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Exam 6: Closing Entries and the Postclosing Trial Balance

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Question 41

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The postclosing trial balance lists only the asset, ____________________, and owner's capital accounts.

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Question 42

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Data for the closing entries is taken from the ____________________ section of the worksheet.

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Question 43

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The balance of the Income Summary account is transferred to the ____________________ account.

After all the closing entries are posted, the ____________________ account reflects the results of operations for the period.

One purpose of closing entries is to give zero balances to

The ____________________ trial balance is prepared to make sure that the general ledger is in balance after adjusting and closing entries have been recorded and posted.

The adjusted ledger accounts of Miraldi Landscaping Design on December 31, 2013, appear as follows. All accounts have normal balances and adjusting entries have been made. Extend the balances to the Balance Sheet and Income Statement columns of the worksheet. Then, journalize the closing entries on page 12 of a general journal.

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

A compound entry in the general journal is made to close expense accounts.

Which of the following accounts would not be involved in any of the closing entries?

The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account.

The Income Summary and Meryl Sussman, Capital accounts for Sussman Interior Design Services 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 transfer a net loss to the owner's capital account would include a debit to

The first step in the closing process is to close

Information in the financial statements provides answers to many questions, including:

Which of the following accounts will not normally have a zero balance after the closing entries have been posted?

From the following list identify the accounts that will appear on the postclosing trial balance by placing an X before those accounts. A. Accounts Payable B. Accounts Receivable C. Accumulated Depreciation D. Cash E. Depreciation Expense F. Equipment G. Fees Income H. Allie Lee, Capital I. Allie Lee, Drawing J. Salaries Expense K. Supplies L. Supplies Expense M. Utilities Expense

The Income Summary account is classified as a(n) ____________________ owner's equity account.

Which of the following statements is not correct?

The final closing entry transfers the balance of the ____________________ account to the owner's capital account.