Use the following account balances from the adjusted trial balance of ABC ConsultingSelect the correct closing entry that ABC Consulting would make to close their revenue account(s) at the end of the accounting period. a. debit Fees Income and credit Cash for $15,000b. debit Income Summary and credit Fees Revenue for $15,000c. debit Fees Revenue and credit B. Conway, Capital for $15,000d. debit Fees Revenue and credit Income Summary for $15,000
Which of the following statements is not correct? a. Before the Income Summary account is closed, its balance represents the net income and net loss for the accounting period.b. The Income Summary account is a temporary owner"s equity account.c. The Income Summary account is used only at the end of an accounting period to help with the closing procedure.d. The owner"s drawing account is closed to the Income Summary Statement.

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After the transactions have been posted, the next step in the accounting cycle is toa. prepare the financial statements.b. prepare the post-closing trial balance.c. prepare the worksheet.d. journalize and post the adjusting entries.
The asset, liability, and owner"s capital accounts appear on all of the following except thea. income statement.b. balance sheet.c. post-closing trial balance.d. worksheet.
The revenue account Fees Income is closed by debitinga. Cash and 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 below that are ALL permanent accounts.a. Accounts Receivable, Accumulated Depreciation, Accounts Payableb. Accounts Receivable, Depreciation Expense, Fees Incomec. Accounts Payable, Wages Expense, Income Summaryd. Accounts Payable, Owner"s Capital, Income Summary
One purpose of closing entries is toa. transfer the results of operations to owner"s equity.b. reduce the owner"s capital account balance to zero so that the account is ready for the next period.c. adjust the ledger account balances to provide complete and accurate figures for use on financial statements.d. close all accounts so that the ledger is ready for the next accounting period.
Use the following account balances from the adjusted trial balance of Gees CateringSelect the correct closing entry that Gees Catering would make to close the owner"s withdrawal account at the end of the accounting period.
The owner"s drawing account is closed by debitinga. the owner"s drawing account and crediting the owner"s capital account.b. the owner"s capital account and crediting the owner"s drawing account.c. Income Summary and crediting the owner"s drawing account.d. the owner"s drawing account and crediting Income Summary.
Which of the following accounts is not closed?a. Cashb. Fees Incomec. Rent Expensed. Joan Wilson, Drawing
The entry to close the Depreciation Expense account would include a debit toa. the Income Summary account and a credit to the Depreciation Expense account.b. the Income Summary and a credit to Cash.c. Cash and a credit to the Income Summary account.d. the Depreciation Expense account and a credit to the Income Summary account.
Which of the following accounts would be closed?a. Accounts Receivableb. Accumulated Depreciationc. Supplies Expensed. Joan Wilson, Capital
All of the following accounts will appear on the post-closing trial balance excepta. Equipment.b. Accumulated Depreciation-Equipment.c. Depreciation Expense-Equipment.d. Accounts Payable.
If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account isa. a debit to Income Summary and a credit to Fees Income.b. a debit to Income Summary and a credit to Capital.c. a debit to Capital and a credit to Income Summary.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?a. Debit Penny Pincer, Drawing; credit Penny Pincher, Capitalb. Debit Penny Pincher, Capital; credit Income Summaryc. Debit Income Summary; credit Penny Pincher, Drawingd. Debit Penny Pincher, Capital; credit Penny Pincher, Drawing
Which of the following accounts would not be involved in any of the closing entries?a. Accounts Payableb. Fred Sanford, Drawingc. Income from Servicesd. Advertising Expense
Which of the following statements is not correct?a. If the post-closing trial balance does not balance, there are errors in the accounting records.b. The audit trial should be used to trace data through the accounting records to find and correct errors.c. The balance of the owner"s capital account, as reflected on the post-closing trial balance, will match the amount reported on the income statement.d. The balance of the owner"s capital account on the adjusted trial balance will usually be different than that reported on the post-closing trial balance.
c. The balance of the owner"s capital account, as reflected on the post-closing trial balance, will match the amount reported on the income statement.
Which of the following accounts is a permanent account?a. Suppliesb. Supplies Expensec. Owner"s drawingd. Fees Income
Which of the following accounts has a normal debit balance?a. Accounts Receivableb. Accounts Payablec. Fees Incomed. T. Stark, Capital
After the closing entries are posted to the ledger, each revenue account will havea. a zero balance.b. a debit balance.c. a credit balance.d. either a debit or a credit balance.
Entries required to zero the balances of the temporary accounts at the end of the year are calleda. posting entries.b. adjusting entries.c. closing entries.d. correcting entries.
Which of the following accounts has a normal credit balance?a. Accounts Receivableb. Accounts Payablec. Supplies Expensed. T. Stark, Drawing
The entry to transfer a net loss to the owner"s capital account would include a debit toa. the owner"s capital account and a credit to Cash.b. the owner"s drawing account and a credit to the owner"s capital account.c. Income Summary and a credit to the owner"s capital account.d. the owner"s capital account and a credit to Income Summary.

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The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would bea. debit Capital $11,000; credit Income Summary $11,000.b. debit Income Summary $11,000; credit Capital $11,000.c. debit Revenue $64,000; credit Expenses $53,000.d. debit Income Summary $11,000; credit Drawing $11,000.
b. debit Income Summary $11,000; credit Capital $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 financial statementsb. prepare the post-closing trial balancec. journalize and post the adjusting entriesd. prepare invoices for customers
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