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Exam 6: Closing Entries and the Postclosing Trial Balance

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Question 31

True/False

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The owner's capital account is closed at the end of each accounting period.

A) True
B) False

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Question 32

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Which of the following accounts will not normally have a zero balance after the closing entries have been posted?

A) Income Summary
B) Fees Income
C) The owner's capital account
D) Rent Expense

E) None of the above
F) B) and C)

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Question 33

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Identify the accounts below that are ALL permanent accounts.

The ____________________ trial balance is prepared to make sure that the general ledger is in balance after adjusting and closing entries have been recorded and posted.

After the worksheet has been completed,the next step in the accounting cycle is to

The balance of the Income Summary account is transferred to the ____________________ account.

The partial worksheet for the Jamison Company showed the following data on October 31,2016.Record the closing entries on page 6 of a general journal.

The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account.

At the end of the accounting period,the balances of the revenue and expense accounts are transferred to the ____________________ account.

The postclosing trial balance contains balance sheet accounts only.

Use the following account balances from the adjusted trial balance of Gees Catering Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.

On December 31,the Income Summary account of Coulter Company has a credit balance of $20,000 after revenue of $89,000 and expenses of $69,000 were closed to the account.Joseph Coulter,Drawing has a debit balance of $3,000 and Joseph Coulter,Capital has a credit balance of $45,000.Record the journal entries necessary to complete closing the accounts.Use 14 as the general journal page number.Then,post the closing entries to the Joseph Coulter,Capital account.

A compound entry in the general journal is made to close expense accounts.

Dorsey Company's partial worksheet for the month ended March 31,2016,is shown below.Open the owner's capital account (account number 301)in the general ledger and record the March 1,2016,balance of $32,000 shown on the worksheet.Journalize the closing entries on page 3 of a general journal.Post the closing entries to the owner's capital account.Prepare a post-closing trial balance.

Identify the accounts below that are ALL classified as temporary accounts.

The entry to transfer a net loss to the owner's capital account would include a debit to

The ____________________ entries transfer the results of operations to owner's equity.

The firm had net income if the entry to close the Income Summary account is recorded as a ____________________ to the owner's capital account.

One purpose of closing entries is to

The entry to close the Depreciation Expense account would include a debit to