Question :
121. The journal entry to close the Fees Earned, $100, and : 1234030
121. The journal entry to close the Fees Earned, $100, and Rent Revenue, $25, accounts on December 31st during the closing process would be: A. Dec 31 Fees Earned 100 Rent Revenue 25 Income Summary 125B. Dec 31 Income Summary 125 Fees Earned 100 Rent Revenue 25C. Dec 31 Revenues 125 Income Summary 125D. Dec 31 Income Summary 125 Revenues 125
122.
Mantle CompanyWorksheetFor the Year Ended December 31, 2008
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
Supplies
2,000
2,000
Equipment
19,000
19,000
Accumulated Depr-Equip
6,000
6,000
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Capital Stock
11,000
11,000
Dividends
1,000
1,000
Fees Earned
47,000
47,000
Wages Expense
21,000
21,000
Rent Expense
6,000
6,000
Depreciation Expense
5,000
5,000
Totals
76,000
76,000
32,000
47,000
44,000
29,000
Net Income (Loss)
15,000
15,000
47,000
47,000
44,000
44,000
The journal entry to close revenues would be: A. debit Income Summary $47,000, credit Fees Earned $47,000B. debit Retained Earnings $47,000, credit Fees Earned $47,000C. debit Fees Earned $47,000; credit Income Summary $47,000D. credit Fees Earned $47,000; credit Capital Stock $47,000
123.
Mantle CompanyWorksheetFor the Year Ended December 31, 2008
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
Supplies
2,000
2,000
Equipment
19,000
19,000
Accumulated Depr-Equip
6,000
6,000
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Capital Stock
11,000
11,000
Dividends
1,000
1,000
Fees Earned
47,000
47,000
Wages Expense
21,000
21,000
Rent Expense
6,000
6,000
Depreciation Expense
5,000
5,000
Totals
76,000
76,000
32,000
47,000
44,000
29,000
Net Income (Loss)
15,000
15,000
47,000
47,000
44,000
44,000
Based on the preceding trial balance, the entry to close expenses would be: A. Wages Expense $21,000Rent Expense 6,000Depreciation Expense 5,000 Income Summary 32,000B. Expenses 32,000 Income Summary 32,000C. Wages Expense $21,000Rent Expense 6,000Depreciation Expense 5,000 Retained Earnings 32,000D. Income Summary 32,000 Wages Expense $21,000 Rent Expense 6,000 Depreciation Expense 5,000
124.
Mantle CompanyWorksheetFor the Year Ended December 31, 2008
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
Supplies
2,000
2,000
Equipment
19,000
19,000
Accumulated Depr-Equip
6,000
6,000
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Capital Stock
11,000
11,000
Dividends
1,000
1,000
Fees Earned
47,000
47,000
Wages Expense
21,000
21,000
Rent Expense
6,000
6,000
Depreciation Expense
5,000
5,000
Totals
76,000
76,000
32,000
47,000
44,000
29,000
Net Income (Loss)
15,000
15,000
47,000
47,000
44,000
44,000
Based on the preceding trial balance, the entry to close income summary would be: A. debit Income Summary $15,000; credit Retained Earnings $4,000B. debit Income Summary $47,000; credit Retained Earnings $47,000C. debit Income Summary $15,000, credit Retained Earnings $15,000D. debit Retained Earnings $4,000; credit Income Summary $4,000
125.
Mantle CompanyWorksheetFor the Year Ended December 31, 2008
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
Supplies
2,000
2,000
Equipment
19,000
19,000
Accumulated Depr-Equip
6,000
6,000
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Capital Stock
11,000
11,000
Dividends
1,000
1,000
Fees Earned
47,000
47,000
Wages Expense
21,000
21,000
Rent Expense
6,000
6,000
Depreciation Expense
5,000
5,000
Totals
76,000
76,000
32,000
47,000
44,000
29,000
Net Income (Loss)
15,000
15,000
47,000
47,000
44,000
44,000
Based on the preceding trial balance, the entry to close the dividends would be: A. debit Retained Earnings $1,000, credit Dividends $1,000B. debit Retained Earnings $4,000, credit Dividends $4,000C. debit Dividends $1,000; credit Retained Earnings $1,000D. debit Dividends $4,000; credit Retained Earnings $4,000
126.
Mantle CompanyWorksheetFor the Year Ended December 31, 2008
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
16,000
16,000
Accounts Receivable
6,000
6,000
Supplies
2,000
2,000
Equipment
19,000
19,000
Accumulated Depr-Equip
6,000
6,000
Accounts Payable
10,000
10,000
Wages Payable
2,000
2,000
Capital Stock
11,000
11,000
Dividends
1,000
1,000
Fees Earned
47,000
47,000
Wages Expense
21,000
21,000
Rent Expense
6,000
6,000
Depreciation Expense
5,000
5,000
Totals
76,000
76,000
32,000
47,000
44,000
29,000
Net Income (Loss)
15,000
15,000
47,000
47,000
44,000
44,000
Based on the preceding trial balance, the ending balance in Retained Earnings is: A. $0B. $25,000C. $4,000D. $1,000
127. The proper sequence for the steps in the accounting cycle is a follows A. analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entriesB. 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 ledgerC. 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 ledgerD. 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 entries
128. The following are steps to the accounting cycle. Of the following, which step should be done first. A. Closing entries are journalized and posted to the ledger.B. Transactions are posted to the ledger.C. Adjusting entries are journalized and posted to the ledger.D. Financial statements are prepared.
129. The following are steps in the accounting cycle. Of the following, which would be prepared last? 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.
130. The accounting cycle requires three trial balances be done. In what order should they be prepared? A. Post-closing, unadjusted, adjustedB. Unadjusted, post-closing, adjustedC. Unadjusted, adjusted, post-closingD. Post-closing, adjusted, unadjusted
