2. At the end of the closing process, all temporary accounts in the ledger will have a contains a list of permanent accounts after the Fill in the Blanks and the amount 1. The balance of Withdrawals is closed by a transferred to owner's Capital by a balance. 3. The contains a list of permanent accounts after the adjusting and closing entries have been posted to the ledger from a journal.
2. At the end of the closing process, all temporary accounts in the ledger will have a contains a list of permanent accounts after the Fill in the Blanks and the amount 1. The balance of Withdrawals is closed by a transferred to owner's Capital by a balance. 3. The contains a list of permanent accounts after the adjusting and closing entries have been posted to the ledger from a journal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:2. At the end of the closing process, all temporary accounts in the ledger will have a
and the amount
True or
Fill in the Blanks
1. Clos
colu
1. The balance of Withdrawals is closed by a
2. Afte
ledg
transferred to owner's Capital by a
Ger
3.
befe
balance.
4. The
3. The
contains a list of permanent accounts after the
5. The
inco
adjusting and closing entries have been posted to the ledger from a journal.
4. Closing entries can be prepared from a
6. Clos
7. The
5. After closing entries are posted, Income Summary will have a
8. Clos
balance.
ac
9. Afte
6. After closing entries are posted, owner's Capital in the ledger will contain the
Sun
10. Dep
7. Revenue is closed to Income Summary by a
11. An
to each revenue
Ic
account and a
to Income Summary.
12. Ince
8. Expenses is closed to Income Summary by
the individual
13. Wh
expenses and
Income Summary.
14. The
9. If the balance of Withdrawals is a credit, it will be closed by
15. Ter
Income Summary and
owner's Capital.
16. The
sta
17. The
10. Journalizing adjustments can be done from the
11. Cash, Equipment, and Supplies are not part of the
18. The
process.
19. The
12. Income Summary is a-emporarU
асcount.
acc
20. The
13. Income summary is
by the end of the period.
14. Revenue, Expenses, and Withdrawals are examples of
21. Ar
ent
2. To
15.
in temporary accounts will not be carried over to the next
accounting period.
adj
3. Por
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