I CHAPTER 7 | WORKSHEET AND FINANCIAL STATEMENTS. Which of the following are all temporary accounts?liabilities, revenues, and expensesa.b. revenues, expenses, and withdrawalsc. revenues, expenses, and capitald. assets, revenues, and withdrawals10. The income summary account is closed to the:a. cash accountb. withdrawals accountC. service revenue accountd. capital account11. The balance in the capital account after all closing entries have been posted is:a. equal to net income or loss for the periodb. the same as the balance of the account on the worksheetc. always more than the balance of the account on the worksheetd. the balance that will appear on the balance sheet12. The accounts which appear on a post-closing trial balance are:a. assets, liabilities, withdrawals, and revenuesb. revenues, expenses, and capitalC. assets, liabilities, and expensesd. assets, liabilities, and capital13. Revenues, expenses, and withdrawals would not appear on a(n):a. post-closing trial balanceb. adjusted trial balancec. unadjusted trial balanced. worksheet14. Which of the following accounts are closed to the owner's capital account?a, revenues and expensesb. the owner's withdrawals account and expensesC. income summary and the owner's withdrawals accountd. revenues, expenses, and the owner's withdrawals account

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Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

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Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

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Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.
Brief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.
Multiple choice: 1. Which of the following are the all temporary accounts? A. Liabilities, revenues and expenses B. Revenues, expenses and withdrawals C. Revenues, expenses and capital D. Assets, revenues and withdrawals 2. The income summary account is closed to the: A. Cash account B. Withdrawals account C. Service revenue account D. Capital account
Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities Expens
1) Which of the following sequences of documents or records describes the proper sequence inthe accounting cycle?a. Source documents, journal, ledger, work sheet, financial statementsb. Source documents, work sheet, journal, ledger, financial statementsc. Source documents, ledger, journal, work sheet, financial statementsd. Work sheet, source documents, financial statements, ledger, journale. Financial statements, journal, ledger, source documents, work sheet 2) Identify all temporary accountsa. Liabilities, revenue, and expensesb. Revenue, liabilities, and the owner's Drawingc. Assets, liabilities, and owner's Drawingd. Revenue, expenses, and the Owner's Drawinge. Liabilities and assets 3) If Nemo’s Company total revenue for the year was $48,000 and total expenses were $40,000,the third closing entry would be:a. Debit Income Summary; credit Nemo’s, Capital.b. Debit Nemo’s, Capital; credit Income Summary.c. Debit Income Summary; credit Income from Services.d. Debit Income from…
17.Which of the following accounts might be placed first in a proper journal entry? a Cash, when it has been decreased. b Interest Revenue, when it has been increased. c Unearned Revenue, when it has been increased d Accounts Payable, when it has been decreased.
35) Which of the following account is used to transfer the debit balances in the expense accounts and contra-revenue accounts under the closing process of a business? a. Adjusting entry b. Income summary c. None d. Income statement
43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilities
Choose from the following list of terms/phrases to best complete the statements below. a. Temporary c. One or more e. Zero balances b. Permanent d. One f. Income Summary 1. accounts generally consist of all balance sheet accounts, and these accounts are not closed. 2. Permanent accounts report on activities related to future accounting periods, and they carry their ending balances into the next period. 3. Temporary accounts accumulate data related to accounting period. 4. accounts include all income statement accounts, the withdrawals account, and the Income Summary account.
9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.
2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14…

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. Which of the following are all temporary accounts?. liabilities, revenues, and expenses a. b. revenues, expenses, and withdrawals c. revenues, expenses, and capital d. assets, revenues, and withdrawals