Which of the following accounts is not closed at the end of the accounting period? Select one: Unearned Revenue Cost of Goods Sold Sales Revenue Interest Expense
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Which of the following accounts is not closed at the end of the accounting period?
Select one:
Unearned Revenue
Cost of Goods Sold
Sales Revenue
Interest Expense
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- The Sales Returns and Allowances account is reported as a a. Contra-revenue account on the income statement b. Current liability on the balance sheet c. Deduction from accounts receivables d. Selling expense on the incone statementWhich of the following needs an adjustment to the accounts receivable account of ABC Company? a. Goods in transit as of the reporting date shipped to a customer FOB destination not recorded as sales and correctly included as inventory b. Goods in transit as of the reporting date, shipped to a customer FOB shipping point, correctly recorded as sales but was included as inventory c. Goods in transit as of the reporting date, shipped to a customer FOB shipping point, correctly recorded as sales, and was excluded from inventory d. Goods in transit as of the reporting date, shipped to a customer FOB destination recorded as sales however correctly included as inventoryWhich of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUS
- Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next QuestionesWhich of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned RevenueWhich of these accounts is (are) credited during the closing process? Sales Revenue onlySales Returns and Allowances onlyInterest Revenue onlySales Revenue, Sales Returns and Allowances, and Interest Revenue
- Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales RevenueWhich of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed AssetsWhich of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assets
- The payment of supplier’s account is debited to accounts receivable. What is the effect of the error in the net income of the current period and in subsequent period? a. Understated b. Cannot be determined based on the given information c. No effect d. OverstatedWhich of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and SaleWhich of the following needs an adjustment to the accounts receivable account of AB Company? a. a freight cost paid by the buyer for goods shipped FOB shipping point b. freight cost prepaid by the seller for good shipped FOB destination c. freight cost prepaid by the buyer for goods shipped FOB shipping point d. freight cost prepaid by the seller for goods shipped FOB shipping point
