specific account after closing entries are journalized and posted. Be...
Verify all ending balances for each specific account after closing entries are journalized and posted. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Bright, Capital Income Summary Dec 31 20,500 39,600 Adj. Bal. Dec. 31 7,600 16,900 Dec. 31 5,700 Dec. 31 9,300 Bal. Dec. 31 9,300 Accounts Receivable Service Revenue Dec. 31 10,200 Dec. 31 17,300 17,300 Adj. Bal. Ball 0 Supplies Expense Bright Withdrawals Adj. Bal. 300 300...
Question 18 0.5 pts Closing entries must be journalized and posted. Which of the following accounts...
Question 18 0.5 pts Closing entries must be journalized and posted. Which of the following accounts will not be closed each year-end? Prepaid Rent All of these accounts will be closed each year-end Interest Expense Salaries and Wages Expense O Service Revenue
Closing entries are journalized and posted . 0 A, before posting the adjusting entries O B....
Closing entries are journalized and posted . 0 A, before posting the adjusting entries O B. after preparing the financial statements ° C. throughout the accounting period O D. after preparing the post-closing trial balance
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
A trial balance prepared after the adjusting and closing entries have been posted, and which is...
A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle, is an Multiple Choice Book of final entry O Agusted trial balance O Work sheet o Unadjusted trial balance O Post-dosing ulat balance
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
After closing entries are posted, the balance in the retained earnings account in the ledger will...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
At Monty Company, the following errors were discovered after the transactions had been journalized and posted....
At Monty Company, the following errors were discovered after the transactions had been journalized and posted. 1. A collection on account from a customer for $800 was recorded as a debit to Cash $800 and a credit to Service Revenue $800. 2. The purchase of store supplies on account for $1,160 was recorded as a debit to Supplies $1,550 and a credit to Accounts Payable $1,550. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered....
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
Verify all ending balances for each specific account after closing entries are journalized and posted. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Bright, Capital Income Summary Dec 31 20,500 39,600 Adj. Bal. Dec. 31 7,600 16,900 Dec. 31 5,700 Dec. 31 9,300 Bal. Dec. 31 9,300 Accounts Receivable Service Revenue Dec. 31 10,200 Dec. 31 17,300 17,300 Adj. Bal. Ball 0 Supplies Expense Bright Withdrawals Adj. Bal. 300 300...
Question 18 0.5 pts Closing entries must be journalized and posted. Which of the following accounts will not be closed each year-end? Prepaid Rent All of these accounts will be closed each year-end Interest Expense Salaries and Wages Expense O Service Revenue
Closing entries are journalized and posted . 0 A, before posting the adjusting entries O B. after preparing the financial statements ° C. throughout the accounting period O D. after preparing the post-closing trial balance
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle, is an Multiple Choice Book of final entry O Agusted trial balance O Work sheet o Unadjusted trial balance O Post-dosing ulat balance
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to the amount of the retained earnings reported on the balance sheet the beginning retained earnings reported on the retained earnings statement zero the net income for the period
At Monty Company, the following errors were discovered after the transactions had been journalized and posted. 1. A collection on account from a customer for $800 was recorded as a debit to Cash $800 and a credit to Service Revenue $800. 2. The purchase of store supplies on account for $1,160 was recorded as a debit to Supplies $1,550 and a credit to Accounts Payable $1,550. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered....
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
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