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Exam 4: The Accounting Cycle

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Question 41

Multiple Choice

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The entry to close the appropriate insurance account at the end of the accounting period is

A) debit Income Summary; credit Prepaid Insurance
B) debit Prepaid Insurance; credit Income Summary
C) debit Insurance Expense; credit Income Summary
D) debit Income Summary; credit Insurance Expense

E) A) and D)
F) None of the above

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Question 42

Multiple Choice

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Use this end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -The entry to close Income Summary would be

A) debit Common Stock, $50,000; credit Income Summary, $50,000
B) debit Income Summary, $155,000; credit Common Stock, $155,000
C) debit Income Summary, $50,000; credit Retained Earnings, $50,000
D) debit Common Stock, $9,000; credit Income Summary, $9,000

E) A) and B)
F) All of the above

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Question 43

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Office Equipment is an example of a current asset account.

The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the Retained Earnings Statement columns.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Income Summary 650 Retained Earnings 650

The current ratio is more useful than working capital in comparing across companies or with industry averages.

On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the four closing entries.

The classified balance sheet will show which asset subsections?

When the end-of-period spreadsheet is complete, the adjustment columns should have

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. ​ Prepare the entry required to close the Dividends account at the end of the period.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. ​ Prepare the entry required to close the expense accounts at the end of the period.

The post-closing trial balance will generally have fewer accounts than the trial balance.

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, mark as n/a. ​ 1. Utilities Payable 2. Utilities Expense 3. Supplies 4. Supplies Expense 5. Fees Earned 6. Unearned Fees 7. Accounts Receivable 8. Dividends 9. Retained Earnings 10. Accumulated Depreciation-Equipment 11. Depreciation Expense-Equipment 12. Equipment 13. Prepaid Insurance 14. Insurance Expense

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

Balance sheet accounts

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: ​ Prepare an income statement.

Closing entries

Closing entries are entered directly on the end-of-period spreadsheet.

Debts listed as current liabilities are those that