Question 1 of 20
One purpose of closing entries is to give zero balances to __________ accounts.
A. asset and liability
B. liability and capital
C. revenue and expense
D. expense and capital
Question 2 of 20
After the closing entries are posted to the ledger, each expense account will have __________ balance.
A. a debit
B. a credit
C. either a debit or a credit
D. a zero
Question 3 of 20
The entry to close the Income Summary account may include a debit to __________ and a credit to __________.
A. Income Summary; the owner’s capital account
B. Income Summary; Cash
C. Cash; Income Summary
D. Income Summary; the owner’s drawing account
Question 4 of 20
Which of the following accounts will NOT normally have a zero balance after the closing entries have been posted?
A. Income Summary
B. Fees Income
C. The owner’s capital account
D. Rent Expense
Question 6 of 20
The entry to transfer a net loss to the owner’s capital account would include a debit to __________ and a credit to __________.
A. the owner’s capital account; Cash
B. the owner’s drawing account; the owner’s capital account
C. Income Summary; the owner’s capital account
D. the owner’s capital account; Income Summary
Question 7 of 20
The revenue account Fees Income is closed by debiting __________ and crediting __________.
A. Cash; Fees Income
B. Fees Income; Income Summary
C. the owner’s capital account; Fees Income
D. Income Summary; Fees Income
Question 8 of 20
The owner’s drawing account is closed by debiting __________ and crediting __________.
A. the owner’s drawing account; the owner’s capital account
B. the owner’s capital account; the owner’s drawing account
C. Income Summary; the owner’s drawing account
D. the owner’s drawing account; Income Summary
Question 9 of 20
The entry to close the Depreciation Expense account may include a debit to __________ and a credit to __________.
A. the Income Summary account; the Depreciation Expense account
B. the Income Summary; Cash
C. Cash; the Income Summary account
D. the Depreciation Expense account; the Income Summary account
Question 10 of 20
The entry to close the owner’s drawing account may include a debit to the __________ account and a credit to __________.
A. Income Summary; the owner’s drawing account
B. owner’s drawing; Cash
C. owner’s capital; owner’s drawing account
D. owner’s drawing; Income Summary account
Question 11 of 20
The entry to close the Accumulated Depreciation account may include a debit to the __________ account and a credit to the __________ account.
A. Income Summary; Accumulated Depreciation
B. Depreciation Expense; Accumulated Depreciation
C. Accumulated Depreciation; Income Summary
D. None of the above
Question 12 of 20
Which of the following accounts would be closed?
A. Accounts Receivable
B. Accumulated Depreciation
C. Supplies Expense
D. Joan Wilson, Capital
Question 13 of 20
After the closing entries are posted to the ledger, each revenue account will have __________ balance.
A. a zero
B. a debit
C. a credit
D. either a debit or a credit
Question 14 of 20
A postclosing trial balance could include all of the following EXCEPT the __________ account.
A. owner’s capital
C. Fees Income
D. Accounts Receivable
Question 15 of 20
Which of the following accounts is a permanent account?
B. Supplies Expense
C. Owner’s drawing
D. Fees Income
Question 16 of 20
Which of the following statements is correct?
A. The Balance Sheet section of the worksheet contains the data that is used to make closing entries.
B. The balance of the owner’s drawing account will appear on the postclosing trial balance.
C. Closing entries are entered directly on the worksheet.
D. Preparation of the postclosing trial balance is the last step in the end-of-period routine.
Question 17 of 20
Information in the financial statements provides answers to many questions, including:
A. How much do customers owe the business?
B. What are the business’ current and long term plans for expansion?
C. Has the business achieved its net income goal for the year?
D. All of the above
Question 18 of 20
The asset, liability, and owner’s capital accounts appear on all of the following EXCEPT the:
A. income statement.
B. balance sheet.
C. postclosing trial balance.
Question 19 of 20
After the worksheet has been completed, the next step in the accounting cycle is to:
A. journalize and post the closing entries.
B. journalize and post the adjusting entries.
C. prepare the postclosing trial balance.
D. prepare the financial statements.
Question 20 of 20
After the data about transactions have been posted, the next step in the accounting cycle is to:
A. prepare the financial statements.
B. prepare the postclosing trial balance.
C. prepare the worksheet.
D. journalize and post the adjusting entries.
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