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Exam 4: Completing the Accounting Cycle

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Question 61

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Land is an example of a plant asset.

A) True
B) False

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Question 62

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On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30, journalize the closing entries for Perez Roofing Company.

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Question 63

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The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:

The end-of-period spreadsheet

The classified balance sheet will show which liability subsections?

After analyzing transactions, the next step would be to post the transactions in the ledger.

Of the following steps of the accounting cycle, which step should be completed first?

A work sheet heading is dated for a period of time.

Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. The entry required to close the expense accounts at the end of the period includes a:

Since the adjustments are entered on the work sheet, it is not necessary to record them in the journal or post them to the ledger.

Match each journal entry that follows as one of the types of journal entries a-c) below. -Income Summary 650 Retained Earnings 650

Which of the items below does not appear on the end-of-period spreadsheet?

The retained earnings statement begins with the beginning balance followed by

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

The accounting cycle requires three trial balances be done. In what order should they be prepared?

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. -Determine the current assets.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. $\begin{array}{|l|l|l|}\hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & 1,500 & \\\hline \text { Accounts Receivable } & 2,000 & \\\hline \text { Interest Receivable } & 100 & \\\hline \text { Prepaid Insurance } & 1,600 & \\\hline \text { Notes Receivable long-term) } & 2,800 & \\\hline \text { Equipment } & 15,000 & \\\hline \text { Accumulated Depreciation } & 3,000 \\\hline \text { A.ccounts Payable } & & 2,400 \\\hline \text { Accrued Expenses Payable } & & 3,920 \\\hline \text { Income Taxes Payable } & & 2,700 \\\hline \text { Unearned Rent Fees } & & 500 \\\hline \text { Common Stock } & & 5,000 \\\hline \text { Retained Earnings } & & 2,700 \\\hline \text { Dividends } & 2,000 & \\\hline \text { Rent Fees Earned } & & 37,000 \\\hline \text { Furniture Rental Revenue } & & 1,200 \\\hline \text { Interest Revenue } & & 100 \\\hline \text { Wages Expense } & 19,000 & \\\hline \text { Depreciation Expense } & 1,800 & \\\hline \text { Utilities Expense } & 320 & \\\hline \text { Insurance Expense } & 700 & \\\hline \text { Maintenance Expense } & 9,000 & \\\hline \text { Income Tax Expense } & 2,700 & \\\hline & 58,520 & 58,520 \\\hline\end{array}$ Prepare the entry required to close the expense accounts at the end of the period.

Which of the following is not an essential part of the accounting records?

The following balance sheet contains errors. a) List the errors in the balance sheet above and b) prepare a corrected balance sheet.