Question :
111. Which of the following accounts will not be closed to : 1251822
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$ 2,300
Fees Earned14,700
Depreciation Expense1,300
Insurance Expense200
Dividends500
Prepaid Insurance4,800
Supplies900
Supplies Expense3,800
Net income for the period is A. $1,400B. $9,400C. $14,700D. $8,900
117. A summary of selected ledger accounts appear below for Alberto’s Plumbing Services for the current calendar year-end.
Retained Earnings
12/318,5001/16,500
12/3118,500
Dividends
6/303,50012/318,500
11/305,000
Income Summary
12/3115,00012/3133,500
12/3118,500
Net income for the period is A. $16,500B. $33,500C. $18,500D. $15,000
118. Amir Designs purchased a one-year liability insurance policy on March 1st of this year for $5,400 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. $5,400.B. $540.C. $450.D. $500.
119. The journal entry to close the Fees Earned, $275, and Rent Revenue, $200, accounts on December 31st during the closing process would be A. Dec. 31 Fees Earned 275 Rent Revenue 200 Income Summary 475B. Dec. 31 Income Summary 475 Fees Earned 275 Rent Revenue 200C. Dec. 31 Revenues 475 Income Summary 475D. Dec. 31 Income Summary 475 Revenues 475
120. Use the work sheet for Finley Company to answer the questions that follow.
Finley CompanyWork SheetFor the Year Ended December 31, 2010
Adjusted Trial BalanceIncome StatementBalance Sheet
Account TitleDebitCreditDebitCreditDebitCredit
Cash48,00048,000
Accounts Receivable18,00018,000
Supplies6,0006,000
Equipment57,00057,000
Accum. Depr. – Equip.18,00018,000
Accounts Payable30,00030,000
Wages Payable6,0006,000
Capital Stock5,0005,000
Retained Earnings28,00028,000
Dividends3,0003,000
Fees Earned141,000141,000
Wages Expense63,00063,000
Rent Expense18,00018,000
Depreciation Expense15,00015,000
Totals228,000228,00096,000141,000132,00087,000
Net Income (Loss)45,00045,000
141,000141,000132,000132,000
The journal entry to close revenues would be A. debit Income Summary, $141,000; credit Fees Earned, $141,000B. debit Retained Earnings, $141,000; credit Fees Earned, $141,000C. debit Fees Earned, $141,000; credit Income Summary, $141,000D. credit Fees Earned, $141,000; credit Retained Earnings, $141,000
