Question 1

After all the closing entries are posted,the ____________________ account reflects the results of operations for the period.

Accepted Answer

The answer of After all the closing entries are posted,the...

Question 2

The entry to close an expense account requires a credit to the Income Summary account.

Accepted Answer

A) True 
 B)False

Question 3

The ____________________ entries reduce the balances of the revenue,expense,and drawing accounts to zero so that they are ready to receive data for the next period.

Accepted Answer

The answer of The ____________________ entries reduce the balances of...

Question 4

Which of the following statements is correct?

Accepted Answer

A)   The Balance Sheet section of the worksheet contains the data that is used to make closing entries.
B)   The balance of the owner's drawing account will appear on the post-closing trial balance.
C)   Closing entries are entered directly on the worksheet.
D)   Preparation of the post-closing trial balance is the last step in the end-of-period routine.E) A) and B)
F) B) and D)

Question 5

After the closing entries are posted to the ledger,each expense account will have

Accepted Answer

A)   a debit balance.
B)   a credit balance.
C)   a negative balance.
D)   a zero balance.E) B) and D)
F) B) and C)

Question 6

The asset,liability,and owner's capital accounts appear on all of the following except the

Accepted Answer

A)   income statement.
B)   balance sheet.
C)   post-closing trial balance.
D)   worksheet.E) A) and B)
F) A) and C)

Question 7

The post-closing trial balance lists only the asset,____________________,and owner's capital accounts.

Accepted Answer

The answer of The post-closing trial balance lists only the...

Question 8

Withdrawals by the owner for personal use do not affect net income or net loss of the business.

Accepted Answer

A) True 
 B)False

Question 9

Information in the financial statements provides answers to many questions,including:

Accepted Answer

A)   How much do customers owe the business?
B)   What are the business' current and long term plans for expansion?
C)   Has the business achieved its net income goal for the year?
D)   Has there been a lot of employee turnover?E) A) and B)
F) All of the above

Question 10

After the closing entries are posted to the ledger,each revenue account will have

Accepted Answer

A)   a zero balance.
B)   a debit balance.
C)   a credit balance.
D)   either a debit or a credit balance.E) B) and D)
F) A) and B)

Question 11

The entry to close the revenue account,Fees Income,requires a debit to that account.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following accounts is a permanent account?

Accepted Answer

A)   Supplies
B)   Supplies Expense
C)   Owner's drawing
D)   Fees IncomeE) A) and B)
F) C) and D)

Question 13

If the Income Summary account has a debit balance before it is closed,the firm experienced a net ____________________ from operations.

Accepted Answer

The answer of If the Income Summary account has a...

Question 14

After the closing entries are posted,the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.

Accepted Answer

A) True 
 B)False

Question 15

The entry to close the owner's drawing account would include a debit to the

Accepted Answer

A)   Income Summary account and a credit to the owner's drawing account.
B)   owner's drawing account and a credit to Cash.
C)   owner's capital account and a credit to the owner's drawing account.
D)   owner's drawing account and a credit to the Income Summary account.E) A) and C)
F) All of the above

Question 16

On December 31 the Income Summary account of Cook Company has a debit balance of $18,000 after revenue of $49,000 and expenses of $67,000 were closed to the account.Maria Cook,Drawing has a debit balance of $23,000 and Maria Cook,Capital has a credit balance of $84,000.Record the journal entries necessary to complete closing the accounts.Use 22 as the general journal page number.Then,post the closing entries to the Maria Cook,Capital account.

Accepted Answer

The answer of On December 31 the Income Summary account...

Question 17

The entry to close the Income Summary account may include

Accepted Answer

A)   a debit to Income Summary and a credit to the owner's capital account.
B)   a debit to Income Summary and a credit to Cash.
C)   a debit to Cash and a credit to Income Summary.
D)   a debit to Income Summary and a credit to the owner's drawing account.E) A) and C)
F) B) and C)

Question 18

In the closing procedure,the ____________________ account balances are transferred to the debit side of the Income Summary account.

Accepted Answer

The answer of In the closing procedure,the ____________________ account balances...

Question 19

The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000.The third closing entry would be

Accepted Answer

A)   debit Capital $11,000;credit Income Summary $11,000.
B)   debit Income Summary $11,000;credit Capital $11,000.
C)   debit Revenue $64,000;credit Expenses $53,000.
D)   debit Income Summary $11,000;credit Drawing $11,000.E) All of the above
F) A) and B)

Question 20

The final closing entry transfers the balance of the ____________________ account to the owner's capital account.

Accepted Answer

The answer of The final closing entry transfers the balance...

Exam 6: Closing Entries and the Postclosing Trial Balance

The ____________________ entries reduce the balances of the revenue,expense,and drawing accounts to zero so that they are ready to receive data for the next period.

Correct Answer
verified

The entry to close the revenue account,Fees Income,requires a debit to that account.

Correct Answer
verified

The post-closing trial balance lists only the asset,____________________,and owner's capital accounts.

Correct Answer
verified

Which of the following statements is correct?

Correct Answer
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After the closing entries are posted to the ledger,each expense account will have

Correct Answer
verified

The entry to close the owner's drawing account would include a debit to the

Correct Answer
verified

Withdrawals by the owner for personal use do not affect net income or net loss of the business.

Correct Answer
verified

The final closing entry transfers the balance of the ____________________ account to the owner's capital account.

Correct Answer
verified

Which of the following accounts is a permanent account?

Correct Answer
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After the closing entries are posted,the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.

Correct Answer
verified

The entry to close the Income Summary account may include

Correct Answer
verified

After the closing entries are posted to the ledger,each revenue account will have

Correct Answer
verified

The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000.The third closing entry would be

Correct Answer
verified

If the Income Summary account has a debit balance before it is closed,the firm experienced a net ____________________ from operations.

Correct Answer
verified

The entry to close an expense account requires a credit to the Income Summary account.

Correct Answer
verified

In the closing procedure,the ____________________ account balances are transferred to the debit side of the Income Summary account.

Correct Answer
verified

After all the closing entries are posted,the ____________________ account reflects the results of operations for the period.

Correct Answer
verified

Information in the financial statements provides answers to many questions,including:

Correct Answer
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Correct Answer
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The asset,liability,and owner's capital accounts appear on all of the following except the

Correct Answer
verified

Exam 6: Closing Entries and the Postclosing Trial Balance

The ____________________ entries reduce the balances of the revenue,expense,and drawing accounts to zero so that they are ready to receive data for the next period.

Correct AnswerverifiedShow Answer

The entry to close the revenue account,Fees Income,requires a debit to that account.

Correct AnswerverifiedShow Answer

The post-closing trial balance lists only the asset,____________________,and owner's capital accounts.

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

After the closing entries are posted to the ledger,each expense account will have

Correct AnswerverifiedShow Answer

The entry to close the owner's drawing account would include a debit to the

Correct AnswerverifiedShow Answer

Withdrawals by the owner for personal use do not affect net income or net loss of the business.

Correct AnswerverifiedShow Answer

The final closing entry transfers the balance of the ____________________ account to the owner's capital account.

Correct AnswerverifiedShow Answer

Which of the following accounts is a permanent account?

Correct AnswerverifiedShow Answer

After the closing entries are posted,the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.

Correct AnswerverifiedShow Answer

The entry to close the Income Summary account may include

Correct AnswerverifiedShow Answer

After the closing entries are posted to the ledger,each revenue account will have

Correct AnswerverifiedShow Answer

The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000.The third closing entry would be

Correct AnswerverifiedShow Answer

If the Income Summary account has a debit balance before it is closed,the firm experienced a net ____________________ from operations.

Correct AnswerverifiedShow Answer

The entry to close an expense account requires a credit to the Income Summary account.

Correct AnswerverifiedShow Answer

In the closing procedure,the ____________________ account balances are transferred to the debit side of the Income Summary account.

Correct AnswerverifiedShow Answer

After all the closing entries are posted,the ____________________ account reflects the results of operations for the period.

Correct AnswerverifiedShow Answer

Information in the financial statements provides answers to many questions,including:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The asset,liability,and owner's capital accounts appear on all of the following except the

Correct AnswerverifiedShow Answer

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