3. Match each term related to closing entries with its description. 1. Closing entries 2. Permanent accounts 3. Temporary accounts 4. Post-closing trial balance 5. Adjusted trial balance Match each of the options above to the items below. Revenues, expenses, and dividends. List of permanent accounts and their balances. • Transfer of temporary balances to retained earnings. List of permanent and temporary accounts and their balances. Assets, liabilities, and stockholders ●

3. Match each term related to closing entries with its description. 1. Closing entries 2. Permanent accounts 3. Temporary accounts 4. Post-closing trial balance 5. Adjusted trial balance Match each of the options above to the items below. Revenues, expenses, and dividends. List of permanent accounts and their balances. • Transfer of temporary balances to retained earnings. List of permanent and temporary accounts and their balances. Assets, liabilities, and stockholders ●

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 18PB: From the following Company Z adjusted trial balance, prepare simple financial statements, as...

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Similar questions

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. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are credited in the closing entries? Why?
A: Journalize the transactions and the closing entries for net income and dividends
Listed below are nine technical terms used in this chapter:Liquidity Nominal accounts Real accountsAdequate disclosure After-closing trial balance Closing entriesIncome summary Interim fi nancial statements DividendsEach of the following statements may (or may not) describe one of these technical terms. For eachstatement, indicate the accounting term described, or answer “None” if the statement does notdescribe any of the items.a. The accounting principle intended to assist users in interpreting financial statements.b. A term used to describe a company’s ability to pay its obligations as they come due.c. A term used in reference to accounts that are closed at year-end.d. A term used in reference to accounts that are not closed at year-end. e. A document prepared to assist management in detecting whether any errors occurred in post-ing the closing entries. f. A policy decision by a corporation to distribute a portion of its income to stockholders.g. The process by which the Retained…
Journalize the transactions and prepare the necessary closing entries for net income and dividends
Liabilities are: a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles c. obligations arising from past transactions and payable in assets or services in the future. d. obligations to transfer ownership shares to other entities in the future.
Requirement: a) Journalize the transactions and the closing entry for net income
Which set of accounts has the same type of normal balance?A. Cash, accounts payableB. Prepaid rent, unearned service revenueC. Dividends, common stockD. Accounts payable, retained earnings
A trial balance can best be explained as a list of a. The income statement accounts used to calculate net income. b. Revenue, expense, and dividend accounts used to show the balances of the components of retained earnings. c. The balance sheet accounts used to show the equality of the accounting equation. d. All accounts and their balances at a particular date.
Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent expense and unearned revenueC. prepaid rent and common stockD. unearned service revenue and accounts payable
Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)
Journalize the transactions and the closing entry for net income