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Exam 4: Completing the Accounting Cycle

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Question 101

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The drawing account is a temporary account.

A) True
B) False

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Question 102

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

A) True
B) False

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Question 103

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Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry required to close the expense accounts at the end of the period.

Net income is shown on the work sheet in the Income Statement debit column and the Balance Sheet credit column.

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Prior to adjustment at August 31, 2014, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $7,200.

Which of the following accounts ordinarily appears in the post-closing trial balance?

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

Since the adjustments are entered on the work sheet, it is necessary to record them in the journal or post them to the ledger.

Use the following worksheet to answer the following questions. Based on the preceding trial balance, the ending balance in C. Finley, Capital is:

The post-closing trial balance differs from the adjusted trial balance in that it

The income statement is prepared from the adjusted trial balance or the income statement columns on the work sheet.

The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $67,520. What does this information mean to the accountant?

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine the total liabilities for the period.