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

The entry to close the income summary account may include

04/12/2021 Client: muhammad11 Deadline: 2 Day

Question 1 Of 20 One Purpose Of Closing Entries Is To Give Zero Balances To __________ Accounts.

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:

Accounting & Finance Specialist
Top Academic Guru
Instant Homework Helper
Solutions Store
Assignment Hub
Write My Coursework
Writer Writer Name Offer Chat
Accounting & Finance Specialist

ONLINE

Accounting & Finance Specialist

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$46 Chat With Writer
Top Academic Guru

ONLINE

Top Academic Guru

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$27 Chat With Writer
Instant Homework Helper

ONLINE

Instant Homework Helper

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$20 Chat With Writer
Solutions Store

ONLINE

Solutions Store

As an experienced writer, I have extensive experience in business writing, report writing, business profile writing, writing business reports and business plans for my clients.

$22 Chat With Writer
Assignment Hub

ONLINE

Assignment Hub

I have read your project description carefully and you will get plagiarism free writing according to your requirements. Thank You

$31 Chat With Writer
Write My Coursework

ONLINE

Write My Coursework

Being a Ph.D. in the Business field, I have been doing academic writing for the past 7 years and have a good command over writing research papers, essay, dissertations and all kinds of academic writing and proofreading.

$47 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

Social work professional values - 4 bit comparator circuit diagram - Criteria corp test results - Logging service palo alto - Inheritance of sex linked traits worksheet answers - Arduino uno self balancing robot code - Critique - Leadership research findings practice and skills free pdf - Marilyn terrill is the senior auditor - Chain ratio method - Refrigerant enters the compressor as a low pressure vapor - Ash wicklow animal rescue - His soul stretched tight across the skies - Total customer benefit example - Yellowstone wolves food web - Equivalent fractions for 10 15 - Andrew macgregor marshall blog - Cultural anthropology worksheets - Fluke 435 download data - Honest tea case study analysis - Potentiometer measurement of resistance experiment - The book of obadiah relates the doom of nineveh - Needed Urgently, Accounting homework - PP2 - Brave new world chapter 11 questions - Body systems mind map - The impact of covid on cancer patients - Adler v george 1964 - How netflix reinvented hr ppt - Activities to teach teachers about differentiated instruction ppt - Accounting 1 chapter 12 answers - Philosophy Plato - US GAAP / IFRS Report (with research tracker) - Select sí or no to indicate which of the following items you see in the fotonovela video. - JOURNAL REPORT - Turbov evo auto tuning - Assignment 1 - Week 2 assignment - A single musical line implies monophonic texture - Pi pearsoned login - Business communication amy newman pdf - Kanthal wire max temperature - Government servants association mauritius - Walmart in japan case study solution - Week 4 Project NSG4074 - George jimenez is the controller at balkin electronics - Oppression remedy s232 - How to deseasonalized data in excel - Taylormade r580 xd driver illegal - 24 in kids shoes - Nursing care plan for self mutilation - CRYPTOGRAPHY - Fetal pig dissection lab report conclusion - What's Next? - Qut cite write harvard - Legal aspects of project management - Of mice and men racism quotes - How to test for hydrogen gas in a chemical reaction - The edelweiss hotel in vail colorado has accumulated records - Example of variety seeking buying behavior - Rodarius marcell green - Health Assessment - Academic Writer Needed - Centrair air systems & supplies - Cloud Computing Discussion 2 - Misleading statistics - Lock and key diagram - Linear optimization model excel - Economics - Great denham primary school - What makes a good advert - The last dance despelder pdf - Naplan stimulus persuasive writing - Georgia parole grid sheet 2018 - Hcf cash back cover - Biomedical statistic independent project - Depositional environment of rock salt - Construction skills certification scheme - Wk 11 cip discussion - Australian healthcare & hospitals association - Enterprise key management plan example - Week8 MA215 - Swarm ai kentucky derby 2017 - Response to Classmates Discussions - Trojan horse psw generic11 nyj - History of mime drama - Prepare the 2019 year end income statement for armani company - Affordable scales and balances - National 5 chemistry 2014 answers - Lesson 9 linear functions unit test answers - NR632 week 7 SR - Windshield survey stanhope and lancaster - We don't actually touch anything - Using open ended questions in nursing - Hincapie inc manufactures cycling - The Best Essay Writer - Explore learning collision theory gizmo answers - New south wales bar association v thomas - Week 6 lab summit ridge mountain resort student - CATHERINE OWENS ONLY