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Exam 6: Closing Entries and Teh Postclosing Trial Balance

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Question 41

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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 revenue account(s) at the end of the accounting period.

A)
Fees Revenue $ 10,000
Income Summary $ 10,000
B)
R. Gees, Capital $ 10,000
Fees Revenue $ 10,000
C)
Income Summary $ 10,000
Fees Revenue $ 10,000
D)
Fees Revenue $ 10,000
R.Gees, Capital $ 10,000

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

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Question 42

Multiple Choice

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Identify the item below that is NOT one of the steps in an accounting cycle.

A) journalize and post the adjusting entries.
B) prepare invoices for customers.
C) prepare the financial statements.
D) prepare the post-closing trial balance.

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

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Question 43

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Managers often consult financial statements for specific types of information. Indicate whether each of the following items would appear on the income statement, statement of owner's equity, or the balance sheet. Note that an item may appear on more than one statement. The first item is completed as an example.

Entries required to zero the balances of the temporary accounts at the end of the year are called:

Trial balances are prepared in a certain order. Given the choices below, which one depicts the trial balances in the correct order in which they would be prepared?

Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the owner's capital account (account number 301)in the general ledger and record the December 1, 2019, balance of $64,000 shown on the worksheet. Journalize the closing entries on page 8 of a general journal. Post the closing entries to the owner's capital account. Prepare a post-closing trial balance.

The Income Summary and Karen Randall, Capital accounts for Randall Printing Company at the end of its accounting period follow. Complete the following statements. A. Total revenue for the period is ________. B. Total expenses for the period are ________. C. Net income (loss)for the period is ________. D. Owner's withdrawals for the period are ________.

The entry to close the Depreciation Expense account may include a debit to:

After the closing entries are posted, the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.

Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period?

The postclosing trial balance lists only the ________, and accounts.

Which of the following accounts is a permanent account?

The Ending Capital balance would appear on all of the following except the:

The owner's drawing account is closed by:

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

What is the amount that ABC Consulting would report as the ending balance in the B. Conway, Capital account at the end of the year?

Identify the accounts below that are ALL permanent accounts.

The entry to close an expense account requires a credit to the Income Summary account.

One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

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.