Question : 31.On Mar. 1, Brown’s Antiques paid $18,000 for 12 months : 1168954

 

 

31.On Mar. 1, Brown’s Antiques paid $18,000 for 12 months of advance rent on its store and immediately debited an asset account for the full amount. Select the adjusting entry made on December 31, to record the amount of rent that had expired.   

A. 

 

 

B. 

 

 

C. 

 

 

D. 

 

 

 

 

32.A total of $8,000 in supplies was purchased during the year. By the end of the year, the company had used up $5,300 of the supplies. The adjusting entry needed at the end of the year is:   

A. 

 

 

B. 

 

 

C. 

 

 

D. 

 

 

 

 

33.Use the following account balances from the adjusted trial balance columns of RB Auto’s worksheet to answer below question.  Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.   

A. debitSales and credit Income Summary for $15,000.

 

B. debitIncome Summary for $15,000 and credit Sales for $15,000.

 

C. debitSales and credit R Holloway, Capital for $15,000.

 

D. debitSales $15,000; debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200.

 

 

 

 

34.Use the following account balances from the adjusted trial balance columns of RB Auto’s worksheet to answer below question.  Select the correct closing entry that RB Auto would make to close their expense account(s) at the end of the accounting period.   

A. debit Salary Expense $4,000; debit Rent Expense $3,000; debit Purchases $2,000 and credit Income Summary $9,000

 

B. debit Income Summary $9,000 and credit Salary Expense $4,000; credit Rent Expense $3,000; credit Purchases $2,000

 

C. debit Income Summary $9,000 and credit R. Holloway, Capital for $9,000

 

D. debit R. Holloway, Capital $9,000 and credit Salary Expense $4,000; credit Rent Expense $3,000; credit Purchases $2,000

 

 

 

 

35.Use the following account balances from the adjusted trial balance columns of RB Auto’s worksheet to answer below question.  Select the correct closing entry that RB Auto would make to close the owner’s withdrawal account at the end of the accounting period.   

A. debitR. Holloway, Drawing $500 and credit Income Summary for $500.

 

B. debitIncome Summary $500 and credit R. Holloway, Drawing for $500.

 

C. debitR. Holloway, Capital $500 and credit R. Holloway, Drawing for $500.

 

D. debitR. Holloway, Drawing $500 credit R. Holloway, Capital for $500.

 

 

 

 

36.Use the following account balances from the adjusted trial balance columns of Goody Chocolate’s worksheet to answer below question.  Using the adjusted trial balance above, select the correct closing entry that Goody Chocolate would make to close their revenue accounts (and other temporary income statement accounts with credit balances) at the end of the accounting period.   

A. 

 

 

B. 

 

 

C. 

 

 

D. 

 

 

 

 

 

37.Use the following account balances from the adjusted trial balance columns of Goody Chocolate’s worksheet to answer below question.  Using the adjusted trial balance above, select the correct closing entry that Goody Chocolate would make to close the expense accounts (and cost of goods sold accounts with debit balances) at the end of the accounting period.   

A. 

 

 

B. 

 

 

C. 

 

 

D. 

 

 

 

 

 

38.The accountant of Randy’s Flooring has closed all of the temporary income statement accounts. The accountant is now ready to close the Income Summary account. Using the Income Summary T-account below, determine the correct closing entry the accountant needs to make in order to close the account.     

A. 

 

 

B. 

 

 

C. 

 

 

D. 

 

Credit balance of $90,000 – debit balance of $44,000 = $46,000 credit balance. To close the account, a debit of $46,000 is needed to close Income Summary.

 

 

 

39.Which of the following accounts is not closed?   

A. Purchases

 

B. Rent Expense

 

C. Sales

 

D. Merchandise Inventory

 

 

 

 

40.Which of the following accounts is not closed?   

A. Accumulated Depreciation

 

B. Depreciation Expense

 

C. Interest Expense

 

D. Sales