College accounting, chapters 1-9
23rd Edition
ISBN: 9781337794787
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 6, Problem 3MC
Which of these is the first step in the closing process?
(a) Close revenue account(s).
(b) Close expense accounts.
(c) Close the Income Summary account.
(d) Close the drawing account.
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Explain the closing process in accounting. Why is it important to classify permanent and temporary accounts? How is the account income summary used during the closing process?
Which of these is the first step in the closing process?(a) Close revenue account(s). (c) Close the Income Summary account.(b) Close expense accounts. (d) Close the drawing account.
After the closing entries have been posted, all temporary accounts should have ____.
Select one:
a. either a debit or credit balance
b. a zero balance
c. a debit balance
d. a credit balance
Chapter 6 Solutions
College accounting, chapters 1-9
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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- The goal of closing entries does NOT include: A. to clear revenue and expense accounts. B. to clear the Withdrawals account. C. to clear the Cash account. D. to update the Capital account balance.arrow_forwardWhich 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 Revenuearrow_forwardWhich of the following accounts should not appear on the post-closing trial balance? Select one: a. Accounts Payable b. Accounts Receivable c. Income Summary d. Office Equipmentarrow_forward
- What are temporary accounts? Are temporary accounts closed in the closing process?arrow_forwardWhat are the permanent accounts? Are permanent accounts closed in the closing process?arrow_forwardClosing entries transfer the balances of the permanent accounts to the temporary accounts. Select one: True Falsearrow_forward
- How is the account Income Summary used during the closing process?arrow_forwardDistinguish the reasons for preparing closure entries at the conclusion of the accounting period. What is the impact on the accounts?arrow_forwardWhy is it important to classify temporary and permanent accounts in the closing process?arrow_forward
- REQUIRED: • CLOSING ENTRIES to close the Income Summary account for the following problems.arrow_forwardComplete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizingarrow_forward17. In preparing closing entries, which of the following columns of the work sheet are the most helpful? a. Adjustments columns b. Adjusted Trial Balance columns c. Income Statement columns d. Balance Sheet columns 18. The primary objective of reversing entries is to a. correct errorss. b. simplify the bookkeeping associated with accruals from the prior period. c. transfer the balance of the expense accounts to the Owner's Capital account and set the accounts equal to zero. d. place the expenses for the current period in the proper accounts. 19. Which of the following comes last in the accounting process? a. Preparation of a post-closing trial balance b. Preparation of an adjusted trial balance c. Worksheet preparation d. Journalizing external transactions 20. Which of the following accounts will appear on the post-closing trial balance? a. Building b. Depreciation expense - building c. Owner's withdrawals d. Service revenuesarrow_forward
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