Question

Which accounts are closed with debits each accounting period? Select one: a. Wage Expense    Supplies    Service...

Which accounts are closed with debits each accounting period?

Select one:

a.

Wage Expense    Supplies    Service Revenue
No No No

b.

Wage Expense    Supplies    Service Revenue   
No Yes No

c.

Wage Expense    Supplies    Service Revenue   
No No Yes

d.

Wage Expense    Supplies    Service Revenue   
Yes No No

e.

Wage Expense    Supplies    Service Revenue
Yes Yes Yes

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Question 7

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Which of the following accounts are closed during the closing procedure?

Select one:

a.

Prepaid Expense    Retained Earnings Revenue
No Yes No

b.

Prepaid Expense    Retained Earnings    Revenue
Yes Yes No

c.

Prepaid Expense    Retained Earnings Revenue
No Yes Yes

d.

Prepaid Expense    Retained Earnings Revenue
Yes No No

e.

Prepaid Expense    Retained Earnings Revenue
No No Yes

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Question 8

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Use the following information to answer the question

LAKE CORPORATION  
ADJUSTED TRIAL BALANCE  
DECEMBER 31  
Cash $15,000
Accounts Receivable 7,000
Supplies 3,000
Prepaid Insurance 5,000
Equipment 24,000
Accumulated Depreciation, Equipment $ 6,000
Accounts Payable 12,000
Common Stock 20,000
Retained Earnings at 1/1 10,000
Dividends 8,000   
Commission Revenue 34,000
Depreciation Expense, Equipment 2,000
Wages Expense 14,000
Insurance Expense 4,000
$82,000 $82,000

The amount of net income (or net loss) during the period is:

Select one:

a. $10,000 net loss

b. $32,000 net income

c. $9,000 net income

d. $14,000 net income

e. $6,000 net income

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Question 9

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The Cooper River Company makes three adjusting entries at 12/31:

  • Depreciation $100
  • Prepaid Insurance used $75
  • Accrued Expense $40

Indicate the net effect of these three entries on these items:

Select one:

a.

Net Income    Working Capital   
Increase $35    Increase $115

b.

Net Income    Working Capital   
Decrease $215    Decrease $115

c.

Net Income    Working Capital   
Decrease $65    Decrease $65

d.

Net Income    Working Capital   
Decrease $215    Decrease $215

e.

Net Income    Working Capital   
Increase $35    Decrease $65

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Question 10

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Given the following items from the balance sheet of the Piper Company:

Assets Liabilities
Cash $ 10,000 Accounts Payable $ 25,000
Accounts Receivable    15,000 Unearned Revenue 15,000
Prepaid Expense 20,000    Total Liabilities 40,000
Building 30,000
Equipment 25,000 Stockholders' Equity
Common Stock 50,000
Retained Earnings 10,000
Total Assets $100,000 Total Liabilities and Stockholders' Equity    $100,000

Working Capital is:

Select one:

a. $60,000

b. $5,000

c. $75,000

d. $20,000

e. $(15,000)

Business   Accounting   
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Homework Answers

Answer #1

1. Answer is

c.

Wage Expense    Supplies    Service Revenue   
No No Yes


Since service revenue has credit balance, so it is closed with debit

2. Answer is

e.

Prepaid Expense    Retained Earnings Revenue
No No Yes

3.
Net Income = $34000 - 20000 = $14000
Answer is d. $14,000 net income

4.
Answer is

b.

Net Income    Working Capital   
Decrease $215    Decrease $115

5. Working Capital = $10000+15000+20000-40000 = $5000
Answer is b. $5000

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