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

 

 

 

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