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 4QY
Which of the following accounts would appear on a post-closing
- a. Depreciation Expense, Equipment
- b. Income from Services
- c. R. McDonald, Drawing
- d. R. McDonald, Capital
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Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
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 Revenue
Accumulated Depreciation and Service Fees Earned would be sorted to which respective columns in completing a work sheet?
Multiple Choice
A. Balance Sheet and Statement of Retained Earnings-Credit and Income Statement-Credit.
B. Balance Sheet and Statement of Retained Earnings-Debit and Income Statement-Debit.
C. Income Statement-Debit and Income Statement-Credit.
D. Balance Sheet and Statement of Retained Earnings-Debit and Balance Sheet and Statement of Retained Earnings-Credit.
E. Balance Sheet and Statement of Retained Earnings-Debit; and Income Statement-Credit.
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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- Which 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_forwardReturn inward appearing in trial balance is deducted from Select one: a. Asset b. Purchases c. Return outwards O d. Salesarrow_forwardWhich of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciationarrow_forward
- Which of the following accounts would not be included in the closing entries?a. Service Revenueb. Depreciation Expensec. Retained Earningsd. Accumulated Depreciationarrow_forwardMatch the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristicarrow_forwardWhich of the following accounts would not appear in aclosing journal entry?a. Interest Revenueb. Accumulated Depreciationc. Retained Earningsd. Salaries and Wages Expensearrow_forward
- 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.arrow_forwardOn the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Creditarrow_forwardAccounts Payable is an example of an asset account.arrow_forward
- What 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_forwardList the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.arrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forward
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