College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 2QY
Which of the following accounts would be closed during the closing process?
- a. Service Revenue
- b. Cash
- c. B. Williams, Capital
- d.
Accumulated Depreciation , Equipment
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Which of the following accounts would not be included in the closing entries?a. Service Revenueb. Depreciation Expensec. Retained Earningsd. Accumulated Depreciation
Which of the following accounts will be credited to close it?
a.Accumulated Depreciation
b.Rent Revenues
c.Depreciation Expense
d.Fees Earned
Instruction: Fill in the blank on the type/nature of the adjustment or the pro-forma
entry of the adjustment on the following:
1. The pro-forma adjusting entry to record the interest expense during the reporting
period.
2. The expense account used to record the decline in value of assets due to wear and
tear.
3. The pro-forma entry to record the estimated accounts that are uncollectible using
the allowance method.
4. The expense account used for accounts that could not be collected to bring this
account to its net realizable value.
5. The pro-forma entry to record the expense representing the uncollected accounts
from customers using the direct method.
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
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- The entry to record depreciation includes a debit to the ________ account. A. Depreciation Expense B. Cash C. Equipment D. Accumulated Depreciationarrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Casharrow_forwardWhich of the following accounts would appear on a post-closing trial balance? a. Depreciation Expense, Equipment b. Income from Services c. R. McDonald, Drawing d. R. McDonald, Capitalarrow_forward
- At the time of dissolution of the which one of the following account has to be prepared for disposing of assets and settlement of liabilities: a. Revaluation account b. Reserve account c. Revenue account d. Realisation account FAST************arrow_forwardWhich of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation expense O c. Accumulated depreciation O d. Notes payablearrow_forwardA major purpose of preparing closing entries is toa. update the Retained Earnings account.b. adjust the asset accounts to theircorrect current balancesarrow_forward
- Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenuearrow_forwardWhich of the following is the correct journal entry to record depreciation expense? Debit Equipment Credit Depreciation Expense Debit Depreciation Expense Credit Cash Debit Depreciation Expense Credit Accumulated Depreciation Debit Accumulated Depreciation Credit Depreciation Expensearrow_forwardQuestion: What is the purpose of depreciation in accounting? a. Increase asset value b. Allocate the cost of an asset over its useful life c. Reduce liabilities d. Determine net incomearrow_forward
- which of the following items is listed as a current asset on a balance sheet a. accounts receivable b. accelerated depreciation c. company use of a persons vehicle d. employers full namearrow_forwardWhich of the following accounts would be presented under the section of current assets in the classified balance sheet? a. Unearned Rent Revenue b. Prepaid Advertising c. Building d. Copyrightarrow_forwardJ. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Cash Services Revenue Unearned Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable ma Dobit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280arrow_forward
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