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Exam 4: Completing the Accounting Cycle

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Question 101

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Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

A) Consulting Revenue
B) Prepaid Insurance
C) Rent Expense
D) Fees Earned

E) All of the above
F) None of the above

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Question 102

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

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Question 103

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Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

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.

Accrued expenses are ordinarily listed on the balance sheet as current assets.

Describe a classified balance sheet.

A net loss appears on the end-of-period spreadsheet in the

The income statement will present

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?

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

After net income or loss is entered on the work sheet,the Debit column total must equal the Credit column total for the Balance Sheet pair of columns.

Accrued fees earned but not recorded at August 31 are $25,750.Which of the following is correct for the reversing entry on September 1?

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​ Prepare the closing entry required to transfer the income or loss at the end of the period.

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

The majority of businesses end their fiscal year on December 31.

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs:​ Journalize the entries to close the appropriate accounts.

The current ratio is more useful than working capital in making comparisons across companies.

The ability of a business to pay its debts is called solvency.

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