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What effect will the following closing entry have on the retained earnings account? What effect will the following closing entry have on the retained earnings account? A) Retained earnings will remain unchanged. B) Retained earnings will decrease by $3,550. C) Retained earnings will increase by $3,550. D) Retained earnings will be transferred to the income statement.


A) Retained earnings will remain unchanged.
B) Retained earnings will decrease by $3,550.
C) Retained earnings will increase by $3,550.
D) Retained earnings will be transferred to the income statement.

E) A) and B)
F) C) and D)

Correct Answer

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The left side of a T-account is the debit side.

A) True
B) False

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The entry to record revenue earned on account includes a debit to accounts receivable and a credit to revenue.

A) True
B) False

Correct Answer

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The following account balances were taken from the adjusted trial balance of Kendall Company: The following account balances were taken from the adjusted trial balance of Kendall Company: What is the Retained Earnings account balance that will be included on the post-closing trial balance? A) $19,900 B) $7,400 C) $2,900 D) $24,400 What is the Retained Earnings account balance that will be included on the post-closing trial balance?


A) $19,900
B) $7,400
C) $2,900
D) $24,400

E) B) and D)
F) B) and C)

Correct Answer

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A transaction has been recorded in the T-accounts of Vernon Company as follows: A transaction has been recorded in the T-accounts of Vernon Company as follows: Which of the following reflects how this event affects the company's financial statements? A) Option A B) Option B C) Option C D) Option D A transaction has been recorded in the T-accounts of Vernon Company as follows: Which of the following reflects how this event affects the company's financial statements? A) Option A B) Option B C) Option C D) Option D Which of the following reflects how this event affects the company's financial statements? A transaction has been recorded in the T-accounts of Vernon Company as follows: Which of the following reflects how this event affects the company's financial statements? A) Option A B) Option B C) Option C D) Option D


A) Option A
B) Option B
C) Option C
D) Option D

E) A) and B)
F) A) and C)

Correct Answer

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Which of the following statements is true?


A) Adjusting entries are recorded after the closing entries have been recorded.
B) Equal totals in a trial balance guarantees that no errors were made in the recording process.
C) Debits are equal to credits only after closing entries have been recorded.
D) The balance in the retained earnings account in the trial balance will equal the retained earnings balance on the balance sheet only after closing entries have been posted to the general ledger.

E) A) and B)
F) A) and C)

Correct Answer

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Assume that a company recorded the following journal entry, with regards to the impact of this journal entry. a)_____ Total claims stay the sameb)_____ Total assets stay the samec)_____ Total liabilities decreased)_____ Cash flows from operating activities increasese)_____ Stockholders' equity stays the same

A) True
B) False

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