Which of the following accounts would not appear in a closing entry? Select one: A. Net...
Which of the following accounts would not appear in a closing entry?
Select one:
A. Net income
B. Depreciation expense
C. Cost of goods sold
D. Inventory
E. Both A and D
Which of the following accounts would not appear in a closing entry?
Select one:
A. Net income
B. Depreciation expense
C. Cost of goods sold
D. Inventory
E. Both A and D
Homework Answers
Option (E) is correct
Both Net income and inventory do not appear in a closing entry. Inventory account is an asset account, so it will not be closed. And net income is transferred to retained earnings by the name of income summary account.
Add Answer to:
Which of the following accounts would not appear in a closing
entry?
Select one:
A. Net...
Which of the following accounts would not appear on the post-closing trial balance? Select one: O...
Which of the following accounts would not appear on the post-closing trial balance? Select one: O A. Cash O B. Inventory O C. Accounts receivable O D. Rent expense
Which of the following accounts would appear on the balance sheet of a company? Select all...
Which of the following accounts would appear on the balance sheet of a company? Select all that apply. Select one or more: a. Salaries expense b. Unearned revenue c. Prepaid expenses d. Accumulated depreciation e. Cash
Which of the following would not be proper in a closing entry? A. Crediting expense accounts...
Which of the following would not be proper in a closing entry? A. Crediting expense accounts Crediting retained earnings for net income Crediting retained earnings for net loss Debiting retained earnings for net loss Debiting revenue accounts E.
Please help Which of the following accounts would show a balance in a post-closing trial balance?...
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
Which of the following would appear on a segmented contribution margin income statement? Select one: A....
Which of the following would appear on a segmented contribution margin income statement? Select one: A. Cost of Goods Sold B. Variable Overhead C. Directly traceable fixed costs D. Sales E. All of the above
« Question 16 of 50 > >> Question 16 2 points Saved Which of the following...
« Question 16 of 50 > >> Question 16 2 points Saved Which of the following accounts would not appear in a closing entry? Interest expense Accumulated depreciation Cost of goods sold Dividends Both B and D
Which of the following will NOT appear in the cash flows from operating activities? Select one: O a. Decrease in Invent...
Which of the following will NOT appear in the cash flows from operating activities? Select one: O a. Decrease in Inventory O b. Depreciation Expense O C. Increase in Accounts Payable d. Gain on Sale of Equipment o e. All of the above would appear in the Operating Section.
Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance?
Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable b. Cash c. Depreciation Expense d. Fees Earned e. Doug Woods, Capital f. Doug Woods, Drawing g. Equipment h. Land i. Salaries Payable j. Unearned Rent k. Wages Expense
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of...
Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of Goods Sold b. Sales Returns and Allowances c. All of these are closed to Income Summary Od Sales e. Inventory
Which of the following accounts would not appear on the post-closing trial balance? Select one: O A. Cash O B. Inventory O C. Accounts receivable O D. Rent expense
Which of the following would not be proper in a closing entry? A. Crediting expense accounts Crediting retained earnings for net income Crediting retained earnings for net loss Debiting retained earnings for net loss Debiting revenue accounts E.
Please help
Which of the following accounts would show a balance in a post-closing trial balance? Select one: O a. Dividends b. Rent Expense C. Sales Revenue d. Accumulated Depreciation e. None of the above X A major purpose of closing entries is to: Select one: o a. zero out the Retained Earnings account b. adjust the asset accounts to their current balances c. transfer the net income and dividends of the period to Retained Earnings d. close out the...
« Question 16 of 50 > >> Question 16 2 points Saved Which of the following accounts would not appear in a closing entry? Interest expense Accumulated depreciation Cost of goods sold Dividends Both B and D
Which of the following will NOT appear in the cash flows from operating activities? Select one: O a. Decrease in Inventory O b. Depreciation Expense O C. Increase in Accounts Payable d. Gain on Sale of Equipment o e. All of the above would appear in the Operating Section.
Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable b. Cash c. Depreciation Expense d. Fees Earned e. Doug Woods, Capital f. Doug Woods, Drawing g. Equipment h. Land i. Salaries Payable j. Unearned Rent k. Wages Expense
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of Goods Sold b. Sales Returns and Allowances c. All of these are closed to Income Summary Od Sales e. Inventory
Most questions answered within 3 hours.
-
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 6 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 1 hour ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 2 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 2 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 2 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 2 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 2 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 2 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 2 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 2 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 2 hours ago -
Directions
These directions introduce the idea of Essential Questions.
Since this may be a new concept...
asked 2 hours ago