IMG_1300

Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Select one: a. Sales Revenue b. Insurance expense c. Cash d. Income Summary

Which of the following correctly describes the closing entry process? The closing process reduces the balances in the permanent accounts to zero at the end of each period. The closing entries are usually prepared prior to the adjusted trial balance. The closing process creates a zero balance in all temporary accounts at the end of each period. The closing process creates a zero balance at the end of each period for all accounts on the year- end trial balance.

At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $752. During the year, previously written off accounts of $141 are reinstated and accounts totaling $710 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$183 b.$710 c.$141 d.$752

Closing entries reduce the following type of accounts to a zero balance at the end of the period. a. income and expenses b. income summary O c. withdrawals O d. all of the above

What type of accounts are closed out at the end of the accounting period? Group of answer choices asset accounts temporary accounts doubtful accounts permanent accounts

Which of the follwing in correct? a. Balance sheet accounts are considered temporary accounts and these accounts have balances that are carried forward from year to year.  b. Balance sheet accounts are considered permanent accounts and these accounts have balances that are carried forward from year to year. c. Balance sheet accounts are considered permanent accounts and these accounts have balances that are closed each year. d. Profit and Loss accounts are considered permanent accounts and these accounts have balances that are closed each year.

Which of the following is not true? Group of answer choices Assets, liabilities, and capital are temporary accounts. All information from closing can be obtained from the worksheet or ledger. When closing is complete, all revenue accounts will have a zero balance. Closing entries are usually done only at year-end.

True or false? Permanent accounts start each accounting period with a zero balance.

Answer only please.

Answer only please.

company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnx

At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $743. During the year, $344 of previously written off accounts were reinstated and accounts totaling $756 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below. a.$331 b.$756 c.$344 d.$743

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $782,436 and Allowance for Doubtful Accounts has a balance of $23,758. What is the net realizable value of accounts receivable? a.$782,436 b.$806,194 c.$23,758 d.$758,678

Which of the following is not true about closing entries? a.By closing nominal accounts at the end of the period to zero, it is possible to isolate next period’s information correctly. b.All real accounts are closed at the end of the period. c.There are two closing entries that update the retained earnings account. d.The closing entries are dated the last day of the accounting period.

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $674,914 and Allowance for Doubtful Accounts has a balance of $25,921. What is the net realizable value of accounts receivable? a. $25,921 b. $648,993 c. $674,914 d. $700,835

Prepare the closing entries using the information attached.

please fill all requirements