Which the the complying with statements is not correct? a. Prior to the Income an overview account is closed, its balance to represent the net income and also net loss for the accounting period.b. The Income review account is a short-term owner"s same account.c. The Income an overview account is used only in ~ the finish of one accounting period to assist with the closing procedure.d. The owner"s illustration 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 jae won statements.b. Prepare the post-closing psychological balance.c. Prepare the worksheet.d. Journalize and post the adjusting entries.
The asset, liability, and owner"s funding accounts show up on all of the following except thea. Income statement.b. Balance sheet.c. Post-closing psychological balance.d. Worksheet.
The revenue account Fees earnings is closed by debitinga. Cash and crediting Fees Income.b. Fees Income and crediting earnings Summary.c. The owner"s resources account and also crediting Fees Income.d. Income an introduction and crediting Fees Income.
Identify the accounts listed below that room ALL long-term accounts.a. Account Receivable, gathered Depreciation, account Payableb. Accounts Receivable, Depreciation Expense, Fees Incomec. Accounts Payable, wages Expense, revenue Summaryd. Account Payable, Owner"s Capital, income Summary
One purpose of closeup of the door entries is toa. Transport the results of operations to owner"s equity.b. Mitigate the owner"s resources account balance come zero so the the account is all set for the following period.c. Readjust the ledger account balances to provide complete and accurate numbers for use on financial statements.d. Close all accounts so that the ledger is prepared for the next accountancy period.
Use the adhering to account balances indigenous the changed trial balance the Gees CateringSelect the correct closing entry the Gees Catering would make to close the owner"s tap the money account in ~ the end of the accountancy period.
The owner"s illustration account is closed by debitinga. The owner"s drawing account and also crediting the owner"s resources account.b. The owner"s resources account and crediting the owner"s drawing account.c. Income an introduction and crediting the owner"s illustration account.d. The owner"s illustration account and crediting earnings Summary.
Which the the adhering to accounts is not closed?a. Cashb. Fees Incomec. Rental Expensed. Joan Wilson, Drawing
The entry to close the Depreciation expense account would encompass a debit toa. The Income review account and a credit transaction to the Depreciation expense account.b. The Income review and a credit transaction to Cash.c. Cash and a credit transaction to the Income an introduction account.d. The Depreciation expense account and also a credit transaction to the Income an overview account.
Which the the adhering to accounts would certainly be closed?a. Account Receivableb. Collected Depreciationc. Supplies Expensed. Joan Wilson, Capital
All the the complying with accounts will show up on the post-closing psychological balance excepta. Equipment.b. Built up Depreciation-Equipment.c. Depreciation Expense-Equipment.d. Accounts Payable.
If a business has a network loss because that a fiscal period, the newspaper entry to close the Income an overview account isa. A debit to Income an introduction and a credit transaction to Fees Income.b. A debit come Income review and a credit to Capital.c. A debit come Capital and also a credit to income Summary.d. A debit come Capital and a credit to Drawing.
Which that the following entries records the closing of coin 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 transaction Penny Pincher, Drawingd. Debit penny Pincher, Capital; credit Penny Pincher, Drawing
Which of the following accounts would certainly not be involved in any type of of the closing entries?a. Accounts Payableb. Fred Sanford, Drawingc. Earnings from Servicesd. Heralding Expense
Which of the complying with statements is not correct?a. If the post-closing psychological balance does not balance, there room errors in the audit records.b. The audit trial need to be used to map data v the accounting records come find and also correct errors.c. The balance that the owner"s resources account, together reflected ~ above the post-closing psychological balance, will match the amount report on the earnings statement.d. The balance the the owner"s resources account on the changed trial balance will generally be different than that reported ~ above the post-closing psychological balance.
c. The balance of the owner"s capital account, together reflected on the post-closing trial balance, will complement the amount reported on the revenue statement.
Which of the adhering to accounts is a long-term account?a. Suppliesb. Supplies Expensec. Owner"s drawingd. Fees Income
Which of the following accounts has a regular debit balance?a. Account Receivableb. Account Payablec. Fees Incomed. T. Stark, Capital
After the closeup of the door entries room posted to the ledger, every revenue account will certainly havea. A zero balance.b. A debit balance.c. A credit transaction balance.d. One of two people a debit or a credit balance.
Entries compelled to zero the balances of the momentary accounts in ~ the finish of the year room calleda. Posting entries.b. Adjusting entries.c. Close up door entries.d. Correcting entries.
Which the the adhering to accounts has a common credit balance?a. Accounts Receivableb. Account Payablec. Provides Expensed. T. Stark, Drawing
The entrance to deliver a net loss to the owner"s capital account would incorporate a debit toa. The owner"s capital account and also a credit to Cash.b. The owner"s drawing account and also a credit transaction to the owner"s capital account.c. Income an introduction and a credit to the owner"s funding account.d. The owner"s resources account and also a credit to earnings Summary.
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The very first two closing entries come the Income summary account show a debit of $53,000 and also a credit transaction of $64,000. The third closing entry would bea. Debit capital $11,000; credit transaction Income an overview $11,000.b. Debit Income an introduction $11,000; credit capital $11,000.c. Debit Revenue $64,000; credit costs $53,000.d. Debit Income summary $11,000; credit illustration $11,000.
b. Debit Income summary $11,000; credit funding $11,000.$64,000 credit (total revenue) - $53,000 debit (total expenses) = $11,000 net Income
Identify the item below that is NOT among the steps in an accountancy cycle.a. Prepare the jae won statementsb. Prepare the post-closing attempt balancec. Journalize and also post the adjusting entriesd. Prepare invoices for customers