Question 1

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.​​  ​

Accepted Answer

The answer of Sean Enterprises offers carpet and upholstery cleaning...

Question 2

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Accepted Answer

A) True 
 B)False

Question 3

There are two closing entries. The first one is to close _____; the second one is to close _____.

Accepted Answer

A)   revenues and expenses, the drawing account
B)   revenues, expenses and the drawing account
C)   revenues, expenses
D)   the drawing account, revenuesE) All of the above
F) C) and D)

Question 4

The current ratio is computed by dividing current liabilities by current assets.

Accepted Answer

A) True 
 B)False

Question 5

Of the following steps of the accounting cycle, which step should be completed first?

Accepted Answer

A)   Closing entries are journalized and posted to the ledger.
B)   Transactions are posted to the ledger.
C)   Adjusting entries are journalized and posted to the ledger.
D)   Financial statements are prepared.E) All of the above
F) C) and D)

Question 6

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.:​  Prepare an income statement.

Accepted Answer

The answer of The following accounts were taken from the...

Question 7

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Accepted Answer

A) True 
 B)False

Question 8

Real accounts are not permanent accounts.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

The current ratio is computed by dividing current liabilities by current assets.

Correct Answer
verified

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.

Correct Answer
verified

There are two closing entries. The first one is to close _; the second one is to close _.

Correct Answer
verified

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Correct Answer
verified

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Prepare an income statement.

Correct Answer
verified

Real accounts are not permanent accounts.

Correct Answer
verified

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Correct Answer
verified

Of the following steps of the accounting cycle, which step should be completed first?

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

The current ratio is computed by dividing current liabilities by current assets.

Correct AnswerverifiedShow Answer

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.​​ ​

Correct AnswerverifiedShow Answer

There are two closing entries. The first one is to close _____; the second one is to close _____.

Correct AnswerverifiedShow Answer

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Correct AnswerverifiedShow Answer

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.:​ Prepare an income statement.

Correct AnswerverifiedShow Answer

Real accounts are not permanent accounts.

Correct AnswerverifiedShow Answer

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Correct AnswerverifiedShow Answer

Of the following steps of the accounting cycle, which step should be completed first?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.

Correct Answer
verified

There are two closing entries. The first one is to close _; the second one is to close _.

Correct Answer
verified

Correct Answer
verified

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Prepare an income statement.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified