111.Use this information to answer the following question.
The Retained Earnings, Dividends, and Income Summary accounts for Gula’s Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:
The amount of net income (or net loss) for the period is
a.
$300 net loss.
b.
$300 net income.
c.
$900 net income.
d.
$600 net income.
112.Use this information to answer the following question.
The Retained Earnings, Dividends, and Income Summary accounts for Gula’s Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:
The amount of dividends for the period is
a.
$400.
b.
$100.
c.
$600.
d.
$500.
113.Use this information to answer the following question.
The Retained Earnings, Dividends, and Income Summary accounts for Gula’s Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:
Gula’s beginning Retained Earnings balance is
a.
$300.
b.
$1,500.
c.
$700.
d.
$800.
114.Use this information to answer the following question.
The Retained Earnings, Dividends, and Income Summary accounts for Gula’s Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:
The ending balance of Retained Earnings is
a.
$800.
b.
$100.
c.
$200.
d.
$700.
115.Which of the following accounts is not closed?
a.
Dividends
b.
Common Stock
c.
Income Summary
d.
Interest Income
116.When there is a net loss, the entry to close the Income Summary account is debit
a.
Income Summary and credit Retained Earnings.
b.
Net Loss and credit Income Summary.
c.
Income Summary and credit Net Loss.
d.
Retained Earnings and credit Income Summary.
117.The entry to close the Dividends account is debit
a.
Income Summary and credit Dividends.
b.
Dividends and credit Income Summary.
c.
Retained Earnings and credit Dividends.
d.
Dividends and credit Retained Earnings.
118.Use this adjusted trial balance to answer the following question.
Dan’s Marina
Adjusted Trial Balance
December 31, 20×7
Cash
$ 2,500
Accounts Receivable
3,500
Supplies
1,500
Prepaid Insurance
2,500
Dock
12,000
Accumulated Depreciation–Dock
$ 3,000
Accounts Payable
6,000
Common Stock
10,000
Dividends
4,000
Boat Rentals
17,000
Depreciation Expense–Dock
1,000
Wages Expense
6,500
Insurance Expense
2,000
Income Taxes Expense
500
$36,000
$36,000
The entry to close the Dividends account includes a
a.
debit to Dividends for $4,000.
b.
credit to Retained Earnings for $4,000.
c.
credit to Income Summary for $4,000.
d.
debit to Retained Earnings for $4,000.
119.Use this adjusted trial balance to answer the following question.
Dan’s Marina
Adjusted Trial Balance
December 31, 20×7
Cash
$ 2,500
Accounts Receivable
3,500
Supplies
1,500
Prepaid Insurance
2,500
Dock
12,000
Accumulated Depreciation–Dock
$ 3,000
Accounts Payable
6,000
Common Stock
10,000
Dividends
4,000
Boat Rentals
17,000
Depreciation Expense–Dock
1,000
Wages Expense
6,500
Insurance Expense
2,000
Income Taxes Expense
500
$36,000
$36,000
The entry to close the Boat Rentals account includes a
a.
credit to Boat Rentals for $17,000.
b.
debit to Boat Rentals for $17,000.
c.
debit to Income Summary for $17,000.
d.
debit to Retained Earnings for $17,000.
120.Use this adjusted trial balance to answer the following question.
Dan’s Marina
Adjusted Trial Balance
December 31, 20×7
Cash
$ 2,500
Accounts Receivable
3,500
Supplies
1,500
Prepaid Insurance
2,500
Dock
12,000
Accumulated Depreciation–Dock
$ 3,000
Accounts Payable
6,000
Common Stock
10,000
Dividends
4,000
Boat Rentals
17,000
Depreciation Expense–Dock
1,000
Wages Expense
6,500
Insurance Expense
2,000
Income Taxes Expense
500
$36,000
$36,000
The entry to close the expense accounts includes a
a.
credit to Retained Earnings for $10,000.
b.
debit to Retained Earnings for $2,000.
c.
debit to Income Summary for $10,000.
d.
debit to Insurance Expense for $2,000.
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