Homework Answers
answer b. are prepared to bring temporary accounts to zero at the year-end
explanation: at the year end temporary account and permanent accounts remained. Temporary accounts are the accounts which remains open during the year like revenue account and expenditure accounts whereas permanent accounts are accounts which belongs to multiple period. Like accounts the balances in balance sheet. At the year end the closing entries are transferred to permanent account and closing entries balance reset zero. so closing entries are the temporary accounts at the year-end.
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5. Closing journal entries: a. Are prepared to bring permanent accounts to zero at year-end. b....
Requirement a. Journalize the transactions for the year. Requirement b. Post the journal entries to t-accounts....
Requirement a. Journalize the transactions for
the year.
Requirement b. Post the journal entries to
t-accounts. Use the dates as posting references for the journal
entries to post each entry to the relevant accounts, then compute
the unadjusted balance of each account. Label the unadjusted
balances with Unadj.. Bal. (For accounts with a $0 ending
balance, select "Unadj. Bal." and enter "0" on the normal balance
side of the t-account.) Review the journal entries prepared in
Requirement a.
Requirement c....
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts....
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
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...
Question 11 1.5 pts A post-closing trial balance should be prepared before closing entries are posted...
Question 11 1.5 pts A post-closing trial balance should be prepared before closing entries are posted to the ledger accounts. after closing entries are posted to the ledger accounts. only it an error in the accounts its is detected before adjusting entries are posted to the ledger accounts. Next- Qui saved at 9:29pm Submit Quilt MacBook Pro Q Search or enter website name % + 3 $ 4 5 6 7 8 9 0 0 W E R T Y...
closing entries transfer the balances of temporary accounts to the: a. owner’s capital account b. balance...
closing entries transfer the balances of temporary accounts to the: a. owner’s capital account b. balance sheet and income statements c. cash flow statement d. net income balance
Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the...
Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the closing entries are posted, what is the ending balance in the Retained Earnings account? c. Prepare a post-closing trial balance. A.)Balance Sheet and Net Income At the beginning of 2015, Flynn's Parking Lots had the following balance sheet: Liabilities Accounts payable... $12,000 Assets Cash... Accounts receivable. Land.. $ 4,800 14,700 67,000 Stockholders' Equity Common stock. .. Retained earnings Total Liabilities and Stockholders' Equity... 27,000...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 34,000 Prepaid selling expenses 6,400 Dividends 41,000 Sales $ 561,000 Sales returns and allowances 19,100 Sales discounts 5,800 Cost of goods sold 228,000 Sales salaries expense 56,000 Utilities expense 19,000 Selling expenses...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a d...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial...
Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial statements Prepare the post-closing trial balance Record the transactions in the journal Record the adjusting journal entries in the journal Select the remaining steps, in the order in which they must be completed, to finish Master Minds Consulting's accounting cycle for the month of January. Remaining steps to complete the accounting cycle for January E @ @ (4) L
Why are adjusting entries necessary? To close nominal accounts at year end. To close permanent accounts...
Why are adjusting entries necessary? To close nominal accounts at year end. To close permanent accounts at year end. To ensure that all revenue and expenses are recorded. To force debits credits to be equal.
Requirement a. Journalize the transactions for
the year.
Requirement b. Post the journal entries to
t-accounts. Use the dates as posting references for the journal
entries to post each entry to the relevant accounts, then compute
the unadjusted balance of each account. Label the unadjusted
balances with Unadj.. Bal. (For accounts with a $0 ending
balance, select "Unadj. Bal." and enter "0" on the normal balance
side of the t-account.) Review the journal entries prepared in
Requirement a.
Requirement c....
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
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...
Question 11 1.5 pts A post-closing trial balance should be prepared before closing entries are posted to the ledger accounts. after closing entries are posted to the ledger accounts. only it an error in the accounts its is detected before adjusting entries are posted to the ledger accounts. Next- Qui saved at 9:29pm Submit Quilt MacBook Pro Q Search or enter website name % + 3 $ 4 5 6 7 8 9 0 0 W E R T Y...
Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the closing entries are posted, what is the ending balance in the Retained Earnings account? c. Prepare a post-closing trial balance. A.)Balance Sheet and Net Income At the beginning of 2015, Flynn's Parking Lots had the following balance sheet: Liabilities Accounts payable... $12,000 Assets Cash... Accounts receivable. Land.. $ 4,800 14,700 67,000 Stockholders' Equity Common stock. .. Retained earnings Total Liabilities and Stockholders' Equity... 27,000...
4) After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A) Debit Owner Capital $33,000; credit Income Summary $33,000. B) Debit Owner Withdrawals $33,000; credit Income Summary $33,000. C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000. D) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000. E) Debit Income Summary $33,000; credit Owner Capital $33,000 5) Which of...
Close the permanent accounts Close the temporary accounts Prepare the adjusted trial balance Prepare the financial statements Prepare the post-closing trial balance Record the transactions in the journal Record the adjusting journal entries in the journal Select the remaining steps, in the order in which they must be completed, to finish Master Minds Consulting's accounting cycle for the month of January. Remaining steps to complete the accounting cycle for January E @ @ (4) L
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