Question : 111. Which of the following accounts will not be closed to : 1239726

 

 

111. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A. Salaries ExpenseB. Fees EarnedC. Unearned RentD. Depreciation Expense

 

112. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? A. Rent ExpenseB. Fees EarnedC. Income SummaryD. Depreciation Expense

 

113. The entry to close the appropriate insurance account at the end of the accounting period is A. debit Income Summary; credit Prepaid InsuranceB. debit Prepaid Insurance; credit Income SummaryC. debit Insurance Expense; credit Income SummaryD. debit Income Summary; credit Insurance Expense

 

114. Which of the following accounts ordinarily appears in the post-closing trial balance? A. Fees EarnedB. Supplies ExpenseC. DividendsD. Unearned Rent

 

115. The post-closing trial balance differs from the adjusted trial balance in that it A. does not take into account closing entriesB. does not take into account adjusting entriesC. does not include balance sheet accountsD. does not include income statement accounts

 

116. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: 

Accumulated Depreciation

$  3,200

Fees Earned

17,400

Depreciation Expense

1,300

Insurance Expense

200

Prepaid Insurance

4,800

Supplies

900

Supplies Expense

3,800

 

 

Net income for the period is A. $3,200B. $12,100C. $17,400D. $8,900

 

117. A summary of selected ledger accounts appear below for Alberto’s Plumbing Services for the current calendar year-end. 

Retained Earnings

12/31

8,500  

1/1

6,500

 

 

12/31

15,000

 

 

 

 

Dividends

6/30

3,500  

12/31

8,500

11/30

5,000  

 

 

 

 

 

 

Income Summary

12/31

18,500  

12/31

33,500

12/31

15,000  

 

 

 

 

 

 

Net income for the period is A. $13,000B. $33,500C. $15,000D. $18,500

 

118. Amir Designs purchased a one-year liability insurance policy on March 1st of this year for $7,200 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Amir’s first month of operations on March 31st? A. $7,200B. $720C. $600D. $6,600

 

119. The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts on December 31st during the closing process would be: A. Dec. 31  Fees Earned           750              Rent Revenue         175                    Income Summary        925B. Dec. 31  Income Summary        925                     Fees Earned               750                     Rent Revenue             175C. Dec. 31  Revenues               575                     Income Summary       575D. Dec. 31  Income Summary       925                      Revenues                 925

 

120. Use the work sheet for Finley Company to answer the questions that follow. 

Finley CompanyWork SheetFor the Year Ended December 31, 2014

 

Adjusted Trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. – Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

25,000

 

 

 

25,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

155,000

 

155,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

27,000

 

27,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

237,000

237,000

105,000

155,000

132,000

82,000

 

Net Income (Loss)

 

 

50,000

 

 

50,000

 

 

 

 

155,000

155,000

132,000

132,000

 

 

 

 

 

 

 

 

The journal entry to close revenues would be A. debit Income Summary, $155,000; credit Fees Earned, $155,000B. debit Retained Earnings, $155,000; credit Fees Earned, $155,000C. debit Fees Earned, $155,000; credit Income Summary, $155,000D. credit Fees Earned, $155,000; credit Retained Earnings, $155,000

 

 

 

 

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