Which of the following entries closes the owner's drawing account at the end of the period?

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: An account is said to have a debit balance if ? Select one: a. The amount of debit exceeds the…

A: When total amount of debit entries in an account is greater than total amount of credit entries,…

Q: Which of the following accounts is a permanent account? Multiple Choice Fees earned. Office supplies…

A: Permanent account refers to those accounts which are not closed at the end of an accounting year and…

Q: Which is the correct order of the following steps in the accounting cycle? Group of answer choices…

A: The accounting cycle start with journal entry , ledger , unadjusted trial balance, adjusting entries…

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: What are journal entries called that bring the accounts up-to-date at the end of the accounting…

A: Journal entries are the primary recording makes in the books of account. All the transactions are…

Q: Indicate the effects of the transactions the form below & determine the ending balance of the…

A: The double entry system is used by the accountants to record the transactions into books of accounts…

Q: Among these statements which one is incorrect regarding journal entry? Journal entries show the…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.

Q: Which of the following is the order of steps to journalize an entry? O A. Record the transaction…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: (Click the icon to view the unadjusted and adjusted trial balances.) Requirements 1. Make the…

A: Entering the transactions in journals is the first step in accounting which will be followed by…

Q: Which of the following accounts is included in the Post-Closing Trial Balance? O Allowance for Bad…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: Identifying permanent accounts Which of the following accounts will usually appear in the…

A: Post-closing trial balance only includes the permanent accounts. Temporary accounts are usually…

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: Instructions a. Prepare an income statement, a retained earnings statement, and a classified…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Requirements 1. Record each transaction in the journal using the following account titles: Cash;…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

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: 1. Prepare journal entries for each transaction listed in the table above (use Section I template),…

A: Answer for 3rd requirements: Prepare the adjusting entries: Date Accounts title and explanation…

Q: Which of the following accounts would be closed by posting a debit to the account? a.Miscellaneous…

A: Miscellaneous expense, Fees earned and Josh Morton, Drawing are temporary accounts and should be…

Q: Which of the following accounts would not be closed at the end of an accounting period? Select one:…

A: Types of accounts: There are mainly three types accounts namely 1) Personal 2) Real and 3) Nominal.…

Q: each

A: Financial statements are those statements which are prepared at the end of the period for the review…

Q: What two accounts are affected by each of these adjustments?

A: Double entry system of accounting says that for every transaction, there must be atleast one debit…

Q: Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances…

A: Trial balance means the statement which is prepared after the ledgers has been prepared , to check…

Q: 2. According to the list items below, tick (√) either the debit column or credit column based to…

A: Introduction: Trial Balance: After postings from ledger all the ledger account balances are…

Q: Why on closing journal entries you debit revenue and captial then credit expenses and drawing…

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

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: Which of the following steps in the accounting cycle listed below occurs last? Group of answer…

A: The accounting process helps to analyze the transactions of the business and record them in journal,…

Q: Let's select two accounts from an Adjusted Trial Balance:  Accounts receivable (Dr. balance $12,000)…

A: Closing entries are posted to transfer the revenue and expenses accounts to Income summary account…

Q: The entry to close the appropriate insurance account at the end of the accounting period is…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: Prepare the Post-closing Trial Balance and keep the order of accounts; Prepare the Classified…

A:

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: If closing entries are prepared and posted correctly, a post-closing trial balance will show: a…

A: Closing entries are prepared to close the nominal accounts for the period. After closing all the…

Q: Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b.…

A: As the narration of the transaction says fees received for services performed which means services…

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: A list of accounts and their balances at a given time is called a(n)   Select one: a.  posting.…

A: The trial balance reflects khe ledgers and the balance of the same. The trial Balance at a…

Q: Comparing the entries made by the company and your should be entries, prepare one compound entry to…

A: Journal entries   1). To record Purchase  Purchase A/c debit  216,000   To bank a…

Q: Which of the following best distinguishes adjusting entries from closing entries? a. In adjusting…

A: Adjusting entry is the type of journal entry that is used to record the unrecognized income or…

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: dentify the normal balance, financial statement, method of increasing the account, and whether the…

A: In the above question we have asked to identify the normal balance of given items, where to show…

Q: The entry to close the Insurance Expense account at the end of the accounting period would include a…

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

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…

Q: Write the accounting equation from the post closing trial balance of leyes service grafix

A: Accounting equation considered as the foundation of the system of the accounting double entry and it…

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.