Question

Of the four choices below, which of the following accounting cycle steps comes after the other...

Of the four choices below, which of the following accounting cycle steps comes after the other three?

A.

Adjusting entries are recorded and posted.
B.

The financial statements are prepared.
C.

Entries are recorded in the journal.
D.

Information is Posted from the Journal into the General Ledger.

  1. The Income Summary account is credited in the entry that closes

    A.

    net income.
    B.

    the Owner's Withdrawals account.
    C.

    expense accounts.
    D.

    revenue accounts.

  2. Which of the following accounts is not found in any of the closing entries?

    A.

    Accumulated Depreciation, Equipment
    B.

    Owner's Capital
    C.

    Owner's Withdrawals
    D.

    Income Summary

  3. For the accounts listed below please identify the correct Financial Statement: Income Statement, Statement of Owners Equity or Balance Sheet on which it would appear.

          -       A.       B.       C.   

    Accounts Payable
          -       A.       B.       C.   

    Accounts Receivable
          -       A.       B.       C.   

    Accumulated Depreciation
          -       A.       B.       C.   

    Drawing
          -       A.       B.       C.   

    Sales
    A.

    Balance Sheet
    B.

    Statement of Owners Equity
    C.

    Income Statement

  4. Choose the appropriate type of entry to be made to close the following accounts:

          -       A.       B.       C.   

    Telephone Expense
          -       A.       B.       C.   

    Owner's Withdrawals
          -       A.       B.       C.   

    Cash
          -       A.       B.       C.   

    Fees Earned
          -       A.       B.       C.   

    Depreciation Expense, Building
          -       A.       B.       C.   

    Income Summary (assuming a net income)
          -       A.       B.       C.   

    Owner's Capital
    A.

    Not Closed
    B.

    Credit
    C.

    Debit
Business   Accounting   
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Homework Answers

Answer #1

1. Answer: b) financial statements are prepared.

2. Answer : a) net income account .

3. Answer : d) income summary

4. Answer : as per below

Accounts payable - balance sheet

Accounts receivable - balance sheet

Accumulated depreciation- balance sheet

Drawings - statement of owner's equity

Sales - income statement

5. Answer: as per below

Telephone expense- credit

Owner's withdrawal - not closed

Cash - not closed

Fees earned - debit

Income summary - debit

Owner's capital - not closed

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