Question : 37.Which of the following accounts will not normally have a : 1220571

37.Which of the following accounts will not normally have a zero balance after the closing entries have been posted?  

A.Income Summary

B.Fees Income

C.The owner’s capital account

D.Rent Expense

38.One purpose of closing entries is to  

A.transfer the results of operations to owner’s equity.

B.reduce the owner’s capital account balance to zero so that the account is ready for the next period.

C.adjust the ledger account balances to provide complete and accurate figures for use on financial statements.

D.close all accounts so that the ledger is ready for the next accounting period.

39.The entry to transfer a net loss to the owner’s capital account would include a debit to  

A.the owner’s capital account and a credit to Cash.

B.the owner’s drawing account and a credit to the owner’s capital account.

C.Income Summary and a credit to the owner’s capital account.

D.the owner’s capital account and a credit to Income Summary.

40.The revenue account Fees Income is closed by debiting  

A.Cash and crediting Fees Income.

B.Fees Income and crediting Income Summary.

C.the owner’s capital account and crediting Fees Income.

D.Income Summary and crediting Fees Income.

41.The owner’s drawing account is closed by debiting  

A.the owner’s drawing account and crediting the owner’s capital account.

B.the owner’s capital account and crediting the owner’s drawing account.

C.Income Summary and crediting the owner’s drawing account.

D.the owner’s drawing account and crediting Income Summary.

42.Which of the following statements is not correct?  

A.Before the Income Summary account is closed, its balance represents the net income or net loss for the accounting period.

B.The Income Summary account is a temporary owner’s equity account.

C.The Income Summary account is used only at the end of an accounting period to help with the closing procedure.

D.The owner’s drawing account is closed to the Income Summary Statement.

43.The entry to close the Depreciation Expense account would include a debit to  

A.the Income Summary account and a credit to the Depreciation Expense account.

B.the Income Summary and a credit to Cash.

C.Cash and a credit to the Income Summary account.

D.the Depreciation Expense account and a credit to the Income Summary account.

44.The entry to close the owner’s drawing account would include a debit to the  

A.Income Summary account and a credit to the owner’s drawing account.

B.owner’s drawing account and a credit to Cash.

C.owner’s capital account and a credit to the owner’s drawing account.

D.owner’s drawing account and a credit to the Income Summary account.

45.The entry to close the Depreciation Expense account may include a debit to  

A.the Income Summary account and a credit to the Depreciation Expense account.

B.the Depreciation Expense account and a credit to the Accumulated Depreciation account.

C.the Accumulated Depreciation account and a credit to the Income Summary account.

D.the Depreciation Expense account and a credit to the Income Summary account.

46.Which of the following accounts would be closed?  

A.Accounts Receivable

B.Accumulated Depreciation

C.Supplies Expense

D.Joan Wilson, Capital