16. Which of the following accounts should be closed to Income Summary? a. Accumulated Depreciation b. Supplies Expense c. Prepaid Expenses d. Drawings 17. Which of the following accounts ordinarily appears in the post-closing trial balance? a. Salaries Expense b. Supplies Expense c. Accumulated Depreciation d. Fees Earned

16. Which of the following accounts should be closed to Income Summary? a. Accumulated Depreciation b. Supplies Expense c. Prepaid Expenses d. Drawings 17. Which of the following accounts ordinarily appears in the post-closing trial balance? a. Salaries Expense b. Supplies Expense c. Accumulated Depreciation d. Fees Earned

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Description: this multiple choice questions from ACCOUNTING PRINCIPLES II need the final answer. 16. Which of the following accounts should be closed to Income Summary?a. Accumulated Depreciation b. Supplies Expensec. Prepaid Expensesd. Drawings17. Which of the f

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 16PA: From the following Company R adjusted trial balance, prepare the following: A. Income Statement B....

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Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
Which of these is the first step in the closing process? (a) Close revenue account(s). (b) Close expense accounts. (c) Close the Income Summary account. (d) Close the drawing account.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividends
Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividends
Which of these accounts is included in the post-closing trial balance? A. Supplies Expense B. Accounts Payable C. Sales Revenue D. Insurance Expense
Assume that the first two closing entries have been made and posted. Use the T-accounts provided below to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Recognition Historical cost Current value Cash basis Accrual basis Revenues Revenue recognition principle Matching principle Expenses Adjusting entries Straight-line method Contra account Deferral Deferred expense Deferred revenue Accrual Accrued liability Accrued asset Accounting cycle Work sheet Real accounts Nominal accounts Closing entries Interim statements A device used at the end of the period to gather the information needed to prepare financial statements without actually recording and posting adjusting entries. Inflows of assets or settlements of liabilities from delivering or producing goods, rendering services, or conducting other activities. Journal entries made at the end of a period by a company using the accrual basis of accounting. Journal entries made at the end of the period to return the balance in all nominal accounts to zero and transfer the net income or loss and the dividends to Retained Earnings. A liability resulting from the receipt of cash before the recognition of revenue. The name given to balance sheet accounts because they are permanent and are not closed at the end of the period. An asset resulting from the recognition of a revenue before the receipt of cash. The amount of cash or its equivalent that could be received by selling an asset currently. The assignment of an equal amount of depreciation to each period. Cash has been paid or received but expense or revenue has not yet been recognized. A system of accounting in which revenues are recognized when a performance obligation is satisfied and expenses are recognized when incurred. Cash has not yet been paid or received but expense has been incurred or revenue recognized. Financial statements prepared monthly, quarterly, or at other intervals less than a year in duration. Revenues are recognized in the income statement when a performance obligation is satisfied. The process of recording an item in the financial statements as an asset, a liability, a revenue, an expense, or the like. An asset resulting from the payment of cash before the incurrence of expense. The name given to revenue, expense, and dividend accounts because they are temporary and are closed at the end of the period. A system of accounting in which revenues are recognized when cash is received and expenses are recognized when cash is paid. A liability resulting from the recognition of an expense before the payment of cash. The association of revenue of a period with all of the costs necessary to generate that revenue. An account with a balance that is opposite that of a related account. The amount paid for an asset and used as a basis for recognizing it on the balance sheet and carrying it on later balance sheets. Outflows of assets or incurrences of liabilities resulting from delivering goods, rendering services, or carrying out other activities. A series of steps performed each period and culminating with the preparation of a set of financial statements.
From the following Company R adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simpleâ€”unclassified) D. Closing journal entries E. Post-Closing Trial Balance
Which of these accounts would not be present in the closing entries? A. Utilities Expense B. Fees Earned Revenue C. Insurance Expense D. Dividends Payable
Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payable
If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income Summary