Current Which type of account is always debited during the closing process? O Revenue. O Dividends. O Expense. O Retained earnings.
Q: Required: Prepare the closing entries by filling - in the blanks of the following questions:…
A: Closing entries are the journal entries. A closing entry is a journal entry recorded at the end of…
Q: Which of the following steps of the accounting cycle is not completed at the end of the period? a.…
A: Accounting Cycle: The accounting cycle is the set of processes beginning with recording of…
Q: 2. At the end of the closing process, all temporary accounts in the ledger will have a contains a…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Which of these accounts is not included in the post closing trial balance? notes payable owner's…
A: Post closing trial balance prepared after closing of all revenue, expense, dividend, drawing…
Q: Identifying Permanent Accounts Which of the following accounts will usually appear in the…
A: The permanent accounts will usually appear in the post-closing trial balance. The temporary account…
Q: How do I record entry to close revenue and expense accounts to retained earnings, and combine the…
A: Closing entries are those entries which are passed at the end of the period to close all revenue…
Q: Select the best answer for the question. 4. Which one of the following accounts is both opened and…
A: In accounting, accounts are mainly classified as: Assets accounts Liabilities accounts Capital…
Q: What are the 4 steps in the closing process and pick one and explain the step(entry) and why it is…
A: Closing entry is a journal entry made at the end of accounting periods that involves shifting data…
Q: The credit or debit to Retained Earnings in the first closing entry O is the amount of revenues for…
A: A company generally does not distribute all its earning among shareholders as dividends. A portion…
Q: Which of these account types assets, liabilities, equity, revenue, expense, dividend are debited in…
A: Permanent accounts (Real accounts) These are accounts whose balances at the end of the current…
Q: The closing process is necessary in order to Group of answer choices A. ensure that net income or…
A: The closing process is necessary at the end of the accounting period and is used to close all the…
Q: which of the following accounts would be closed at the year end.as.part of the closing entries…
A: Under closing process all the expenses/(losses) and Revenues/Incomes are transferred to profit and…
Q: What do closing entries accomplish? Zero out the revenues, expenses, and dividends Transfer…
A: Closing entries: Closing entries are those journal entries which are passed to transfer the balances…
Q: Why are closing entries required at the end of an accounting period?
A: Closing entries are used to close the nominal accounts of the company. All the nominal accounts are…
Q: The purpose of the post-closing trial balance is to: Show that all debits are equal to the credits…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: In columns, enter debit or credit to describe the journal entry necessary to increase and decrease…
A: The different accounts have different balances as debit or credit.
Q: Required: After the closing process has been completed, answer the following questions: What is the…
A: Closing entries are journal entries passed to close our all temporary accounts. Temporary accounts…
Q: Qusetion In the closing process of the accounting cycle, the accountant closed the dividends account…
A: The dividend account should be closed at year-end by debiting retained earnings and crediting…
Q: Adjusting entries are: O a. Journal entries that are prepared to record the income statement…
A: The adjustment entries are prepared to adjust the expenses and revenues of the current year.
Q: What is the first account that should be listed in the post-closing trial balance? a.Common Stock…
A: Introduction: Trial Balance: All the final balances of ledger balances are posted in trial balance…
Q: Explain the closing process in accounting. Why is it important to classify permanent and temporary…
A: Temporary account means these are all income statement accounts that must be closed to retained…
Q: the closing entry at the end of the period, we will ____ Depreciation Expense. A.Debit B. Credit
A: Depreciation for an asset occurs due to passages of time or wear and tear of asset.
Q: The bal . equal to net income or loss for. the period the capital account after all closing entries…
A: Solution: Capital accounts consists of capital introduced by the owner plus net income less any net…
Q: Identifying Permanent Accounts Which of the following accounts will usually appear in the…
A: The corporation used to prepare post trial balance after closing all the non-permanent accounts…
Q: How do accrued but unpaid expenses affect the balance sheet?
A: Balance sheet is defined as the financial statement which records the assets, shareholders' equity…
Q: After adjusting journal entries are prepared and posted, but before closing journal entries are…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: (prepare and process Required: After the closing process has been completed, answer the following…
A: Closing entries are those entries which are passed at the end of the period. It will close all…
Q: Prepare Closing Entries,income statement,statement of retained earnings and classified balance sheet
A: Debit what comes in, Credit what goes out Debit the receiver, Credit the giver Debt all expenses ,…
Q: Transactions are first recorded in which book/account? TAccounts Book of Original Entry O Book of…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Which of the following is an Adjusting Journal Entry? Debit Service Revenue, Credit Cash. O Debit…
A: Adjusting entries are journal entries that are made at the year-end to correct the account balances.…
Q: Indicate the best answer(s) for each question: Which one of the following accounts would never…
A: Closing entries are those entries which are passed at the end of the year to close out all the…
Q: Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts…
A: Permanent Accounts Permanent accounts (real account) are the accounts which occurred during a…
Q: 7. Which of the following.statements is correct? The post-closing trial balance contains income and…
A: Solution: Statement a, b and c is incorrect due to following reasons 1. The post closing trial…
Q: What is the goal of the closing process? a.to verify that all adjustments have been made b.to make…
A: Closing entries are used for the closing process and transfer the temporary account balance to the…
Q: A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The purpose of the post-closing trial balance is to * prove that no mistakes were made. prove the…
A: A post closing trial balance is the trial balance that contains a company's closing entries for an…
Q: Is "Owner's Capital" a temporary or permanent account? Please explain what happens to this account…
A: SOLUTION- PERMANENT ACCOUNTS ARE ACCOUNTS THAT YOU DON'T CLOSE AT THE END OF YOUR ACCOUNTING…
Q: Which of the following statements is correct about closing entries?
A: The answer for the multiple choice question and relevant explanation are presented hereunder : At…
Q: What do closing entries accomplish? a. Zero out the revenues, expenses, and dividends b. Transfer…
A:
Q: Which of these transactions requires an adjusting entry (Debit) to Accounts receivable? a. Expenses…
A: Accounts Receivables are debited when the sale is made but ash payment is deferred.
Q: Adjusting entries are: a. Journal entries that are prepared to record the income statement accounts.…
A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…
Q: Which of these accounts is not included in the post-closing trial balance? O Land O Notes Payable O…
A: Trial balance Trial balance is a form of spreadsheet under which the balances of all the ledgers are…
Q: Which additional account is used when you close Opening Balance Equity
A: Retained earnings: Retained earnings are the portion of earnings kept by the business for the…
Q: Which of the following do not show up on a post-closing trial balance? Assets and liabilities…
A: Post closing trial balance: The post closing trial balance is a summary of all ledger accounts, and…
Q: Which of the following accounts ordinarily appears in the post-closing trial balance? Hint:…
A: The financial statement shows the financial data of the company that is used by various financial…
Q: Identifying accounts included on a post-closing trial balance For each account listed, identify…
A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the…
Q: Which of these is the first step in the closing process?(a) Close revenue account(s). (c) Close the…
A: Introduction:- A closing entries are made at the end of the accounting period to transfer of all the…
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- Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are debited in the closing entries? Why?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.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 of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax PayableAssume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings accountAssume 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
- 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 RevenueWhich of these accounts is not included in the post-closing trial balance? A. Land B. Notes Payable C. Retained Earnings D. DividendsWhich of these accounts would not be present in the closing entries? A. Utilities Expense B. Fees Earned Revenue C. Insurance Expense D. Dividends Payable
- 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. DividendsWhat is the goal of the closing process? a.to verify that all adjustments have been made b.to make sure all temporary accounts have a zero balance c.to end the accounting period with a profit d.to move all equity accounts to Retained Earningsa. Prepare the T-accounts for Retained Earningsand Income Summary b. Prepare the Post-closing Trial Balanceand keep the order of accounts