2. For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Dividends 5. Fees Earned Revenue 6. Insurance Expense 7. Prepaid Insurance

2. For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Dividends 5. Fees Earned Revenue 6. Insurance Expense 7. Prepaid Insurance

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

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