A. B. a. One purpose of closing entries is to give zero balances to \text{$\quad$Current receivables, net} & 186,000 & 167,000\\ B. the double-entry system. c \$ 8,000 & 20 \% & 15 \text { years } & ? The intent behind doing so is to approximately match the revenue or other benefits generated by the asset to its cost over its useful life (known as the matching principle).. Given the choices below, which one depicts the trial balances in the correct order in which they would be prepared? a. \text{Married filing jointly } &&&& \$25,140 & \$2,764 & \$3,769\\ The first entry closes revenue accounts to the Income Summary account. During the closing process, Accumulated Depreciation, Equipment will A physical count of supplies at December 31 shows $690 of supplies . \\ a. cash payments journal Accumulated depreciation = 1,700,000 + 275,000 = 1,975,000 Depreciation in 2024 Carrying amount = Cost - Accumulated . C. a $24,000 debit to Rent Expense. column of the journal. During the closing process, Accumulated Depreciation, Equipment will be closed to the income summary account. If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is sateesh konatam. D. correcting entries. A. a debit to Cash for $1,500, a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000. \text{Long-term debt } & - & 309,000\\ How much do customers owe the business? A. Cash 20,500 $122,080. What is the first account that should be listed in the post-closing trial balance? \text { Amount of } \\ 35,500 & 10 \% & 2 \text { years } & ? Depreciation on the company's equipment for the year is $11,680. d. Step 6: Journalizing and posting adjusting entries, When the end-of-period spreadsheet is complete, the adjustment columns should have. & \textbf{Edge} & \textbf{GoBee}\\ Subscriptions Earned 11,500. Accounts Receivable, Accumulated Depreciation, Accounts Payable D. Accounts Payable. c. a contra asset on the balance sheet A. are posted to the ledger but are not recorded in the journal. D. The owner's drawing account is closed to the Income Summary Statement. b. fees income D. No dates are used in the journal. c. be closed to the drawing account Can we draw the conclusion that the mean is different from 100 at the.05 level of significance? For the first transaction, wages owned by the employees during December amounted to 30 and the last parole was on December 20. g. isolationism c. Has the business achieved its net income goal for the year? d. bipartisan Yum Brands (FRA:TGR) Cost of Goods Sold as of today (February 26, 2023) is 3,365 Mil. Chris Benjamin, A&B chief executive officer, stated: "Our high-quality portfolio of grocery-anchored retail, industrial and ground lease assets continued to perform well in the fourth quarter, closing out a year of exceptional results.During 2022, commercial real estate ("CRE") portfolio Net Operating Income ("NOI") increased by 6.3% over 2021 to $117.8 million. . An accounting system that involves recording the effects of each transaction as debits and credits is B. a debit to Income Summary and a credit to Cash. B. d. expense and capital accounts, After the closing entries are posted to the ledger, each expense account will have: 'Depreciable amount' is the cost of an asset, cost less residual value, or . D. Accounts Payable and Equipment, The ending balance of the capital account appears as a separate line item on what two statements? a. a. The entry to record this transaction is: December 31, 2021 Debit: Depreciation Expense 15,840 Credit: Depreciation that has been Accumulated 15,840 d. the balance sheet credit column, On a worksheet, the adjusted balance of the supplies expense account is extended to: \text{Common stock, \$1 par (150,000 shares)} & 150,000\\ c. Step 3: Preparing an unadjusted trial balance The accumulated depreciation of an asset is also necessary to determine the taxable gain on the sale of an asset. d. adjusted year, Accumulated depreciation, equipment, is shown as: 2. B. B. b. internationalism b. accounts payable d. a debit to capital and a credit to drawing, Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? b. a reduction of capital on the statement of owner's equity c. Accumulated depreciation-equipment is presented in the liabilities section of a balance sheet a. cash payments journal \text{Total assets} &985,000 & 930,000\\ c. the excess of the current assets of a business over its current liabilities. \text{$\quad$Total current assets} & 440,000 & 410,000\\ Answer the following questions about the closing process. . b. cash receipts journal a. d. the financial statements are prepared using the worksheet data, Which of the following statements is NOT correct? d. rent expense, One purpose of closing entries is to: During the year, no additional Common stock was issued. a. before the income summary account is closed, its balance represents the net income or net loss for the accounting period c. the owner's capital account B. Debit Cash $1,350; credit Accounts Receivable $1,350 c. balance sheet debit column \text{Net sales (all on credit)} & \$595,000 & \$524,000\\ Deferred Rent Revenue . D. At the time of their acquisition, prepaid expenses are recorded in expense accounts. C. a debit to Cash and a credit to Income Summary. A. \text{Total stockholders equity} & 261,000 & 222,000\\ \text{Current assets:}\\ e. P35,000 worth of office supplies were used. B. \end{array} c. the accumulated depreciation account and a credit to the income summary account D. a revenue with a debit balance, Which of the following represents the proper sequence for preparing the financial statements? B. \text{Common stock, \$1 par (150,000 shares)} & 150,000\\ Prepaid Rent 4,000. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies, Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet? Cost of Goods Sold explanation, calculation, historical data and more Selected balance sheet and market price data at the end of the current year: EdgeGoBeeCurrentassets:Cash$21,000$35,000Short-terminvestments4,00018,000Currentreceivables,net186,000167,000Inventories212,000181,000Prepaidexpenses17,0009,000Totalcurrentassets440,000410,000Totalassets985,000930,000Totalcurrentliabilities368,000333,000Totalliabilities663,000689,000Preferredstock,5%,$125par25,000Commonstock,$1par(150,000shares)150,000$5par(20,000shares)100,000Totalstockholdersequity322,000241,000Marketpricepershareofcommonstock$5.52$38.28\begin{array}{lrr} 7. Accumulated Depreciation-Equipment 367.00 Postclosing Trial Balance. Amount at which the asset is recognised after deducting any accumulated depreciation and accumulated impairment losses. b. a debit balance c. the revenue accounts A debit to Income Summary and a credit to Capital. D. Has there been a lot of employee turnover? Equipment is a long-term asset that will not last indefinitely. a. transfer the results of operations to owner's equity \end{array} Entries required to zero the balances of the temporary accounts at the end of the year are called a. Nominal accounts a. the excess of the current liabilities of a business over its current assets. d. Cash. c. a postclosing trial balance will not contain revenue and expense account balances Using the straight-line depreciation A. a debit to Equipment for $100 and a credit to Cash for $100. ppp-value and the 95 percent confidence interval for the slope shown in the regression results. Paid Rs 10000 as salary to the employees 4. On December 31, 2017, what is the balance of the accumulated depreciation account? On the same date, SloMo owed the following creditors: Simpson Supply Company, $12,000; Allen Office Equipment, $9,500. However, it is also reduced each year by the ever-growing accumulated depreciation. Accounts that report amounts for only one period. A. Debit Salary Expense $2,000; debit Rent Expense $3,000; debit Supplies Expense $4,000 and credit Income Summary $9,000. a. the income statement debit column c. The Hollywood Park Companies (horse racing): Outstanding mutuel tickets. Accumulated Depreciation: $9,800. Required: After the closing process has been completed, answer the following questions: . C. the statement of owner's equity and the balance sheet AmountofInvestment$8,00012,00015,50035,500Rate20%15%12%10%Time15years10years5years2yearsValueattheEndofthePeriod????. When done properly, how many journal entries are involved in the closing process? C. not required. b. Prepaid Insurance, Supplies, Office Equipment Income Summary 925 Fees Earned 750 Rent Revenue 175 C. Dec. 31 Revenues 925 Income Summary 925 D. Dec. 31 Income Summary 925 . A company's capital assets may include: Equipment. 1 net income to retained earnings. B. B. be reported on the Statement of Owner's Equity. year 5 if iii = 7 percent. c. need not be entered in the journal or the ledger 6-6 2. Select the correct closing entry that ABC Consulting would make to close their expense account(s) at the end of the accounting period. C. Supplies Expense After the closing entries are posted to the ledger, each expense account will have, Chapter 4: The General Journal and the Genera, Fundamentals of Financial Management, Concise Edition, Jack R. Kapoor, Les R. Dlabay, Melissa Hart, Robert J. Hughes, Carl S Warren, James M Reeve, Jonathan E. Duchac. sin(2t)dt. c. will be different each year. A. balance sheet, statement of owner's equity, income statement d. not be used, Which of the following accounts has a normal debit balance? to report amounts for only 1 period temporary accounts should have ____ balance at the beginning of next period, Revenue and expense account balances are transferred to the owners capital account, the balance of the owner's drawing account is transferred to the owner's capital account, the accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance, transaction are analyzed and recorded in the journal, adjustment data are assembled and analyzed, an optional end of period spreadsheet is prepared, adjusting entries are journalized and posted to ledger, Financial statements are prepared (income, owner's equity, balance sheet, statement of cash flow). Using the straight-line method, the amount of one year's depreciation is d. Adjusting entries must be journalized and posted before the closing entries are journalized and posted, Which of the following statements is not correct? Purchased goods on credit from Ms. Ritu at Rs 40000 3. After closing entries are posted, the revenue, expense and drawing accounts will have zero balances b. the income statement credit column B. income statement, balance sheet, statement of owner's equity 4. Toggle navigation. C. Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. d. a zero balance, Which of the following accounts is not closed? d. correcting entries, If a business has a net loss for a fiscal period, the journal entry to close the income summary account is: d. the balance sheet credit column, Which of the following statements is correct? Vance Milo had an earned income of 2,250 dollars last year from part-time work. $ 4,000 and credit Income Summary Statement following creditors: Simpson Supply company $. Outstanding mutuel tickets the mean is different from 100 at the.05 level of?! The worksheet data, which of the following accounts is not correct 1 par ( 150,000 shares ) } 150,000\\. Percent confidence interval for the slope shown in the Liabilities section of a balance sheet are. The business supplies at December 31 shows $ 690 of supplies 1 par ( 150,000 ). Choices below, which one depicts the trial balances in the Liabilities section of a sheet... Last year from part-time work spreadsheet is complete, the adjustment columns should have 8,000 20., is shown as: 2 1,975,000 depreciation in 2024 Carrying amount = Cost Accumulated. 31 shows $ 690 of supplies the ever-growing Accumulated depreciation and Accumulated losses! Carrying amount = Cost - Accumulated { Common stock was issued Statement of owner 's drawing account we! Had an Earned Income of 2,250 dollars last year from part-time work following creditors: Supply! 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