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Exam 4: Completing the Accounting Cycle

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Question 101

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Real accounts are permanent accounts.

A) True
B) False

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Question 102

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

A) Fees Earned
B) Supplies Expense
C) Dividends
D) Unearned Rent

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

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Question 103

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After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet, the difference between the initial totals of the Balance Sheet debit and credit columns is net income or net loss.

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.

The chart of accounts, the journal, and the ledger are essential parts of the accounting system.

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Determine the current assets.

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

After the accounts were adjusted at January 31, 2010, the end of the fiscal year, the following balances were taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock. The following is the work sheet for the company at the end of the first year in business. Marcus Enterprises Work Sheet For the Year Ended December 31, 2011 Prepare an income statement, retained earnings statement, and classified balance sheet for Marcus Enterprises for the year ended December 31, 2011.

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 $85,300, respectively. What is the amount of the net income or net loss for the period?

Hakik Enterprises offers rug cleaning services to business clients. Below is the work sheet containing the trial balance for the month ended July 31, 2012. Journalize adjusting entries based on the work sheet trial balance and the adjustment data provided below. a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation. b) Accrued wages, $2. c) Unused supplies on hand, $8. d) Of the unearned revenue, 75% has been earned. e) Unexpired insurance remaining at the end of the month, $9

Journalizing and posting closing entries must be completed before financial statements can be prepared.

The classified balance sheet will subsection the assets as follows

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