FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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a. Prepare the T-accounts for Retained Earningsand Income Summary
b. Prepare the Post-closing Trial Balanceand keep the order of accounts
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- The income statement should be prepared Oa. after the retained earnings statement and before the balance sheet Ob. before the retained earnings statement and balance sheet Oc. after the balance sheet and before the retained earnings statement Od. after the retained earnings statement and balance sheetarrow_forwardWhich of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledgerarrow_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_forward
- a list of each customer account and thre balance owed is a:arrow_forwardThe account that is brought up to date after the closing entries have been journalized and posted is the ____. Select one: a. Capital Account b. Sales account c. Capital Stock account d. Purchases accountarrow_forwardMatch each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet a. Sales Returns and Allowances b. Accrued Salaries Payable c. Sales d. Merchandise Inventory e. Accounts Receivable a. Sales Returns and Allowance 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the…arrow_forward
- The retained earnings statement should be prepared a.after the income statement and before the balance sheet b.after the income statement and balance sheet c.before the income statement and after the balance sheet d.before the income statement and balance sheetarrow_forwardFor each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?arrow_forwardUse the list of concepts given to match the description of the concept to the concept.arrow_forward
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