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Exam 4: Completing the Accounting Cycle

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Question 81

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The end-of-period spreadsheet work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210. This is before the amount for net income or net loss has been included. In preparing the income statement from the end-of-period spreadsheet, what is the amount of net income or net loss?

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Net income...

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Question 82

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Journalizing and posting closing entries must be completed before financial statements can be prepared.

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B) False

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Question 83

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The usual presentation of the retained earnings statement is 1) Beginning balance, 2) Net income or loss, 3) Dividends, 4) Stockholders' contributions, 5) Ending balance.

The chart of accounts, the journal, and the ledger are essential parts of the accounting system.

The income statement is prepared from the adjusted trial balance or the income statement columns on the work sheet.

Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200. Present the entries to record the following: 1) Accrued salaries as of August 31. 2) Closing of Salary Expense as of August 31.

The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Corporation. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Corporation.

Accumulated Depreciation appears on the

The following is the adjusted trial balance for Miller Company. Prepare closing entries and the post-closing trial balance.

If end-of-period spreadsheets are not considered part of the formal accounting records, then why are they used?

After the accounts have been adjusted at January 31, the end of the fiscal year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: $\begin{array} { l l } \text { Common Stock } & \$ 340,000 \\\text { Retained Earnings } & 9,000 \\\text { Dividends } & 6,000 \\\text { Fees Earned } & 124,600 \\\text { Wages Expense } & 29,000 \\\text { Rent Expense } & 43,000 \\\text { Supplies Expense } & 7,300 \\\text { Miscellaneous Expense } & 5,700\end{array}$ Journalize the four entries required to close the accounts

Kirk Enterprises offers rug cleaning services to business clients. Below is the trial balance for Kirk Enterprises, which was prepared on the end-of-period spreadsheet work sheet) for the year ended July 31. Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns. a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation. b) Accrued wages, $2. c) Unused supplies on hand, $8. d) Of the unearned revenue, 75% has been earned. e) Unexpired insurance remaining at the end of the month, $9.

An end-of-period spreadsheet includes columns for

The income statement is prepared from

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

The entry to close Income Summary would be

During the current year, Austin Enterprise shareholders invested $8,000 in the business. Based on the following end-of-year spreadsheet, prepare an income statement for Austin Enterprises for the year ended December 31.

The balances of the equity accounts from the Adjusted Trial Balance of the work sheet are extended to the Retained Earnings Statement columns.

There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third one is to close , and the last one is to close the .

What is the first account that should be listed in the post-closing trial balance?