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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