COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 6, Problem 1.4SRE
To determine
Explain which account has a balance other than zero after closing entries are posted.
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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
Which of the following entries properly closes a temporary account?
Select one:
a.
Income Summary XX
Cash
b.
C.
Debit Credit
Expense
Accumulated Depreciation XX
Income Summary
Income Summary
d.
e.
XX
Retained Earnings XX
Dividends
Debit Credit
Debit Credit
XX
Debit Credit
Income Summary XX
Revenue
XX
XX
Debit Credit
XX
XX
Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies expensec. Unearned revenued. Accounts receivable
Chapter 6 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQCh. 6 - Prob. 1.4SRECh. 6 - Prob. 1.5SRECh. 6 - Prob. 1.6SRACh. 6 - Prob. 2.1SRQCh. 6 - Prob. 2.2SRQCh. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE
Ch. 6 - Prob. 2.5SRECh. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSRCh. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSRCh. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQCh. 6 - Prob. 1ECh. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MFCh. 6 - Prob. 2MFCh. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MFCh. 6 - Prob. 1EDCh. 6 - Prob. 1ICCh. 6 - Prob. 1MPS
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- For each account, identify whether it is included in a post-closing trial balance. a. Store Equipment b. Interest Payable c. Notes Receivable d. Rental Revenue e. Commission Revenue f. Accounts Receivable Included in post-closing trial balance?arrow_forwardWhich type of credit account is balanced in the last two columns of a worksheet? O A. Expense B. Revenue C. Accounts payable D. Accounts receivablearrow_forwardWhich of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payablearrow_forward
- Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent expense and unearned revenueC. prepaid rent and common stockD. unearned service revenue and accounts payablearrow_forwardWhich of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained Earningsarrow_forwardWhich of the following accounts will be closed to Income Summary? Prepaid Expenses. Unearned Revenue. Dividends. Depreciation Expense.arrow_forward
- Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenuearrow_forwardWhich of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenuearrow_forwardRequirement: a) Journalize the transactions and the closing entry for net incomearrow_forward
- Which of the following account balance will be placed in the credit column of the trial balance? O a. Capital b. Cash C. Debtors O d. Salaryarrow_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_forwardWhat are the four entries required for closing, assuming that the Income Summary account is used?arrow_forward
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