Which of these accounts is not included in the post-closing trial balance? O Land O Notes Payable O Retained Earnings O Dividends
Q: hy doesnt the adjusted trial balance have a retained earnings section?
A: Adjusted trial balance:- It reflects the final balances of ledger accounts after making all…
Q: Which of these accounts is not included in the post-closing trial balance? Group of answer choices…
A: Post-closing trial balance is prepared after all the adjustment entries and closing entries. Under…
Q: Using the transactions attached and the Unadjusted trial balance please create a Statement of…
A: Formula: Ending Retained earnings = Beginning Retained earnings + Net Income - Dividends paid.…
Q: Which of these accounts is not included in the post-closing trial balance? Land Notes payable…
A: Definition:
Q: On which of the following would the year-end retained earnings balance be stated correctly? A.…
A: When closing entries are passed during closing of trail balance, the following ledger are closed and…
Q: The "Owner, Capital" ending balance will NOT appear on the: Statement of Financial Position…
A: Statement of Owner's Equity - Statement of owner's equity includes amount contributed by the owner…
Q: Which account balance will change between the adjusted trial balance and the post-closing trial…
A: Answer) The correct answer in the given question is: Retained Earnings
Q: Which of the following business transactions are settled at a later date? O a. Cash Transaction O b.…
A: Business transaction means when there is some event happened which is to be recorded in books. For…
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: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts…
A: Solution: Accounts receivables, Unearned service revenue and sales tax payable are permanent account…
Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…
A: Solution: Retained earnings are undistributed profits of the company that are retained by 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: 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: What is the last account that should be listed in the Post Closing Trial Balance? a. Income Summary…
A: Post-closing trial balance: After passing all the journal entries and the closing entries are made…
Q: retained earnings account has zero balance in the trial balance
A: Retained earnings are accumulated earnings of a company. Retained earnings’ ending balance is…
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 the following accounts is not listed in a postclosing trial balance? a. Prepaid Rent. b.…
A: The post-closing trial balance does not record any items of revenue, expenses, gain, loss or…
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: 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: 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: What is the amount of retained earnings after the closing entries have been posted?
A: Retained earning means earning left with company for equity shareholder after all the payments…
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: Which of the following is true regarding the flow of information from the adjusted trial balance on…
A: The adjusted trial balance is prepared after making all the adjustment entries at year end.
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: What is the purpose of a post-closing trial balance? Prove that all income statement accounts have…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…
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: 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: Which of these accounts is not included in the post-closing trial balance? A)Land B)Notes Payable…
A: In post closing trail balance, all temporary accounts are closed and transferred to Income Summary…
Q: 41. Which of the following statements is correct regarding the post-closing trial balance? * A. It…
A: Post Adjustment Trail Balance showing both the statement of financial position and the income…
Q: Which of the following accounts may appear on a post-closing trial balance? a. Cash, Salaries…
A: Definition: Post-closing trial balance: The post-closing trial balance is prepared after preparing…
Q: hey why doesnt the adjusted trial balance have a retained earnings section?
A: It shows the final ledger account balances that will be presented further on financial reports.
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: 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: 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: 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: The closing entry for an expense account would include a debit to: O The expense account and a…
A: Closing entries are used to close the temporary accounts and transfer the balance to a permanent…
Q: What do closing entries accomplish? a. Zero out the revenues, expenses, and dividends b. Transfer…
A:
Q: Which of the following are NOT included in a post-closing trial balance? Revenues and expenses…
A: The post-closing trial balance is a summary of all ledger accounts, and it shows the debit and the…
Q: The balance in the Income Summary account before it is closed will be equal to Question 1…
A: Income Summary Account Format
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: Which of the following accounts will be closed to Income Summary?
A: Amswer
Q: If a journal entry includes a debit or credit to the retained earnings account, it is most likely…
A: Journal: Recording of a business transaction in a chronological order.
Q: Current Which type of account is always debited during the closing process? O Revenue. O Dividends.…
A: Which type of account is always debited during the closing process? Answer Option A:Revenue…
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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 PayableWhich of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividendsIdentify 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 accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. DividendsWhich of these accounts is not included in the post-closing trial balance? Land Notes payable Retained earnings DividendsWhat is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
- Which one of the following is a nominal (temporary) account? Select one: Supplies Dividends Retained Earnings Fair Value AdjustmentWhich of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful Accounts c. Interest Expense d. SalesThe balance of an unearned revenue account: a Appears in the balance sheet as a component of stockholders' equity. b Appears in the income statement along with other revenue accounts. c Appears in a separate section of the income statement for revenue not yet earned. d Appears in the liability section of the balance sheet.
- If the statement of financial position error is discovered in the year of error, what action is to be done by the entity? Ignore the Reclassify the item to its proper real account. Adjust the effect to the retained earnings account. Reclassify the item to nominal account.If the income statement error is discovered in the year of error, what action is to be done by the entity? a. Reclassify the item to its proper nominal account. b. Reclassify the item to real account. c. Adjust the effect to the retained earnings account. d. Ignore the error.Which of the following events or transactions has NO effect on retained earnings? a. Net income. b. Dividends declared. c. Other accumulated comprehensive income. d. Earnings adjustment from previous periods. Prior period adjustments