Homework Answers
A. Transfer the balances temporary accounts (revenues, expenses and dividends) to retained earnings.
Closing Process;
All the revenues and expenses are transferred income statement, net balance (i.e income or loss) will be transferred to retained earnings.
Dividends are debited to retained earnings.
Storing all source documents is not closing process.
Recording external events for the period is done through out the year.
Recording activities that have occured but that have not been recorded by the end of the accounting period is called recording adjusting entries.
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Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Closing entries are Multiple Choice Mode to record events that occurred during the period but have...
Closing entries are Multiple Choice Mode to record events that occurred during the period but have not yet been recorded O Made to transfer the balances of temporary accounts to retained earnings. O Made to transfer the balances of permanent accounts to retained earnings. O Optional O
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....
The End of the Accounting Cycle – the closing process: The accounts and balances from the...
The End of the Accounting Cycle – the closing process: The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account: Amount: Cash...
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...
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary...
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
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...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account:...
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained...
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained earnings Service revenue Interest revenue Salaries expense Operating expense Interest expense Dividends $16,800 21,750 1,880 12,300 3,450 980 2,780 Print After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16.800. $23.700 $21,000 $26.400 < Prey 14 of 19 !!! Next >
Which of the following is not a characteristic of adjusting entries? Multiple Choice Allow for proper...
Which of the following is not a characteristic of adjusting entries? Multiple Choice Allow for proper recognition of revenues and expenses. Are recorded at the end of the accounting period. О O Reduce the balances of revenue, expense, and dividend accounts to zero. Are part of accrual-basis accounting.
6. Which of the following presents key aspects of the process of accounting in the correct...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
Closing entries are Multiple Choice Mode to record events that occurred during the period but have not yet been recorded O Made to transfer the balances of temporary accounts to retained earnings. O Made to transfer the balances of permanent accounts to retained earnings. O Optional O
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....
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...
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
14 Prior to closing the accounts, Syracuse Company's accounting records showed the following balances Ask Retained earnings Service revenue Interest revenue Salaries expense Operating expense Interest expense Dividends $16,800 21,750 1,880 12,300 3,450 980 2,780 Print After closing the accounts, Syracuse's retained earnings balance would be Multiple Choice $16.800. $23.700 $21,000 $26.400 < Prey 14 of 19 !!! Next >
Which of the following is not a characteristic of adjusting entries? Multiple Choice Allow for proper recognition of revenues and expenses. Are recorded at the end of the accounting period. О O Reduce the balances of revenue, expense, and dividend accounts to zero. Are part of accrual-basis accounting.
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
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