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Exam 6: Closing Entries and the Postclosing Trial Balance

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Question 21

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Which of the following accounts would be closed?

A) Accounts Receivable
B) Accumulated Depreciation
C) Supplies Expense
D) Joan Wilson, Capital

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Question 22

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Which of the following accounts is not closed?

A) Cash
B) Fees Income
C) Rent Expense
D) Joan Wilson, Drawing

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Question 23

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A postclosing trial balance could include all of the following except the

Which of the following has a normal credit balance?

On December 31, the ledger of Davis Company contained the following account balances: All the accounts have normal balances. Journalize the closing entries. Use 11 as the general journal page number.

Which of the following statements is correct?

On December 31 the Income Summary account of Cook Company has a debit balance of $18,000 after revenue of $49,000 and expenses of $67,000 were closed to the account. Maria Cook, Drawing has a debit balance of $23,000 and Maria Cook, Capital has a credit balance of $84,000. Record the journal entries necessary to complete closing the accounts. Use 22 as the general journal page number. Then, post the closing entries to the Maria Cook, Capital account.

Which of the following statements is not correct?

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

Withdrawals by the owner for personal use do not affect net income or net loss of the business.

Interpreting the financial statements is the last step in the accounting cycle.

Danos Company's partial worksheet for the month ended December 31, 2013, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the December 1, 2013, 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 postclosing trial balance.

"Income and Expense Summary" is another name for the Income Summary account.

The entry to close the Income Summary account may include

The owner's drawing account is closed by debiting

The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be

The postclosing trial balance contains balance sheet accounts only.

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.

The partial worksheet for the Roberts Company showed the following data on October 31, 2013. Record the closing entries on page 9 of a general journal.

The ____________________ is a series of steps performed during each fiscal period to classify and record transactions and summarize financial data for a business.