Accounting example #44499

When closing entries are made:

Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:

68. Assets, liabilities, and equity accounts are not closed; these accounts are called:

Closing the temporary accounts at the end of each accounting period:

Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as:

The closing process is necessary in order to:

Closing entries are required:

The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the:

Which of the following is the usual final step in the accounting cycle?

A classified balance sheet:

The assets section of a classified balance sheet usually includes:

The usual order for the asset section of a classified balance sheet is:

Two common subgroups for liabilities on a classified balance sheet are:

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the:

The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entries are made?

The Income Summary account is used:

Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:

. It is obvious that an error occurred in the preparation and/or posting of closing entries if:

At the beginning of 2009, a company's balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owner's Capital = $50,000. During 2009, the company reported revenues of $46,000 and expenses of $30,000. In addition, owner's withdrawals for the year totaled $20,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:

At the beginning of 2009, Beta Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During 2009, the company reported total revenues of $226,000 and expenses of $175,000. Also, owner withdrawals during 2009 totaled $48,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:

After preparing and posting the closing entries to close revenues (and gains) and expenses (and losses) into the income summary, the income summary account has a debit balance of $33,000. The entry to close the income summary account will include:

A trial balance prepared after the closing entries have been journalized and posted is the:

An error is indicated if the following account has a balance appearing on the post-closing trial balance:

A post-closing trial balance reports:

Which of the following statements is true?