Which of the following accounts is zero'd out in closing entries? A. Prepaid Advertising B. Cost of Goods Sold C. Long-term Debt D. Wages Payable
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Which of the following accounts is zero'd out in closing entries?
A. Prepaid Advertising
B. Cost of Goods Sold
C. Long-term Debt
D. Wages Payable
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- Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax PayableWhat 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 EarningsWhich of the following accounts is not closed at the end of the accounting period? Select one: Unearned Revenue Cost of Goods Sold Sales Revenue Interest Expense
- Indicate whether a debit or credit is required to close each of the following accounts. Use the sym-bols D if a debit is required, C if a credit is required, and N if the account is not closed at the end of the period.a. Salary Expenseb. Unexpired Insurancec. Consulting Fees Earnedd. Depreciation Expensee. Dividendsf. Retained Earningsg. Interest Revenueh. Accumulated Depreciationi. Income Taxes Expensej. Unearned Revenuek. Income Summary (of a profitable company)l. Income Summary (of an unprofitable company)Closing entries do not: a. update the Inventory account b. update the Retained Earnings account c. apportion prepaid expenses and unearned revenues to bring the accounts up date d. all temporary accounts to zeroIt is obvious that an error occurred in the preparation and/or posting of closing entries if Group of answer choices A. all revenue and expense accounts have zero balances. B. all balance sheet accounts have zero balances. C. the retained earnings account is debited for the amount of the net loss of the period. D. the income summary account is debited for the amount of the net income for the period.
- Closing entries do not a. Update the Inventory account b. Update the Retained Earnings account c. Apportion prepaid expenses and unearned revenues to bring the accounts up to date d. Reduce all temporary accounts to zeroAfter posting the closing entries a. All the accounts in the general ledger have zero balances. b. The asset, liability and equity accounts have zero balances. c. The income accounts, expense accounts and income summary accounts have zero balances. d. The income accounts, expense accounts, income summary accounts and retained earnings accounts have zero balancesIdentify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
- At the beginning of the month a company recorded a sale on account, terms were 2/10; n/30. What is the effect of the payment received from the customer who paid within the discount period, on the Financial Statements (Balance Sheet and Income Statement) of the business? Group of answer choices There is no effect on the Balance Sheet(total assets, liabilities and stockholders’ equity remain the same)Increase to Net Income Assets decreaseDecrease to Net Income Assets decrease, Liabilities increaseNo effect on Net Income Assets increase, Revenue increasesDecrease to Net IncomeWhat type of accounts are closed out at the end of the accounting period? Group of answer choices asset accounts temporary accounts doubtful accounts permanent accountsWhich of the following is not true about closing entries? a.By closing nominal accounts at the end of the period to zero, it is possible to isolate next period’s information correctly. b.All real accounts are closed at the end of the period. c.There are two closing entries that update the retained earnings account. d.The closing entries are dated the last day of the accounting period.