Chapter 06 – Closing Entries and the Postclosing Trial Balance
77. From the following list identify the accounts that will appear on the postclosing trial
balance by placing an X before those accounts.
___ A. Accounts Payable
___ B. Accounts Receivable
___ C. Accumulated Depreciation
___ D. Cash
___ E. Depreciation Expense
___ F. Equipment
___ G. Fees Income
___ H. Allie Lee, Capital
___ I. Allie Lee, Drawing
___ J. Salaries Expense
___ K. Supplies
___ L. Supplies Expense
___ M. Utilities Expense
6-42
78. Dorsey Company’s partial worksheet for the month ended March 31, 2013, is shown
below. Open the owner’s capital account (account number 301) in the general ledger and
record the March 1, 2013, balance of $32,000 shown on the worksheet. Journalize the closing
entries on page 3 of a general journal. Post the closing entries to the owner’s capital account.
Prepare a postclosing trial balance.
Chapter 06 – Closing Entries and the Postclosing Trial Balance
6-43
6-44
© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-45
79. Danos Company’s partial worksheet for the month ended December 31, 2013, is shown
below. Open the owner’s capital account (account number 301) in the general ledger and
record the December 1, 2013, balance of $64,000 shown on the worksheet. Journalize the
closing entries on page 8 of a general journal. Post the closing entries to the owner’s capital
account. Prepare a postclosing trial balance.
Chapter 06 – Closing Entries and the Postclosing Trial Balance
6-46
6-47
© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
6-48
80. Managers often consult financial statements for specific types of information. Indicate
whether each of the following items would appear on the income statement, statement of
owner’s equity, or the balance sheet. Note that an item may appear on more than one
statement. The first item is completed as an example.
6-50
81. Managers often consult financial statements for specific types of information. Indicate
whether each of the following items would appear on the income statement, statement of
owner’s equity, or the balance sheet. Note that an item may appear on more than one
statement. The first item is completed as an example.
6-52
© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
82. Following are the steps in the accounting cycle. Arrange the steps in the proper sequence.
A. Analyze transactions.
B. Interpret the financial information.
C. Journalize the transactions.
D. Post the journal entries.
E. Prepare a postclosing trial balance.
F. Prepare financial statements.
G. Prepare a worksheet.
H. Record adjusting entries.
I. Record closing entries.
___ 1.
___ 2.
___ 3.
___ 4.
___ 5.
___ 6.
___ 7.
___ 8.
___ 9.
83. Match the accounting terms with the description by entering the proper number.
1. To understand and explain the meaning and importance