Question 1

Match each journal entry that follows as one of the types of journal entries a-c)  below.
-Dividends 215
Cash 215

Accepted Answer

A)  Journal entries
B)  Adjusting journal entries
C)  Closing journal entriesD) All of the above
E) B) and C)

Question 2

Match each journal entry that follows as one of the types of journal entries a-c)  below.
-​Utilities Expense 430
Cash 430

Accepted Answer

A)  Journal entries
B)  Adjusting journal entries
C)  Closing journal entriesD) None of the above
E) All of the above

Question 3

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?

Accepted Answer

A)   $8,400
B)   $840
C)   $700
D)   $7,700E) C) and D)
F) A) and B)

Question 4

Which of the following has steps of the accounting cycle in proper sequence some steps may be missing) ?

Accepted Answer

A)   analyze and record transactions, post transactions to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
B)   prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
C)   analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance
D)   prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entriesE) None of the above
F) A) and C)

Question 5

In the accounting cycle, the last step is

Accepted Answer

A)   preparing the financial statements
B)   journalizing and posting the adjusting entries
C)   preparing a post­closing trial balance
D)   journalizing and posting the closing entriesE) A) and C)
F) B) and C)

Question 6

Closing entries are entered directly on to the work sheet.

Accepted Answer

A) True 
 B)False

Question 7

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?

Accepted Answer

A)   $6,400 net income
B)   $6,400 net loss
C)   $83,900 net income
D)   $77,500 net lossE) All of the above
F) C) and D)

Question 8

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

Accepted Answer

A)   $4,020 net income
B)   $36,755 net loss
C)   $4,020 net loss
D)   $32,735 net incomeE) A) and B)
F) None of the above

Question 9

Indicate whether each of the following would be reported in the financial statements as a a) current asset, b) current liability, c) revenue, or d) expense:

Accepted Answer

1) current asset
2) current li...

Question 10

Describe a classified balance sheet.

Accepted Answer

A classified balance sheet shows subsect...

Question 11

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Accepted Answer

The answer of Complete the following end-of-period spreadsheet for Danilo...

Question 12

The income summary account is closed to the retained earnings account.

Accepted Answer

A) True 
 B)False

Question 13

The statement of retained earnings should be prepared

Accepted Answer

A)   before the income statement and after the balance sheet
B)   before the income statement and balance sheet
C)   after the income statement and balance sheet
D)   after the income statement and before the balance sheetE) B) and C)
F) A) and C)

Question 14

The first item appearing on the statement of retained earnings is

Accepted Answer

A)   net income
B)   the ending balance of retained earnings
C)   dividends
D)   the beginning balance of retained earningsE) None of the above
F) B) and C) D

Question 15

Which of these titles would appear in the Income Statement columns of the end-of-period spreadsheet?

Accepted Answer

A)   Cash
B)   Prepaid Insurance
C)   Unearned Revenue
D)   Net LossE) A) and D)
F) C) and D)

Question 16

Of the following steps of the accounting cycle, which step should be completed last?

Accepted Answer

A)   An adjusted trial balance is prepared.
B)   Transactions are posted to the ledger.
C)   An unadjusted trial balance is prepared.
D)   Adjusting entries are journalized and posted to the ledger.E) A) and C)
F) All of the above A

Question 17

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Accepted Answer

The difference between the debits and cr...

Question 18

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company:
 $$\begin{array} { l l } 
\text { Accumulated Depreciation } & \$ 42,400 \
\text { Prepaid Rent } & 6,800 \
\text { Supplies } & 850 \
\text { Unearned Fees } & 7,310 \
\text { Trucks } & 49,300 \
\text { Cash } & 3,400 \
\text { Common Stock } & 2,000 \
\text { Retained Earnings } & ?
\end{array}$$ ​
Prepare a classified balance sheet.

Accepted Answer

​

Question 19

A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 20

The income summary account is also called

Accepted Answer

A)   the imprest account
B)   the clearing account
C)   the adjustments account
D)   the zero-out accountE) A) and D)
F) None of the above

Exam 4: Completing the Accounting Cycle

Match each journal entry that follows as one of the types of journal entries a-c) below. -Dividends 215 Cash 215

Correct Answer
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Match each journal entry that follows as one of the types of journal entries a-c) below. -Utilities Expense 430 Cash 430

Correct Answer
verified

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?

Correct Answer
verified

Which of the following has steps of the accounting cycle in proper sequence some steps may be missing) ?

Correct Answer
verified

In the accounting cycle, the last step is

Correct Answer
verified

Closing entries are entered directly on to the work sheet.

Correct Answer
verified

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?

Correct Answer
verified

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

Correct Answer
verified

Indicate whether each of the following would be reported in the financial statements as a a) current asset, b) current liability, c) revenue, or d) expense:

Correct Answer
verified
1) current asset
2) current li...
View Answer

Describe a classified balance sheet.

Correct Answer
verified
A classified balance sheet shows subsect...
View Answer

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Correct Answer
verified

The income summary account is closed to the retained earnings account.

Correct Answer
verified

The statement of retained earnings should be prepared

Correct Answer
verified

The first item appearing on the statement of retained earnings is

Correct Answer
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D

Which of these titles would appear in the Income Statement columns of the end-of-period spreadsheet?

Correct Answer
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Of the following steps of the accounting cycle, which step should be completed last?

Correct Answer
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A

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Correct Answer
verified
The difference between the debits and cr...
View Answer

Correct Answer
verified
11eb113a_f015_38e8_a29b_133cea34b9e3_TB2084_00

A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Correct Answer
verified

The income summary account is also called

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

Match each journal entry that follows as one of the types of journal entries a-c) below. -Dividends 215 Cash 215

Correct AnswerverifiedShow Answer

Match each journal entry that follows as one of the types of journal entries a-c) below. -​Utilities Expense 430 Cash 430

Correct AnswerverifiedShow Answer

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?

Correct AnswerverifiedShow Answer

Which of the following has steps of the accounting cycle in proper sequence some steps may be missing) ?

Correct AnswerverifiedShow Answer

In the accounting cycle, the last step is

Correct AnswerverifiedShow Answer

Closing entries are entered directly on to the work sheet.

Correct AnswerverifiedShow Answer

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?

Correct AnswerverifiedShow Answer

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

Correct AnswerverifiedShow Answer

Indicate whether each of the following would be reported in the financial statements as a a) current asset, b) current liability, c) revenue, or d) expense:

Correct Answerverified1) current asset2) current li...View AnswerShow Answer

Describe a classified balance sheet.

Correct AnswerverifiedA classified balance sheet shows subsect...View AnswerShow Answer

Complete the following end-of-period spreadsheet for Danilo Enterprises.

Correct AnswerverifiedShow Answer

The income summary account is closed to the retained earnings account.

Correct AnswerverifiedShow Answer

The statement of retained earnings should be prepared

Correct AnswerverifiedShow Answer

The first item appearing on the statement of retained earnings is

Correct AnswerverifiedD

Which of these titles would appear in the Income Statement columns of the end-of-period spreadsheet?

Correct AnswerverifiedShow Answer

Of the following steps of the accounting cycle, which step should be completed last?

Correct AnswerverifiedA

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Correct AnswerverifiedThe difference between the debits and cr...View AnswerShow Answer

Correct Answerverified​ 11eb113a_f015_38e8_a29b_133cea34b9e3_TB2084_00

A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Correct AnswerverifiedShow Answer

The income summary account is also called

Correct AnswerverifiedShow Answer

Correct Answer
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Match each journal entry that follows as one of the types of journal entries a-c) below. -Utilities Expense 430 Cash 430

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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1) current asset
2) current li...
View Answer

Correct Answer
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A classified balance sheet shows subsect...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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D

Correct Answer
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Correct Answer
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A

Correct Answer
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The difference between the debits and cr...
View Answer

Correct Answer
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11eb113a_f015_38e8_a29b_133cea34b9e3_TB2084_00

Correct Answer
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Correct Answer
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