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Exam 4: Completing the Accounting Cycle

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Question 31

Multiple Choice

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Match each journal entry that follows as one of the types of journal entries a-c) below. -​Wages Expense 870 Wages Payable 870

A) Journal entries
B) Adjusting journal entries
C) Closing journal entries

D) A) and B)
E) A) and C)

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Question 32

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The accumulated depreciation account is closed to the income summary account.

A) True
B) False

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Question 33

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Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

After posting the second closing entry to the income summary account, the balance will be equal to

Use this end-of-period spreadsheet to answer the questions that follow. -The journal entry to close revenues would be:

Closing entries are dated in the journal as of

If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000.

The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

The balance sheet should be prepared

On which financial statement will Income Summary be shown?

A post-closing trial balance should be prepared before the financial statements are prepared.

Kirk Enterprises offers rug cleaning services to business clients. Below is the adjustments data for the year ended July 31. Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form. Adjustments: a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation. b) Accrued wages, $2. c) Unused supplies on hand, $8. d) Of the unearned revenue, 75% has been earned. e) Unexpired insurance remaining at the end of the month, $9.

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. -Determine total assets.

Balance sheet accounts

Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.

It is not necessary to post the closing entries to the general ledger.

Any twelve-month accounting period adopted by a company is known as its fiscal year.

When the end-of-period spreadsheet is complete, the adjustment columns should have

You have just accepted your first job out of college, which requires you to evaluate loan requests at Eastwood National Bank. The first loan request you receive is from Richard Enterprises. Richard Tracy, the CEO, is requesting $105,000 and brings you the following trial balance or statement of accounts) for the first year of operations ended December 31. What three accounts do you think should be relabeled for greater clarity? Richard Enterprises Statement of Accounts December 31 $\begin{array}{|l|l|l|}\hline \text { Cash } & \$ 2,050 & \\\hline \text { Billings Due from Others } & 15,070 & \\\hline \text { Office Supplies } & 7,470 & \\\hline \text { Trucks } & 36,370 & \\\hline \text { Equipment } & 8,090 & \\\hline \text { Amounts Owed to Others } & & \$ 2,850 \\\hline \text { Investment in Business } & & 33,500 \\\hline \text { Service Revenues } & & 73,650 \\\hline \text { Wages Expense } & 30,050 & \\\hline \text { Rent Expense } & 7,330 \\\hline \text { Insurance Expense } & 2,400 \\\hline \text { Utilities Expenses } & 700 \\\hline \text { Miscell aneous Expenses } & 470 & \\\hline \text { Totals } & \$ 110,000 & \$ 110,000 \\\hline\end{array}$

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must