ACCT 2301 FD>CUSTOM<
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ISBN: 9781323843376
Author: Pearson
Publisher: Pearson Custom Publishing
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Textbook Question
Chapter 4, Problem 5QC
What do closing entries accomplish?
a. Zero out the revenues, expenses, and dividends
b. Transfer revenues, expenses, and dividends to the
c. Bring the Retained Earnings account to its correct ending balance
d. All of the above
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What do closing entries accomplish?
a. Zero out the revenues, expenses, and dividends
b. Transfer revenues, expenses, and dividends to the Retained Earnings account
c. Bring the Retained Earnings account to its correct ending balance
d. All of the above
What do closing entries accomplish?
Zero out the revenues, expenses, and dividends
Transfer revenues, expenses, and dividends to the Retained Earnings account
Bring the Retained Earnings account to its correct ending balance
All of the above
What 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 Earnings
Chapter 4 Solutions
ACCT 2301 FD>CUSTOM<
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - Prob. 2RQCh. 4 - What does the statement of retained earnings show?Ch. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - What are the steps in the closing process?Ch. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - List the steps of the accounting cycle.Ch. 4 - What is the current ratio, and how is it...Ch. 4 - What are reversing entries? Are they required by...Ch. 4 - Prob. 4.1SECh. 4 - Prob. 4.2SECh. 4 - Prob. 4.3SECh. 4 - Prob. 4.4SECh. 4 - Classifying balance sheet accounts For each...Ch. 4 - Using the worksheet to prepare financial...Ch. 4 - Prob. 4.7SECh. 4 - Prob. 4.8SECh. 4 - Prob. 4.9SECh. 4 - Prob. 4.10SECh. 4 - Prob. 4.11SECh. 4 - Identifying accounts included on a post-dosing...Ch. 4 - Identifying steps in the accounting cycle Review...Ch. 4 - Prob. 4.14SECh. 4 - Prob. 4.15SECh. 4 - E4-16 Preparing the financial statements
The...Ch. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Prob. 4.25ECh. 4 - Prob. 4.26ECh. 4 - Prob. 4.27ECh. 4 - Prob. 4.28ECh. 4 - P4-29A Preparing financial statements including a...Ch. 4 - Prob. 4.30APCh. 4 - Prob. 4.31APCh. 4 - Prob. 4.32APCh. 4 - Prob. 4.33APCh. 4 - Prob. 4.34APCh. 4 - Prob. 4.35BPCh. 4 - Prob. 4.36BPCh. 4 - P4-37B Preparing a worksheet, financial...Ch. 4 - P4-38B Completing the accounting cycle from...Ch. 4 - Prob. 4.39BPCh. 4 - Prob. 4.40BPCh. 4 - Prob. 42CPCh. 4 - Prob. 43PSCh. 4 - Prob. 4.1CPCh. 4 - This comprehensive problem is a continuation of...Ch. 4 - Prob. 4.TICh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSCCh. 4 - Prob. 4.1TP
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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 Payablearrow_forwardWhich 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.arrow_forwardWhich of these accounts would not be present in the closing entries? A. Utilities Expense B. Fees Earned Revenue C. Insurance Expense D. Dividends Payablearrow_forward
- Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividendsarrow_forwardWhich of these accounts is never closed? A. Dividends B. Retained Earnings C. Service Fee Revenue D. Income Summaryarrow_forwardWhich of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are credited in the closing entries? Why?arrow_forward
- Which of the following accounts would be closed during the closing process? a. Service Revenue b. Cash c. B. Williams, Capital d. Accumulated Depreciation, Equipmentarrow_forwardWhich of the following statements is correct about closing entries?a. Must debit or credit one income statement account and one statement of financialposition accountb. Include closing the dividends account to income summaryc. All of these choices are correctd. Are posted to the appropriate general ledger accountsarrow_forwardThe goal of closing entries does NOT include: A. to clear revenue and expense accounts. B. to clear the Withdrawals account. C. to clear the Cash account. D. to update the Capital account balance.arrow_forward
- What is the account that is used to close out the revenue and expense accounts at the end of the accounting period? Group of answer choices the common stock account the liability account. the cash account the retained earnings account.arrow_forwardA. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for closing entries? C. Explain how one of the entries changes depending on if you have net income or net loss?arrow_forwardIt 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.arrow_forward
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