Question 1

Match each journal entry that follows as one of the types of journal entries (a-c)  below.
-

Accepted Answer

A)  Journal entries
B)  Adjusting journal entries
C)  Closing journal entriesD) A) and B)
E) A) and C)

Question 2

It is not necessary to post the closing entries to the general ledger.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

Accepted Answer

A)  analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
B)  prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
C)  analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance
D)  prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entriesE) C) and D)
F) A) and B)

Question 4

Accumulated Depreciation is a permanent account.

Accepted Answer

A) True 
 B)False

Question 5

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Accepted Answer

A)  verify that the debits and credits are in balance
B)  verify that the net income correctly flows into the statement of owner's equity from the income statement
C)  verify that the net income (loss)  is correct for the period
D)  verify the correct flow of accounts into the financial statementsE) None of the above
F) C) and D)

Question 6

Use the following end-of-period spreadsheet to answer the questions that follow.
​
​
  ​
-Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

Accepted Answer

A)  debit to C. Finley, Capital for $155,000
B)  debit to C. Finley, Capital for $50,000
C)  credit to C. Finley, Capital for $50,000
D)  credit to C. Finley, Capital for $155,000E) None of the above
F) C) and D)

Question 7

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Accepted Answer

A) True 
 B)False

Question 8

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.​

Accepted Answer

The answer of On the basis of the following information...

Question 9

Notes receivable due in 390 days appear on the

Accepted Answer

A)  balance sheet in the current assets section
B)  balance sheet in the noncurrent assets section
C)  balance sheet in the current liabilities section
D)  income statement as an expenseE) B) and C)
F) B) and D)

Question 10

The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet 
(work sheet).Indicate whether each balance would flow to 
(a)the income statement,
(b)the statement of owner's equity,or 
(c)the balance sheet.​
1.Accounts Payable
2.Dobson,Drawing
3.Depreciation Expense
4.Accumulated Depreciation
5.Fees Earned
6.Unearned Fees
7.Supplies
8.Supplies Expense

Accepted Answer

1.Balance sheet
2.Statement of...

Question 11

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Accepted Answer

The answer of Complete the following end-of-period spreadsheet for Danilo...

Question 12

The balance in the capital account on the worksheet will equal the amount presented in the balance sheet.

Accepted Answer

A) True 
 B)False

Question 13

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

Accepted Answer

A) True 
 B)False

Question 14

Kirk Enterprises offers rug cleaning services to business clients.Below are the adjustments data for the year ended July 31.Using this information along with the spreadsheet below,record the adjusting entries in proper general journal form.Adjustments:
(a) The equipment is estimated to last for five years with no salvage value.The asset will be depreciated evenly over its useful life.Record one month's depreciation.
(b) Accrued wages,$2.
(c) Unused supplies on hand,$8.
(d) Of the unearned revenue,75% has been earned.
(e) Unexpired insurance remaining at the end of the month,$9.​

Accepted Answer

The answer of Kirk Enterprises offers rug cleaning services to...

Question 15

Net income is closed to the owner's capital account.

Accepted Answer

A) True 
 B)False

Question 16

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​  Prepare the entry required to close the drawing account at the end of the period.

Accepted Answer

The answer of Robert Evans owns a business,Beachside Realty,that rents...

Question 17

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

Accepted Answer

A)  post-closing, unadjusted, adjusted
B)  unadjusted, post-closing, adjusted
C)  unadjusted, adjusted, post-closing
D)  post-closing, adjusted, unadjustedE) C) and D)
F) None of the above

Question 18

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.​

Accepted Answer

The answer of The following adjusted trial balance is the...

Question 19

Closing entries

Accepted Answer

A)  need not be journalized if adjusting entries are prepared
B)  need not be posted if the financial statements are prepared from the work sheet
C)  are not needed if adjusting entries are prepared
D)  must be journalized and postedE) None of the above
F) A) and B)

Question 20

The balance sheet should be prepared

Accepted Answer

A)  before the income statement and the statement of owner's equity
B)  before the income statement and after the statement of owner's equity
C)  after the income statement and the statement of owner's equity
D)  after the income statement and before the statement of owner's equityE) A) and C)
F) A) and B)

Exam 4: Completing the Accounting Cycle

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

Correct Answer
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The balance in the capital account on the worksheet will equal the amount presented in the balance sheet.

Correct Answer
verified

Accumulated Depreciation is a permanent account.

Correct Answer
verified

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Correct Answer
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Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Correct Answer
verified

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

Correct Answer
verified

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Correct Answer
verified

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

Correct Answer
verified

Net income is closed to the owner's capital account.

Correct Answer
verified

Notes receivable due in 390 days appear on the

Correct Answer
verified

The balance sheet should be prepared

Correct Answer
verified

Correct Answer
verified

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Correct Answer
verified

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

Correct Answer
verified

Correct Answer
verified
1.Balance sheet
2.Statement of...
View Answer

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.

Correct Answer
verified

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.

Correct Answer
verified

Closing entries

Correct Answer
verified

It is not necessary to post the closing entries to the general ledger.

Correct Answer
verified

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the drawing account at the end of the period.

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

Correct AnswerverifiedShow Answer

The balance in the capital account on the worksheet will equal the amount presented in the balance sheet.

Correct AnswerverifiedShow Answer

Accumulated Depreciation is a permanent account.

Correct AnswerverifiedShow Answer

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Correct AnswerverifiedShow Answer

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Correct AnswerverifiedShow Answer

The balances of the capital accounts from the Adjusted Trial Balance columns of the work sheet are extended to the Statement of Owner's Equity columns.

Correct AnswerverifiedShow Answer

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Net income is closed to the owner's capital account.

Correct AnswerverifiedShow Answer

Notes receivable due in 390 days appear on the

Correct AnswerverifiedShow Answer

The balance sheet should be prepared

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Correct AnswerverifiedShow Answer

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

Correct AnswerverifiedShow Answer

Correct Answerverified1.Balance sheet2.Statement of...View AnswerShow Answer

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.​

Correct AnswerverifiedShow Answer

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.​

Correct AnswerverifiedShow Answer

Closing entries

Correct AnswerverifiedShow Answer

It is not necessary to post the closing entries to the general ledger.

Correct AnswerverifiedShow Answer

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​ Prepare the entry required to close the drawing account at the end of the period.

Correct AnswerverifiedShow Answer

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The first closing entry would include a

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
1.Balance sheet
2.Statement of...
View Answer

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company.Use these adjusted values to journalize the closing entries for Erik Martin Company.

Correct Answer
verified

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.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the drawing account at the end of the period.

Correct Answer
verified