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Exam 6: Closing Entries and the Postclosing Trial Balance

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Question 21

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The temporary owner's equity accounts are closed because they apply to only one accounting period.

A) True
B) False

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Question 22

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After all the closing entries are posted to the ledger,the Income Summary account will have a ____________________ balance.

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Question 23

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Entries required to zero the balances of the temporary accounts at the end of the year are called

When done properly,how many journal entries are involved in the closing process?

Which of the following statements is not correct?

On December 31,the ledger of Davis Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 11 as the general journal page number.

A post-closing trial balance could include all of the following except the

"Income and Expense Summary" is another name for the Income Summary account.

The adjusted ledger accounts of Miraldi Landscaping Design on December 31,2016,appear as follows.All accounts have normal balances and adjusting entries have been made.Extend the balances to the Balance Sheet and Income Statement columns of the worksheet.Then,journalize the closing entries on page 12 of a general journal.

Danos Company's partial worksheet for the month ended December 31,2016,is shown below.Open the owner's capital account (account number 301)in the general ledger and record the December 1,2016,balance of $64,000 shown on the worksheet.Journalize the closing entries on page 8 of a general journal.Post the closing entries to the owner's capital account.Prepare a post-closing trial balance.

Use the following account balances from the adjusted trial balance of Gees Catering Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.

Managers often consult financial statements for specific types of information.Indicate whether each of the following items would appear on the income statement,statement of owner's equity,or the balance sheet.Note that an item may appear on more than one statement.The first item is completed as an example.

Which of the following statements is not correct?

The heading "Closing Entries" is usually written in the Description column of the general journal above the first closing entry.

The adjusted ledger accounts of RD Consulting on December 31,2016,appear as follows.All accounts have normal balances and adjusting entries have been made.Extend the balances to the Balance Sheet and Income Statement columns of the worksheet.Then,journalize the closing entries on page 4 of a general journal.

Data for the closing entries is taken from the ____________________ section of the worksheet.

All of the following accounts will appear on the post-closing trial balance except

Which of the following accounts would not be involved in any of the closing entries?

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

If a business has a net loss for a fiscal period,the journal entry to close the Income Summary account is