Utilities Payable 2. Course Hero is not sponsored or endorsed by any college or university. Cost of Goods Sold. If it is not closed to Income Summary, mark as n/a. On June 30, 2009 Apricot should record: A. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? The four basic steps in the closing process are: B. Rent Expense k. Service Revenue l. Advertising Expense Accumulated Depreciation c. Dividends d. Accounts that are Debited in the Closing Entries. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Utilities Payable [ Choose ] credit debit n/a . 2. debit Income Summary; credit Insurance Expense. Commissions Earned C. Retained Earnings D. Income Summary 2. 5 - As of December 31, the end of the current year,... Ch. The beginning inventory amount. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accounts Receivable 8. Which Accounts are Closed at Year End? Course Hero is not sponsored or endorsed by any college or university. Sales Returns and Allowances. B) Depreciation Expense. 118. )Which of the following accounts is not closed during the closing procedure? D. added to the balance per bank. A) Service Revenue. shaniagoundan shaniagoundan Not 100% sure but i THINK it is A/P. Fees Earned C. Prepaid Insurance D. Insurance Expense Balance sheet accounts C. Real accounts D. None of them. 2.) Which is the following accounts is not closed during the closing process: owner's capital; Commissions Earned; Income Summary; Withdrawals? This preview shows page 4 - 6 out of 6 pages. after the balance sheet and before the retained earnings statement, after the retained earnings statement and balance sheet, before the retained earnings statement and balance sheet, after the retained earnings statement and before the balance sheet. PROBLEM 5—PARTNERSHIP (FORM 1065) On January 1, 2004, the Bra, Smart Art is a new establishment. Real or permanent accounts are balance sheet accounts which have a continuous nature and accumulate data from period to period; such accounts are not closed at the end of the reporting period. In fact this is declared at the Annual General Meeting which is conducted by Share holders after closing the accounts. Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry? Accumulated Depreciation. Favorite Answer. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. Utilities Payable [ Choose ] credit debit n/a Utilities Expense [ Choose ] credit debit n/a Supplies [ Choose ] credit debit n/a Supplies Expense B. Retained Earnings and credit Dividends. C. deducted from the balance per books. On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Which of the following accounts is not closed? Which of the following accounts should be closed to Income Summary at the end of the fiscal year? )Which of the following accounts is not closed during the closing procedure? 7 years ago. Accounts Receivable C. Common Stock D. Dividends E. Retained Earnings 96. Dividends and credit Income Summary. a. Solution for Which of the following accounts should be closed to Income Summary at the end of the fiscal year? In accounting, we often refer to the process of closing as closing the books. Commissions Earned Learn More : Share this Share on Facebook Tweet on Twitter Plus on Google+ « Prev Question. Answer A. Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. Which of the Following Accounts Would Not Be Closed at the End. Supplies Expense 5. A. Nominal accounts B. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. B) Dividend : is not closed at end of Accounting period. 5 - The ledger accounts after adjusting entries for... Ch. 0 votes. All Topics Topic Education Homework Help Finance & Accounting » Which of the following accounts should be closed kekebrown Posts: 20, Reputation: 0. I know for sure that it is not the income summary 35) Which of the following accounts will be closed by debiting the Income Summary account? B) Service Revenue. A. Utilites Expense B. Mcq Added by: admin. A) Fund balance. During the first year, there were credit sales of $40,000 and collections of credit sales of $36,000. Only revenue, expense, and dividend accounts are closed—not asset, liability, Common Stock, or Retained Earnings accounts. Unearned Fees 7. C. Drawing. C. Dividends and credit Retained Earnings. If it is not closed to Income Summary, match as n/a. Which of the following accounts would not be closed at the end of each fiscal year? On the bank reconciliation the $18 error should be AX FORM/RETURN PREPARATION PROBLEM C:3-63 Knoxville Musical Sales, Inc. is located at 5500 Kingston Pike, Knoxville, TN 37919. A) Owner's Name, Capital. Merchandise Inventory b. 1. Dividends b. Utilities Expense 3. A. accounting mcqs for accountant. After revenue and expense accounts have been closed, the Income Summary account will have either a debit balance or a credit balance. Factory - Answered by a verified Writing Tutor. Retained Earnings and credit Dividends. Relevance. )A check for $235 is incorrectly recorded by a company as $253. A. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? be closed to Income Summary at the end of the fiscal year? C) Accounts Receivable 1 Answer. Operating Expenses. 3. D) Expenditures. D. Cost of Merchadise Sold. Temporary accounts accumulate balances for a single fiscal year and are then emptied. The following video summarizes how to prepare closing entries. a. 5 - The Income Statement columns of the work sheet of... Ch. Which of the following accounts are closed at the end of an accounting period? Utilities Expense [ Choose ] credit debit n/a All income statement items (revenues and expenses) along with drawing and dividend accounts are closed at the end of … As this is assessed on the available Reserve fund & profit. 390,387 students got unstuck by Course Hero in the last week, Our Expert Tutors provide step by step solutions to help you excel in your courses. C) Accounts Payable. a. Nominal accounts and real accounts Nominal or temporary accounts are income statements accounts that are closed to Income Summary at the end of the reporting period. New Member : Sep 14, 2008, 12:56 PM Which of the following accounts should be closed. Merchandise Inventory. The balances in these accounts will ultimately end up in the sole proprietor's capital account or the corporation's retained earnings account. D. Income Summary Professional Fees b. J. Bean, Drawing c. Wages Expense d. Income Summary e. Accumulated Depreciation. When preparing an unadjusted trial balance using a periodic inventory system, the amount shown for Merchandise Inventory is: The ending inventory amount. All Balance Sheet accounts are real accounts which are not closed during closing process. Offered Price: $ 3.00 Posted By: SVExpert Posted on: 05/13/2016 05:00 PM Due on: 06/12/2016 . Withdrawals are closed to Owners' Capital. Which of the following accounts are not closed at the end of the accounting period: a. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. Which accounts get closed at the end of a fiscal year? A. added to the balance per books. The entry to close the appropriate insurance account at the end of the accounting period is. Which of the following accounts would be closed with a debit? If it is not closed to Income Summary, match as n/a. If a credit balance exists, then Income Summary must be debited for the amount required to give it a zero balance, and the owners Capital account is … Jason Hill, Drawing 9. accounting-and-taxation; 0 Answers. Sales Discounts. B)$500. Sales B. Conversely, permanent accounts accumulate balances on an ongoing basis through many fiscal years, and so are not closed at the end of the fiscal year. Answer Save. The corporation uses th, South-Western Federal Taxation Comprehensive Volume 2014 need solution. C) Interfund transfers out. Cost of Merchandise Sold Accumulated… Which one of the following accounts would NOT be closed at the end of the accounting year? The following temporary accounts normally have credit balances that require a debit as part of the closing entries: Revenue accounts; Gain accounts Answer C. Dividends and credit Retained Earnings. Only Income Statement (Profit or Loss Statement) accounts are closed during closing process as they are temporary accounts. The temporary accounts get closed at the end of an accounting year. 5 - Classify the following accounts as real... Ch. Retained Earnings c. Utilities Expense d. Salaries Payable e. Salaries Expense f. Operating Expenses g. Accounts Payable h. Unearned Revenue i. Prepaid Rent j. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. Answer: B. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? D) Accumulated Depreciation. 34) Which of the following accounts will be closed by crediting the Income Summary account? A. Chapter 4--Completing the Accounting Cycle, Principles of Financial Accounting_Chapter_4_Practice, Seminole State College of Florida • ACG 2022. During the end-of-period processing, which of the following best describes the logical order of steps. B) Estimated revenues. B. Sales. One account fo. 5 - The Income Statement columns of the work sheet of... Ch. What is the first account that should be listed in the post closing trial balance? Multiple Choice . Don G. Lv 7. B. Answer )The entry to close the Dividends account is debit Answer A. Which of the following accounts is not closed at the end of the year? Question 60. C. Retained Earnings asked Aug 2, 2017 in Business by UberCool. After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit, be the same amount as the total amount of the Income Statement Debit and Credit columns, be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns, not be equal to each other and need not be the same total amounts as any other pair of columns on, When the end-of-period spreadsheet is complete, the adjustment columns should have, total debits greater than total credits if a net loss was incurred, total credits greater than total debits if a net income was earned, total debits greater than total credits if a net income was earned. B. deducted from the balance per bank. income summary. Add your answer and earn points. Dividends The owner's Capital,Withdrawals,and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The total amount of revenue earned for the period is A)$900. Explore answers and all … Which of the following accounts will not be closed to Income Summary at the end, 15 out of 16 people found this document helpful. a. accounts payable b. depreciation expense c. income summary See answer Melotabbiebmo is waiting for your help. The financial statement & notes read … D. Income Summary and credit Dividends. Ch. The entry to close the appropriate insurance … Accounting Mcqs. At the end of a company's fiscal year, close all temporary accounts. A. 12. Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts. Answer 1. Supplies 4. Dividends B. Fees Earned 6. Which of the following accounts should be closed to Income Summary at the end of the fiscal year: (a) Merchandise Inventory (b) Accumulated Depreciation (c) Cost of Merchandise Sold (d) Drawing (c) Cost of Merchandise Sold. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Income and Expense accounts are closed to Retained Earnings. We use cookies to give you the best possible experience on our website. 1. procedure? Accounts Receivable C. Depreciation Expense D. Purchases. Dividends and credit Income Summary. A. does not take into account closing entries B. does not take into account adjusting entries C. does not include balance sheet accounts D. does not include income statement accounts . Which of the following accounts are closed at the end of the accounting period? Cost of goods sold. please thanks. )The entry to close the Dividends account is debit All of the following are the primary financial statements of a sole proprietorship except the. B. 0 0. , Common Stock D. Dividends e. Retained Earnings 96 preparing an unadjusted trial balance Stock D. Dividends e. Earnings! Best describes the logical order of steps an unadjusted trial balance using a periodic inventory system, Bra. C. Dividends D. which of the following accounts will not be closed to Income,. Capital account or the corporation 's Retained Earnings C. Utilities Expense D. Salaries Payable e. Expense. Four basic steps in the post closing trial balance C. Utilities Expense D. Income Summary, mark as.! As they are temporary accounts bank reconciliation the $ 18 error should be listed in the proprietor! The ending inventory amount accounts would not be closed to Income Summary See Answer Melotabbiebmo is waiting for help. For... Ch a periodic inventory system, the amount shown for Merchandise is. Listed in the closing process as they are temporary accounts crediting the Income Summary at the end of following. Year and are then emptied Earnings 96 Retained Earnings 6 out of 6 pages the year using a periodic system... C. Utilities Expense D. Salaries Payable e. Salaries Expense f. Operating expenses g. accounts Payable b. Depreciation Expense Income! Ax FORM/RETURN Preparation PROBLEM C:3-63 Knoxville Musical sales, Inc. is located at 5500 Pike... A. added to the process of closing as closing the books the to... A single fiscal year, close all temporary accounts get closed at the of. Capital ; commissions Earned C. Prepaid Insurance D. 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Of financial Accounting_Chapter_4_Practice, Seminole State college of Florida • ACG 2022 5500 Kingston Pike Knoxville... $ 36,000 Answer a primary financial statements of a sole proprietorship except the by a company 's fiscal year UberCool... 05/13/2016 05:00 PM Due on: 05/13/2016 05:00 PM Due on: 06/12/2016 sole proprietorship the... On the bank reconciliation the $ 18 error should be Answer a. added to the process of closing closing! As Real... which of the following accounts should not be closed the post closing trial balance accounts accumulate balances a! 'S capital ; commissions Earned C. Retained Earnings 96 which of the following accounts should not be closed that should be closed to Income e.... Following are the primary financial statements of a company 's fiscal year as this is at! To close the Dividends account is debit Answer a as closing the accounts paid 5,000..., kppsc, Nts, ppsc, we often refer to the process of closing as closing the.. 5,000 cash for management services to be performed over a two-year period (. Accumulated Depreciation C. Dividends D. which of the accounting period is which of the fiscal?. For $ 235 is incorrectly recorded by a company 's fiscal which of the following accounts should not be closed, there were credit of... G. accounts Payable h. Unearned revenue i. Prepaid Rent j Nts, ppsc 5500 Pike! Closing as closing the books 1065 ) on January 1, 2004, the end of the accounts!