Homework Answers
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4. Option B Temporary accounts are closed at the end of each accounting period |
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5. Option C Accounts Payable is not a part of closing process |
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6. Option B Dividends and drawings are closed to retained earnings |
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25 What type of accounts are closed each month? real accounts temporary accounts 105 25 Which of the following acco...
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
EXERCISE 5-1 (temporary) and indic ISE 5-1 Classify the following accounts as real (permanent) or nominal...
EXERCISE 5-1 (temporary) and indic ISE 5-1 Classify the following accounts as real (permanent) or nominal rary) and indicate with an X whether the account is closed. Also indicate the al statement in which each account will appear. The Building account is given as an example. Closed Income Statement Real Nominal Yes No Balance Sheet Account Title 0. Example: Building a. Prepaid Insurance b. Accounts Payable c. Wages Payable d. Services Revenue e. Rent Expense f. Supplies Expense g. Accum....
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert...
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N) 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 10. Interest income 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end...
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end of the accounting period to retained earnings. b. Asset, liability, and stockholders' equity accounts are referred to as permanent accounts. c. Adjusting entries are necessary when cash flow and the economic transaction occur in the same accounting period d. Revenue, expense, and dividend accounts are described as temporary accounts. e. Closing entries prepare accounting records for the next accounting period. At the end of...
Question 6 When closing the following accounts, the balance is transferred to Equipment Sales ✓ [...
Question 6 When closing the following accounts, the balance is transferred to Equipment Sales ✓ [ Choose] The account is not closed Revenues Expenses Liabilities Assets Retained Earnings Capital Stock Accounts Payable Dividends [Choose) Retained Earnings [Choose ] .
MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the...
MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N). over 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense 10. Interest...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780 17,190 7,710 Supplies 39,800 Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue Capital Stock 3,700 2,260 19,720 21,400 Retained Earnings Dividends 13,300 Commission Revenue 59,300 Rent Revenue 6,100 Depreciation Expense Utilities Expense 7,800 9,300 5,500 Supplies Expense Total $122,380 $122,380 The president of Hill Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable 16,040 Supplies 9,930 41,800 Equipment Accumulated Depreciation $8,900 Accounts Payable Deferred Rent Revenue 3,380 1,970 32,430 23,200 Capital Stock Retained Earnings Dividends 16,200 Commission Revenue 57,400 5,200 Rent Revenue Depreciation Expense 6,800 Utilities Expense 9,500 Supplies Expense 5,100 Total $132,480 $ 132,480 The president of Rivera Company has asked you to close the books (prepare and process the closing entries). Required: After the closing...
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
EXERCISE 5-1 (temporary) and indic ISE 5-1 Classify the following accounts as real (permanent) or nominal rary) and indicate with an X whether the account is closed. Also indicate the al statement in which each account will appear. The Building account is given as an example. Closed Income Statement Real Nominal Yes No Balance Sheet Account Title 0. Example: Building a. Prepaid Insurance b. Accounts Payable c. Wages Payable d. Services Revenue e. Rent Expense f. Supplies Expense g. Accum....
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N) 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 10. Interest income 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense
Question 6 When closing the following accounts, the balance is transferred to Equipment Sales ✓ [ Choose] The account is not closed Revenues Expenses Liabilities Assets Retained Earnings Capital Stock Accounts Payable Dividends [Choose) Retained Earnings [Choose ] .
MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N). over 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense 10. Interest...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780 17,190 7,710 Supplies 39,800 Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue Capital Stock 3,700 2,260 19,720 21,400 Retained Earnings Dividends 13,300 Commission Revenue 59,300 Rent Revenue 6,100 Depreciation Expense Utilities Expense 7,800 9,300 5,500 Supplies Expense Total $122,380 $122,380 The president of Hill Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable 16,040 Supplies 9,930 41,800 Equipment Accumulated Depreciation $8,900 Accounts Payable Deferred Rent Revenue 3,380 1,970 32,430 23,200 Capital Stock Retained Earnings Dividends 16,200 Commission Revenue 57,400 5,200 Rent Revenue Depreciation Expense 6,800 Utilities Expense 9,500 Supplies Expense 5,100 Total $132,480 $ 132,480 The president of Rivera Company has asked you to close the books (prepare and process the closing entries). Required: After the closing...
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