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Exam 4: Completing the Accounting Cycle

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Question 41

Multiple Choice

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The Interest Expense in the worksheet's unadjusted trial balance column is $1,000.Interest Expense in the income statement column is $12,000.Which of the following entries would have caused this difference?

A) a $12,000 credit to Interest Expense in the worksheet's adjustments column
B) a $12,000 credit to Interest Payable in the worksheet's adjustments column
C) a $11,000 debit to Interest Expense in the worksheet's adjustments column
D) a $11,000 credit to Interest Expense in the worksheet's adjustments column

E) A) and D)
F) B) and C)

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Question 42

Multiple Choice

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A reversing entry is ________.

A) a journal entry used to close the temporary accounts after preparation of financial statements
B) a special journal entry used to make the adjustments that took place after preparing the trial balance
C) a special journal entry that eases the burden of accounting for transactions in the next period
D) a journal entry prepared at the end of an accounting period to match assets with liabilities

E) C) and D)
F) B) and D)

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Question 43

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A worksheet can be used to help prepare adjusting entries and the financial statements.

Which of the following accounts would appear in the income statement debit column of the worksheet?

A worksheet is a substitute for the financial statements.

The income statement section of the worksheet includes ________.

Where does net income appear on a worksheet?

Regarding a classified balance sheet,which of the following statements regarding liabilities is incorrect?

Which of the following accounts' balance is carried forward to the next accounting period?

Wilson Engraving just completed operations for the year ending December 31,2018.Accounts from the adjusted trial balance dated December 31,2018 are listed in alphabetical order below: Requirement: a.Prepare the closing entries.Omit explanations. b.Prepare,in good form,the income statement,statement of retained earnings,and balance sheet. c.Compute the current ratio.Label your work.Comment on the current ratio.

The Salaries Expense account is a temporary account.

Which of the following would be considered a long-term asset?

The ten steps of the accounting cycle are presented below.Identify the correct order of the steps by placing the numbers 1 (first step)to 10 (last step)by each description. ______ Start with beginning account balances.

The following is the adjusted trial balance as of December 31,2019 of Barone Brothers,Inc.: Prepare the closing entry for expenses.Omit explanation.

The balance sheet section of the worksheet includes the asset and liability accounts and all equity accounts,including all revenues and expenses.

Perry Service Company had the following unadjusted balances at December 31,2018: Salaries Payable,$0;Salaries Expense,$12,000.The following transactions took place on December 31,2018: Accrued Salaries Expense,$5,000 Closed the Salaries Expense account. The following transaction took place on January 4,2019: Paid salaries of $6,000.This payment included $5,000 that was accrued on December 31,2018 and $1,000 for the first few days in January 2019. Prepare the journal entry for January 4,2019,assuming that reversing entries were not made.Omit explanation.

Which of the following statements concerning the worksheet is correct?

Under which of the following categories would bonds held as an investment for more than a year appear?

The following is the adjusted trial balance as of December 31,2018 of Bravo Photography: Provide the closing entry for revenues.Omit explanation.

Property,plant,and equipment are ________.