Which that the following statements is no correct? a. Prior to the Income an introduction account is closed, that balance to represent the net income and net loss because that the accountancy period.b. The Income an introduction account is a short-lived owner"s equity account.c. The Income review account is offered only at the finish of an accounting period to help with the closing procedure.d. The owner"s illustration account is closed to the Income review Statement.
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After the transactions have actually been posted, the next step in the accounting cycle is toa. Prepare the financial statements.b. Prepare the post-closing psychological balance.c. Prepare the worksheet.d. Journalize and also post the adjusting entries.
The asset, liability, and also owner"s funding accounts show up on every one of the following other than thea. Income statement.b. Balance sheet.c. Post-closing psychological balance.d. Worksheet.
The revenue account Fees earnings is closeup of the door by debitinga. Cash and also crediting Fees Income.b. Fees Income and crediting income Summary.c. The owner"s capital account and crediting Fees Income.d. Income summary and crediting Fees Income.
Identify the accounts listed below that space ALL permanent accounts.a. Accounts Receivable, collected Depreciation, account Payableb. Accounts Receivable, Depreciation Expense, Fees Incomec. Account Payable, wages Expense, revenue Summaryd. Account Payable, Owner"s Capital, revenue Summary
One objective of close up door entries is toa. Transfer the results of operations to owner"s equity.b. Minimize the owner"s capital account balance to zero so the the account is all set for the following period.c. Adjust the ledger account balances to provide complete and also accurate numbers for use on jae won statements.d. Close all accounts so the the ledger is prepared for the next accounting period.
Use the following account balances indigenous the readjusted trial balance of Gees CateringSelect the correct closing entry that Gees Catering would certainly make to close the owner"s tap the money account at the finish of the bookkeeping period.
The owner"s illustration account is closed by debitinga. The owner"s drawing account and crediting the owner"s funding account.b. The owner"s capital account and also crediting the owner"s illustration account.c. Income review and crediting the owner"s drawing account.d. The owner"s illustration account and also crediting revenue Summary.
Which that the complying with accounts is no closed?a. Cashb. Fees Incomec. Rental Expensed. Joan Wilson, Drawing
The entry to close the Depreciation cost account would encompass a debit toa. The Income an overview account and a credit to the Depreciation cost account.b. The Income review and a credit to Cash.c. Cash and also a credit to the Income summary account.d. The Depreciation price account and a credit to the Income review account.
Which the the complying with accounts would certainly be closed?a. Account Receivableb. Built up Depreciationc. Offers Expensed. Joan Wilson, Capital
All the the complying with accounts will show up on the post-closing attempt balance excepta. Equipment.b. Gathered Depreciation-Equipment.c. Depreciation Expense-Equipment.d. Accounts Payable.
If a business has a network loss because that a fiscal period, the newspaper entry to close the Income review account isa. A debit come Income review and a credit transaction to Fees Income.b. A debit to Income an overview and a credit to Capital.c. A debit come Capital and a credit to income Summary.d. A debit to Capital and a credit transaction to Drawing.
Which that the adhering to entries records the close up door of penny Pincher, illustration at the finish of the bookkeeping period?a. Debit coin Pincer, Drawing; credit Penny Pincher, Capitalb. Debit penny Pincher, Capital; credit revenue Summaryc. Debit earnings Summary; credit transaction Penny Pincher, Drawingd. Debit coin Pincher, Capital; credit Penny Pincher, Drawing
Which the the adhering to accounts would certainly not be affiliated in any of the closeup of the door entries?a. Accounts Payableb. Fred Sanford, Drawingc. Revenue from Servicesd. Advertising Expense
Which that the complying with statements is no correct?a. If the post-closing trial balance does not balance, there space errors in the accounting records.b. The audit trial should be supplied to trace data with the bookkeeping records come find and correct errors.c. The balance the the owner"s capital account, as reflected on the post-closing psychological balance, will match the amount report on the income statement.d. The balance that the owner"s funding account on the changed trial balance will usually be different than that reported ~ above the post-closing psychological balance.
c. The balance that the owner"s capital account, as reflected top top the post-closing attempt balance, will enhance the amount report on the income statement.
Which the the following accounts is a permanent account?a. Suppliesb. Offers Expensec. Owner"s drawingd. Fees Income
Which the the complying with accounts has a common debit balance?a. Accounts Receivableb. Accounts Payablec. Fees Incomed. T. Stark, Capital
After the close up door entries are posted come the ledger, each revenue account will certainly havea. A zero balance.b. A debit balance.c. A credit transaction balance.d. Either a debit or a credit transaction balance.
Entries compelled to zero the balances the the temporary accounts in ~ the finish of the year are calleda. Posting entries.b. Adjusting entries.c. Closeup of the door entries.d. Correcting entries.
Which of the following accounts has a normal credit balance?a. Account Receivableb. Account Payablec. Offers Expensed. T. Stark, Drawing
The entry to carry a network loss come the owner"s resources account would include a debit toa. The owner"s funding account and also a credit transaction to Cash.b. The owner"s illustration account and also a credit transaction to the owner"s funding account.c. Income an introduction and a credit transaction to the owner"s resources account.d. The owner"s funding account and a credit transaction to earnings Summary.
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The very first two closeup of the door entries come the Income an introduction account suggest a debit of $53,000 and a credit of $64,000. The 3rd closing entry would bea. Debit resources $11,000; credit transaction Income an overview $11,000.b. Debit Income an overview $11,000; credit funding $11,000.c. Debit Revenue $64,000; credit prices $53,000.d. Debit Income an overview $11,000; credit drawing $11,000.
b. Debit Income an introduction $11,000; credit resources $11,000.$64,000 credit (total revenue) - $53,000 debit (total expenses) = $11,000 net Income
Identify the item below that is NOT one of the steps in an accounting cycle.a. Prepare the gaue won statementsb. Prepare the post-closing attempt balancec. Journalize and also post the adjusting entriesd. Prepare invoices for customers