94.
The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustments
columns contain entries for the following:
1. Office supplies used during the period, $1,200.
2. Expiration of prepaid rent, $700.
3. Accrued salaries expense, $500.
4. Depreciation expense, $800.
5. Accrued service fees receivable, $400.
The Adjusted Trial Balance columns total is:
95.
The balances in the unadjusted columns of a work sheet will agree with:
96.
The special account used only in the closing process to temporarily hold the amounts of
revenues and expenses before the net difference is added to (or subtracted from) the
retained earnings account is the:
97.
K. Canopy, the stockholder of Canopy Services, Inc., The company paid $5,700 cash in
dividends to the owner (sole stockholder). The entry to close the dividends account at the
end of the year is:
98.
Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000,
expenses of $103,700. The company paid $18,000 cash in dividends to the owner (sole
stockholder). The retained earnings account before closing had a balance of $297,000. The
entry to close the Income Summary account at the end of the year, after revenue and
expense accounts have been closed, is:
99.
Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000,
expenses of $103,700, and the company paid $18,000 cash in dividends to the owner (sole
shareholder). The retained earnings account before closing had a balance of $297,000.
The Net Income for the year is:
100.
Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000,
expenses of $103,700, and the company paid $18,000 cash in dividends to the owner (sole
stockholder). The retained earnings account before closing had a balance of $297,000. The
ending retained earnings balance after closing is:
101.
A company had revenues of $75,000 and expenses of $62,000 for the accounting period.
The company paid $8,000 cash in dividends to the owner (sole shareholder). Which of the
following entries could not be a closing entry?
102.
The following information is available for the Higgins Travel Agency, Inc. After recording
these closing entries, what will be the balance in the Retained Earnings account?
Net Income
$42,500
Retained earnings
130,000
Dividends
12,000
103.
The following information is available for the Noir Detective Agency, Inc. After recording
these closing entries, what will be the balance in the Retained Earnings account?
Net Income
$17,600
Retained earnings
289,000
Dividends
32,000
104.
The Retained Earnings account has a credit balance of $37,000 before closing entries are
made. If total revenues for the period are $55,200, total expenses are $39,800, and
dividends are $9,000, what is the ending balance in the Retained Earnings account after all
closing entries are made?
105.
The Retained Earnings account has a credit balance of $37,000 before closing entries are
made. Total revenues for the period are $55,200, total expenses are $39,800, and
dividends are $9,000. What is the correct closing entry for the expense accounts?
106.
The Income Summary account is used to:
107.
The company paid $35,000 cash in dividends to the owner, Jen Rogers. The entry needed
to close the dividends account is:
108.
A company’s ledger accounts and their end-of-period balances before closing entries are
posted are shown below. What amount will be posted to Retained Earnings in the process
of closing the Income Summary account? (Assume all accounts have normal balances.)
Retained Earnings
$7,000
Dividends
9,600
Revenue
29,000
Rent expense
3,600
Salaries expense
7,200
Insurance expense
920
Depr. Expense—equipment
500
Accum depr.—equipment
1,500
Debit
Debit
Debit
Debit
Credit
109.
It is obvious that an error occurred in the preparation and/or posting of closing entries if:
110.
At the beginning of the year, a company’s balance sheet reported the following balances:
Total Assets = $225,000; Total Liabilities = $125,000; and Retained Earnings = $100,000.
During the year, the company reported revenues of $46,000 and expenses of $30,000. In
addition, dividends for the year totaled $20,000. Assuming no other changes to retained
earnings, the balance in the retained earnings account at the end of the year would be:
111.
After preparing and posting the closing entries for revenues and expenses, the income
summary account has a debit balance of $33,000. The entry to close the income summary
account will be:
112.
The trial balance prepared after all closing entries have been journalized and posted is
called the:
113.
Which of the following accounts showing a balance on the post-closing trial balance
indicate an error?
114.
Which of the following accounts showing a balance on the post-closing trial balance
indicate an error?
115.
A post-closing trial balance reports:
116.
Reversing entries:
117.
Kline Company, Inc. accrued wages of $7,350 that were earned by employees unpaid at
the end of 2014. Assuming Kline uses reversing entries, which of the following entries is
appropriate for reversing the accrued wages at the beginning of 2015?
118.
The purpose of reversing entries is to:
119.
Temporary accounts include all of the following
except
:
120.
Permanent accounts include all of the following
except
: