Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal accounts are closed)

Q: Prepare entries to reflect correct land, buildings, and depreciation accounts at December 31, 2021.…

A: Journal Entry -  It is used to record the day to day business transaction whether it is economic or…

Q: Which of the following entries properly closes a temporary account? a. Dividends200 Retained…

A: Closing entries are used to transfer the balance from a temporary to a permanent account. We can say…

Q: Which of the following is a temporary account?     Depreciation Expense     Retained Earnings…

A: All accounts which are closed to the retained earnings at the end of the year and does not appear on…

Q: Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following…

A: Adjusting journal entry records those financial transactions which requires some adjustment at the…

Q: Which of the following transactions would not be recorded in the general journal? a.Adjusting entry…

A: General journal is a subsidiary journal that records all the transactions associated with the…

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: Which of the following accounts would not appear in the post closing trial balance? Equipment…

A: Post-closing trial balance:The post-closing trial balance is prepared after all the income statement…

Q: Which of the following accounts will be credited to close it? a.Accumulated Depreciation b.Rent…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following transactions is an example of accrual? a. Unrecorded income is recognized. b.…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Identifying temporary and permanent accounts For each account listed, identify whether the account…

A: Temporary account: Temporary accounts are those final balances of accounts which are transfer to the…

Q: The special account used only in the closing process to temporarily hold the amounts of revenues and…

A: At the end of period, it is necessary to transfer the closing balance of revenue and expenses to…

Q: The following selected accounts appear in the adjusted trial balance columns of the worksheet for…

A: Post closing trial balance is the statement prepared after closing the temporary accounts. The…

Q: The purpose of recording closing entries is to: Select one: O a. Prepare revenue and expense…

A: Closing entry: It can be defined as a journal entry that is made at the closing of an accounting…

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: Which of the following accounts is a temporary account? O Prepaid Rent Expense O Accumulated…

A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: The special account used only in the closing process to temporarily hold the amounts of revenues and…

A: The closing entries are prepared to close the temporary accounts of the business that can not be…

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: 1. Which of the following accounts could appear in an adjusting entry, closing entry and reversing…

A: Hey there since you have posted multiple questions, we can answer only first  question for you,…

Q: Indicate the best answer(s) for each question: Which of the following accounts is not closed to the…

A: Income summary account is temporary account which is create to closed all income and expenses which…

Q: Identify the letter for the principle or assumption from A through F in the blank space next to…

A: Given situation is: If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance…

Q: The temporary account used only in the closing process to hold the amounts of revenues and expenses…

A: Temporary accounts are the accounts that are shut toward the finish of each accounting year.…

Q: Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing…

A: Dividends (assume accounts have normal balances). Equipment was recently purchased, so there is…

Q: If the going concern assumption is not made in accounting, discuss the differences in the amounts…

A: Financial statement:   A formal record of business transactions that record, analyse, and summarize…

Q: Classify the following accounts as real (permanent) or nominal(temporary) and indicate with an X…

A: Accounts are classified as either real or nominal in nature. These accounts, based on the nature are…

Q: In the blank space beside each adjusting entry, enter the letter of the explanation A through F that…

A: Correct match is A 5 B 6 C 2 D 4 E 1 F 3

Q: Which of the following accounts would not be included in the closing entries?a. Service Revenueb.…

A:

Q: Which account or accounts will be closed directly to Owner’s Capital? Income Summary only.…

A: Owner’s Drawings only is right answer

Q: Which of the following describes the purpose(s) of closing entries? a. Adjust the balances of asset…

A: Closing entries are prepared at the end of the year to transfer the balance of temporary accounts to…

Q: From the list that follows, identify the accounts that should be closed to the owner’s capital…

A: The revenue, expense and drawings account are temporary account and the balance from these account…

Q: dentify whether each of the following accounts would be considered a permanent account (yes/no) and…

A: Solution:-                        Particulars Permanent (yes / no) Recorded on financial…

Q: For each of the following transactions or adjustments, indicate the effect of the transaction or…

A: Accounting equation is based on the concept of the double entry system where it assumes that each…

Q: Which of the following accounts will usually appear in the post-closing trial balance? a.  Accounts…

A: Note: Permanent account appears on a post closing trial balance. Temporary account does not appear…

Q: Instructions: Classify the accounts listed bellows as permanent or temporary, and indicate whether…

A: Temporary Accounts are those account which closed in every accounting period. Like Rent Expense ,…

Q: Which of the following accounts is  not  closed? a. Depreciation Expense b. Dividends c. Service…

A: Concept introduction:   At the end of every accounting period, temporary accounts are closed and the…

Q: Identify which of the following accounts should be closed with a debit or a credit to Retained…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: Under the cash basis of accounting: a. Accounts receivable would appear on the statement of…

A: The correct option with proper explanation are as follows.

Q: SWs as permanent or temporary, and indicate whether or not each account is closed. Also, indicate…

A: Temporary accounts: Temporary accounts are the nominal accounts that are closed at the end of the…

Q: Identify which of the following accounts would appear in a post- closing trial balance. Accumulated…

A: At the time of closing of accounts at the end of the year all temporary accounts are closed. These…

Q: Selected transactions completed by a proprietorship are described below. Indicate the effects of…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.