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Exam 12: Completion of the Accounting Cycle for a Merchandise Company

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Question 31

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The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory is:

A) the Cost of Goods Sold.
B) net purchases + beginning merchandise inventory.
C) the ending inventory.
D) the beginning inventory.

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

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Question 32

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For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - $\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column } 3 & \text { Column } 4 \\\hline \text { Sales Discounts } & & & & \\\hline\end{array}$

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Question 33

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Which amount is directly found on the worksheet?

After the closing entries have been posted:

An item that can be converted into cash or used up during the normal operating cycle is:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - $\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Sales Returns } & & & & \\\text { and Allowances } & & & & \\\hline\end{array}$

Identify the category(s)of each of the accounts below. Current Asset Plant and Equipment Current Liabilities Long-Term Liabilities

In which section does Interest Revenue appear in the Income Statement?

The entry to close the Freight-In account will include which of the following?

Other Expense is used to record:

Determine the ending Capital amount of a business having: Beginning Capital amount of $20,000 Withdrawals of $ 2,500 Net sales of $200,000 Net purchases of $80,000 Freight-in of $2,000 Beginning inventory of $6,000 Ending inventory of $7,000 Operating expenses of $ 30,000 $ ________

Not all adjusting entries can be reversed.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - $\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column } 4 \\\hline \text { Wages Payable } & & & & \\\hline\end{array}$

The reversing entry for Salaries is:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - $\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Purchases } & & & & \\\text { Discounts } & & & & \\\hline\end{array}$

Closing entries:

The entry to close the Withdrawal account was entered in reverse-the Withdrawal account was debited and Capital credited.This error would cause:

Which of the following accounts will appear on the post-closing trial balance?

Determine the ending inventory of a business having: Beginning Capital $6,000 Net sales of $50,000 Net purchases of $30,500 Freight-in of $2,000 Beginning inventory of $4,000 Ending Capital of $15,000 Operating expenses of $10,000 No additional investments or withdrawals. $ ________

A balance sheet where assets and liabilities are broken down into more detail is called a comprehensive balance sheet.