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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.

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.

Under the direct write-off method, uncollectible accounts expense is recognized Multiple Choice O ① in an adjusting entry at the end of the accounting period. when an account is determined to be uncollectible. when the allowance account has a zero balance. in a closing entry at the end of the accounting period.

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.

Closing entries Zero out balance sheet accounts Record year-end entries not recorded in the normal course of business Zero out income statement accounts Are optional, depending on the type of entity involved

What are accounts that report amounts for only one period called? Hint: Accounts that will be closed at the end of the accounting period and not carried forward to the next accounting period. Group of answer choices real accounts fixed accounts temporary (nominal) accounts permanent account

The adjusted trial balance columns of the worksheet for Oriole Company are as follows. Cash ORIOLE COMPANY Worksheet (partial) For the Month Ended April 30, 2022 Account Titles Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Totals Interest Payable Adjusted Trial Balance Cr. Dr. 11,800 7,700 2,100 23,000 3,600 10,600 700 670 70 60,240 5,300 5,600 4,700 29,370 15,200 70 60,240

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.

Prepare the closing entries using the information attached.

The trial balance columns of the worksheet for Sheridan Roofing at March 31, 2022, are as follows. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Sheridan Roofing Worksheet For the Month Ended March 31, 2022 Miscellaneous Expense 1. Account Titles Other data: 2. 3. 4. Trial Balance Dr. 4,800 2,800 1,930 10,868 1,130 1,390 400 23,318 Cr. 1,235 2,530 490 12,663 6,400 23,318 A physical count reveals only $400 of roofing supplies on hand. Depreciation for March is $247. Unearned revenue amounted to $210 at March 31. Accrued salaries are $600.

Part 1: Prepare Journal Entries Part 2: Accounting for Bad Debts (Please complete the list below) Prepare T-Accounts for A/R;  Allowance for Doubtful Accounts and Bad Debt Expense Put beginning balances that are given in these accounts. Record Journal Entries for Current Year Activity Post the JEs Activity to T-accounts above.  Prepare Adjusting Journal Entries for "a" and "b" based on the assumptions given in "a" and "b" Indicate the following information that would appear on the financial statements under "a" and "b" Accounts Receivable Allowance for Doubtful Accounts Net realizable A/R --- (just subtract the two above) Bad Debt Expense Thank you

The Income Summary account: Select one: OO A. Appears in a post-closing trial balance B. Receives entries only at year-end, even though income or loss is assumed to be incurred throughout the year C. Reflects the net balance of all revenues, expenses, and dividends just before the account is closed D. Is closed by a debit entry when there is a loss for the period

P7 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B. Requirement 2B: https://imgur.com/a/e8LvE7q   1. Record the closure of revenue account(s). 2. Record the closure of expense account(s). 3. Record the closure of the income summary account. 4. Record the closure of the dividend account.

The closing entry process consists of closing