FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: The Accounting Cycle

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 61

Essay

Review LaterAdd Note

Review Later

On the basis of the following information taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the month ended September 30, journalize the closing entries for Perez Roofing Company. ​

Correct Answer

verified

_TB2281_00...

View Answer

Show Answer

Question 62

Multiple Choice

Review LaterAdd Note

Review Later

An end-of-period spreadsheet includes columns for

A) adjusting entries
B) closing entries
C) reversing entries
D) adjusting and closing entries

Correct Answer

verified

Show Answer

Question 63

Multiple Choice

Review LaterAdd Note

Of the following steps of the accounting cycle, which step should be completed first?

Accrued taxes payable are generally reported on the balance sheet as a current liability.

The following information is available for four companies. Which company has the best short-term solvency position?

On September 1, the company pays rent for twelve months in advance and debits an asset account. At year end, the adjusting entry on the end-of-period spreadsheet would

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Income Summary 597 Rent Expense 200 Supplies Expense 180 Utilities Expense 110 Miscellaneous Exp. 107

When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

The income statement is prepared from the adjusted trial balance or the Income Statement columns of the end-of-period spreadsheet.

After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs: ​ Journalize the entries to close the appropriate accounts.

Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) current liability, (c) revenue, or (d) expense:

The formula for the current ratio is

Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Wages Expense 870 Wages Payable 870

Notes receivable due in 390 days appear on the

Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.

select The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each balance should be extended to (a) an Income Statement column or (b) a Balance Sheet column.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. ​ Prepare the closing entry required to transfer the income or loss at the end of the period.

The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Corporation. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Corporation. ​