Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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One purpose of closing entries is to
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adjust the ledger account balances to provide complete and accurate figures for use on financial statements.
close all accounts so that the ledger is ready for the next accounting period.
reduce the owner's capital account balance to zero so that the account is ready for the next period.
transfer the results of operations to owner's equity.
The required steps in the accounting cycle are listed below in random order. List the steps in the correct order by selecting the numbers 1 to 9 in the dropdown boxes (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance (c) Analyze business transactions (d)Prepare a trial balance. (e)Jornalize the transactions. (f)Journalize and post the closing entries. (g)Prepare the financial statements. (h) Journalize and post the adjusting entries (i) Post to the ledger accounts.
Which 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 accounts
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- Which 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_forwardThe ledger accounts after adjusting entries for Cruz Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of A. Cruz, Capital after closing? Show your calculations.arrow_forwardA trial balance: lists only revenue and expense accounts; lists all accounts and their balances. will help detect omitted journal entries. detects all errors that could be made during the journalizing or posting steps of the accounting cycle.arrow_forward
- The required steps in the accounting cycle are listed below in random order. List the steps in the correct order by selecting the numbers 1 to 9 (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance (c) Analyze business transactions (d)Prepare a trial balance. (e)Jornalize the transactions. (f)Journalize and post the closing entries. (g)Prepare the financial statements. (h) Journalize and post the adjusting entries (i) Post to the ledger accounts.arrow_forwardJournalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the books at the end of an accounting period. If closing entries were not made, how would the preparation of financial statements be affected?arrow_forwardAssuming the following accounts and their normal balances are shown after all adjusting journal entries were made and posted. Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here.arrow_forward
- From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.arrow_forwardAfter the closing entries have been posted, all temporary accounts should have ____. Select one: a. either a debit or credit balance b. a zero balance c. a debit balance d. a credit balancearrow_forwardWhich of the following best distinguishes adjusting entries from closing entries? a. In adjusting entries, debits must equal credits; in closing entries, debits should be greater than credits. b. Adjusting entries happen before preparing financial statements; closing entries occur after preparing financial statements. c. Closing entries cannot be journalized using information technology, while adjusting entries can. d. Adjusting entries involve only balance sheet accounts; closing entries involve only income statement accountsarrow_forward
- From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. An unadjusted trial balance is prepared. Adjustment data are assembled and analyzed. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Closing entries are journalized and posted to the ledger. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order in order and include the two missing steps.arrow_forwardFrom the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. Transactions are posted to the ledger.c. An unadjusted trial balance is prepared.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Financial statements are prepared.h. A post-closing trial balance is prepared.arrow_forwardClosing entries prepare the general ledger for use during the next accounting period. Select one: True Falsearrow_forward
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