Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

One purpose of closing entries is to

26/10/2020 Client: arwaabdullah Deadline: 7 Days

Question 1 of 20

One purpose of closing entries is to give zero balances to __________ accounts.

A. asset and liability

B. liability and capital

C. revenue and expense

D. expense and capital

Question 2 of 20

After the closing entries are posted to the ledger, each expense account will have __________ balance.

A. a debit

B. a credit

C. either a debit or a credit

D. a zero

Question 3 of 20

The entry to close the Income Summary account may include a debit to __________ and a credit to __________.

A. Income Summary; the owner's capital account

B. Income Summary; Cash

C. Cash; Income Summary

D. Income Summary; the owner's drawing account

Question 4 of 20

Which of the following accounts will NOT normally have a zero balance after the closing entries have been posted?

A. Income Summary

B. Fees Income

C. The owner's capital account

D. Rent Expense

Question 6 of 20

The entry to transfer a net loss to the owner's capital account would include a debit to __________ and a credit to __________.

A. the owner's capital account; Cash

B. the owner's drawing account; the owner's capital account

C. Income Summary; the owner's capital account

D. the owner's capital account; Income Summary

Question 7 of 20

The revenue account Fees Income is closed by debiting __________ and crediting __________.

A. Cash; Fees Income

B. Fees Income; Income Summary

C. the owner's capital account; Fees Income

D. Income Summary; Fees Income

Question 8 of 20

The owner's drawing account is closed by debiting __________ and crediting __________.

A. the owner's drawing account; the owner's capital account

B. the owner's capital account; the owner's drawing account

C. Income Summary; the owner's drawing account

D. the owner's drawing account; Income Summary

Question 9 of 20

The entry to close the Depreciation Expense account may include a debit to __________ and a credit to __________.

A. the Income Summary account; the Depreciation Expense account

B. the Income Summary; Cash

C. Cash; the Income Summary account

D. the Depreciation Expense account; the Income Summary account

Question 10 of 20

The entry to close the owner's drawing account may include a debit to the __________ account and a credit to __________.

A. Income Summary; the owner's drawing account

B. owner's drawing; Cash

C. owner's capital; owner's drawing account

D. owner's drawing; Income Summary account

Question 11 of 20

The entry to close the Accumulated Depreciation account may include a debit to the __________ account and a credit to the __________ account.

A. Income Summary; Accumulated Depreciation

B. Depreciation Expense; Accumulated Depreciation

C. Accumulated Depreciation; Income Summary

D. None of the above

Question 12 of 20

Which of the following accounts would be closed?

A. Accounts Receivable

B. Accumulated Depreciation

C. Supplies Expense

D. Joan Wilson, Capital

Question 13 of 20

After the closing entries are posted to the ledger, each revenue account will have __________ balance.

A. a zero

B. a debit

C. a credit

D. either a debit or a credit

Question 14 of 20

A postclosing trial balance could include all of the following EXCEPT the __________ account.

A. owner's capital

B. Cash

C. Fees Income

D. Accounts Receivable

Question 15 of 20

Which of the following accounts is a permanent account?

A. Supplies

B. Supplies Expense

C. Owner's drawing

D. Fees Income

Question 16 of 20

Which of the following statements is correct?

A. The Balance Sheet section of the worksheet contains the data that is used to make closing entries.

B. The balance of the owner's drawing account will appear on the postclosing trial balance.

C. Closing entries are entered directly on the worksheet.

D. Preparation of the postclosing trial balance is the last step in the end-of-period routine.

Question 17 of 20

Information in the financial statements provides answers to many questions, including:

A. How much do customers owe the business?

B. What are the business' current and long term plans for expansion?

C. Has the business achieved its net income goal for the year?

D. All of the above

Question 18 of 20

The asset, liability, and owner's capital accounts appear on all of the following EXCEPT the:

A. income statement.

B. balance sheet.

C. postclosing trial balance.

D. worksheet.

Question 19 of 20

After the worksheet has been completed, the next step in the accounting cycle is to:

A. journalize and post the closing entries.

B. journalize and post the adjusting entries.

C. prepare the postclosing trial balance.

D. prepare the financial statements.

Question 20 of 20

After the data about transactions have been posted, the next step in the accounting cycle is to:

A. prepare the financial statements.

B. prepare the postclosing trial balance.

C. prepare the worksheet.

D. journalize and post the adjusting entries.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Essay Writing Help
Buy Coursework Help
Top Writing Guru
Top Grade Essay
Top Essay Tutor
Online Assignment Help
Writer Writer Name Offer Chat
Essay Writing Help

ONLINE

Essay Writing Help

I am a qualified and experienced Writer, Researcher, Tutor, analyst and Consultant. I hold MBA (Strategic Management) (Finance and Marketing) & CPA.K (Accounting and Finance.)

$62 Chat With Writer
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Top Writing Guru

ONLINE

Top Writing Guru

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
Top Grade Essay

ONLINE

Top Grade Essay

Working on this platform from a couple of time with exposure of dynamic writing skills gathered with years experience on different other websites.

$62 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
Online Assignment Help

ONLINE

Online Assignment Help

Hi dear, I am ready to do your homework in a reasonable price.

$55 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Critical readings of othello - Student exploration collision theory gizmo answer key - Electricity consumer safety regulation 2006 - Human crutch method first aid - French word for rebirth - How are factors and divisors alike - Wireshark lab dns v7 0 solution - Price is seldom used as a competitive tool - Cpvc pipe pressure rating - 716 glades drive robina - What is a term deposit westpac - Ethical issues of google glass - Ocr a level biology multiple choice questions - When was the temple of isis in pompeii built - Interviews with community members sketches drawings explanatory material - Starbucks partner performance review - Nursing leadership practicum objectives examples - Nonverbal communication in indian culture - Excel qm in excel 2016 - To improve the performance of underutilizers managers should - Strategic management of technological innovation pdf schilling - 15 galway street greenslopes - Nystrom herff jones education division answers - Managerial Economics - Industry report and company report - Return on Investment - David montanari simulation answers - Mettler toledo pipette calibration system - Week 8 HUM101: World Religion and Cultures - Seven pages essay - Combustion experiment with limewater - Billy elliot essay questions hsc - Weaknesses of fenty beauty - Delta electronics europe limited - Add 3 references - Heart of darkness quotes explained - Northanger Abbey - What is guided writing in primary school - Turnaround at the preston plant - Darlington futures ltd v delco australia pty ltd - Words ending in ise - Data structures abstraction and design using java 2nd edition solutions - Academic Success and Professional Development Plan Part 4: Research Analysis - Criminological theory 6th edition pdf free - In a period of rising prices, the costs allocated to ending inventory may be understated in the - Fitness fanatics is a regional chain of health - Desire under the elms synopsis - Reading a scientific paper - 2 ESSAY QUESTIONS, MUST BE DONE IN 2 HOURS - Module 2 assignment - First choice ballymena jobs - Pearl e white orthodontist specializes - Task 2 - Cath - Gnomeo and juliet tybalt - Health clearance provided no action required - How to do an ipo chart - Problem Solving, Creativity and Solution Setting - Toms shoes in 2016 an ongoing dedication to social responsibility - Dyce primary school staff - Southampton vts vessels alongside - Do toads eat ladybugs - Depaul university project management - Winn dixie code of ethics - Communication pathways valenzano - 100 roberts road subiaco - Strategic management text and cases 7th edition ebook - Exercise 30 blood vessel identification answers - Mount ridley college staff - 45 stonier road ross creek - Erin brockovich case facts - Cisco asr 1001 x ios upgrade procedure - Krispy kreme donuts charlottesville va - What was the significance of the salomon v salomon case - Tagore punishment - According to one of dr. sarbaum's videos, when did other (non-tariff) protectionism become popular? - Internal scanning organizational analysis - I know the voices dying with a dying fall meaning - Consumer health barrett 9th edition - Cardiff university phd gown - Future of the juvenile justice system proposal presentation - Stuart hall and cultural studies decoding cultural oppression - The virtual evolution stickleback lab answers - Cash budget with supporting cash collections and disbursements schedules - Beyond change management dean anderson pdf - Www us cert gov cas tips - Ni usb 6212 pinout - Along came a spider rhyme - Gresham real estate fund - Goddess saraswati veena name - Noise as a barrier to communication - Ethical scenario 1 - T5-T1 BREAK EVEN ANALYSIS, NET PRESENT VALUE, INTERNAL RATE OF RETURN - Klip lok roofing installation - The book thief setting quotes - History of Art through the Middle Ages Week 4 discussion - Dozier company produced and sold units - How important is it to trace costs appropriately explain - Hispanic Adolescents Overweight - Rationing function of prices - Uni super member number - Sir william hudson memorial centre ltd