Question

Which of the following accounts would NOT appear in a post-closing trial balance? Unearned Fees Accounts...

Which of the following accounts would NOT appear in a post-closing trial balance?

Unearned Fees

Accounts Payable

Fees Eaned

Cash

Our company pays rent of $1,000 per month in advance for the year. At the end of each month, what would be the adjusting entry?

Prepaid Rent                        1,000

Rent Expense                                   1,000

None of these answers is correct.

Rent Expense                               1,000

Prepaid Rent                                          1,000

Rent Expense                        1,000

     Cash                                                  1,000

You are learning the accrual basis of accounting in this course rather than the cash basis.

True

False

A company forgets to record six transactions in the month of June. June's trial balance won't balance.

True

False

You have a bank account at TD Bank. Interest is posted monthly to your account. This is an example of an accrued revenue for you.

True

False

Business   Accounting   
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Answer #1

Part 1) OPTION C----- Fees earned

Fees earned would not appear in post closing trial balance since fees earned is revenue account and same does not carry any ending balance after accounting period is over.

Part 2)OPTION C

Adjusting Entry would be Rent Expense Debit 1000, Prepaid Rent 1000 Credit

Part 3) OPTION A------ True

Accrual or Mercantile basis of accounting is being followed generally .

Part 4)OPTION B----- False

Since this is an error of complete omission hence it will not affect trial balance.

Part 5)OPTION B----- False

It is not accrued revenue , since bank interest is being earned and received in same period.

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