Answered: 1. Using a spreadsheet with the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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1. Using a spreadsheet with the indirect method, entry (a) records net income as the first item on the spreadsheet in the Operating Activities section, with the corresponding entry as a

debit to Retained Earnings.
credit to Retained Earnings.
credit to Income Summary.
debit to Cash.

2. As you complete the spreadsheet to account for all the changes in the noncash accounts that occurred during the current period, you are

constructing entries that will need to be journalized and posted when the spreadsheet is complete.
reconstructing the journal entries that caused the changes in the noncash accounts.
undoing the journal entries that caused the changes in the noncash accounts.
doing none of these choices.

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