1 Role Of Accounting In Society 2 Introduction To Financial Statements 3 Analyzing And Recording Transactions 4 The Adjustment Process 5 Completing The Accounting Cycle 6 Merchandising Transactions 7 Accounting Information Systems 8 Fraud, Internal Controls, And Cash 9 Accounting For Receivables 10 Inventory 11 Long-term Assets 12 Current Liabilities 13 Long-term Liabilities 14 Corporation Accounting 15 Partnership Accounting 16 Statement Of Cash Flows Chapter5: Completing The Accounting Cycle
Chapter Questions Section: Chapter Questions
Problem 1MC: Which of the following accounts is considered a temporary or nominal account? A. Fees Earned Revenue... Problem 2MC: Which of the following accounts is considered a permanent or real account? A. Interest Revenue B.... Problem 3MC: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the... Problem 4MC: If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely... Problem 5MC: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable... Problem 6MC: Which of these accounts would not be present in the closing entries? A. Utilities Expense B. Fees... Problem 7MC: Which of these accounts is never closed? A. Dividends B. Retained Earnings C. Service Fee Revenue D.... Problem 8MC: Which of these accounts is never closed? A. Prepaid Rent B. Income Summary C. Rent Revenue D. Rent... Problem 9MC: Which account would be credited when closing the account for fees earned for the year? A. Accounts... Problem 10MC: Which account would be credited when closing the account for rent expense for the year? A. Prepaid... Problem 11MC: Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries... Problem 12MC: Which of these accounts is not included in the post-closing trial balance? A. Land B. Notes Payable... Problem 13MC: On which of the following would the year-end Retained Earnings balance be stated correctly? A.... Problem 14MC: Which of these accounts is included in the post-closing trial balance? A. Supplies Expense B.... Problem 15MC: If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? A.... Problem 16MC: If current assets are $100,000 and current liabilities are $42,000, what is the working capital? A.... Problem 1Q: Explain what is meant by the term real accounts (also known as permanent accounts). Problem 2Q: Explain what is meant by the term nominal accounts (also known as temporary accounts). Problem 3Q: What is the purpose of the closing entries? Problem 4Q: What would happen if the company failed to make closing entries at the end of the year? Problem 5Q: Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are credited... Problem 6Q: Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are debited... Problem 7Q: The account called Income Summary is often used in the closing entries. Explain this accounts... Problem 8Q: What are the four entries required for closing, assuming that the Income Summary account is used? Problem 9Q: After the first two closing entries are made, Income Summary has a credit balance of $125,500. What... Problem 10Q: After the first two closing entries are made, Income Summary has a debit balance of $22,750. What... Problem 11Q: What account types are included in a post-closing trial balance? Problem 12Q: Which of the basic financial statements can be directly tied to the post-closing trial balance? Why... Problem 13Q: Describe the calculation required to compute working capital. Explain the significance. Problem 14Q: Describe the calculation required to compute the current ratio. Explain the significance. Problem 15Q: Describe the progression of the three trial balances that a company would have during the period,... Problem 1EA: Identify whether each of the following accounts is nominal/temporary or real/permanent. A. Accounts... Problem 2EA: For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and... Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and... Problem 4EA: The following accounts and normal balances existed at year-end. Make the four journal entries... Problem 5EA: The following accounts and normal balances existed at year-end. Make the four journal entries... Problem 6EA: Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal... Problem 7EA: Use the following T-accounts to prepare the four journal entries required to close the books: Problem 8EA: Use the following T-accounts to prepare the four journal entries required to close the books: Problem 9EA: Identify whether each of the following accounts would be listed in the companys Post-Closing Trial... Problem 10EA: Identify which of the following accounts would not be listed on the companys Post-Closing Trial... Problem 11EA: For each of the following accounts, identify in which section of the classified balance sheet it... Problem 12EA: Using the following Balance Sheet summary information, calculate for the two years presented: A.... Problem 13EA: Using the following account balances, calculate for the two years presented: A. working capital B.... Problem 14EA: Using the following Balance Sheet summary information, calculate for the two companies presented: A.... Problem 15EA: Using the following account balances, calculate: A. working capital B. current ratio Problem 1EB: Identify whether each of the following accounts are nominal/temporary or real/permanent. A. Rent... Problem 2EB: For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and... Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and... Problem 4EB: The following accounts and normal balances existed at year-end. Make the four journal entries... Problem 5EB: The following accounts and normal balances existed at year-end. Make the four journal entries... Problem 6EB: Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal... Problem 7EB: Use the following T-accounts to prepare the four journal entries required to close the books: Problem 8EB: Use the following T-accounts to prepare the four journal entries required to close the books: Problem 9EB: Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance.... Problem 10EB: Identify which of the following accounts would not be listed on the companys Post-Closing Trial... Problem 11EB: For each of the following accounts, identify in which section of the classified balance sheet it... Problem 12EB: Using the following Balance Sheet summary information, calculate for the two years presented: A.... Problem 13EB: Using the following account balances, calculate for the two years presented: A. working capital B.... Problem 14EB: Using the following Balance Sheet summary information, calculate for the two companies presented: A.... Problem 15EB: From the following Company B adjusted trial balance, prepare simple financial statements, as... Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and... Problem 2PA: The following selected accounts and normal balances existed at year-end. Make the four journal... Problem 3PA: The following selected accounts and normal balances existed at year-end. Notice that expenses exceed... Problem 4PA: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the... Problem 5PA: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the... Problem 6PA: Use the following T-accounts to prepare the four journal entries required to close the books: Problem 7PA: Assume that the first two closing entries have been made and posted. Use the T-accounts provided as... Problem 8PA: Correct any obvious errors in the following closing entries by providing the four corrected closing... Problem 9PA: Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would... Problem 10PA: The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial... Problem 11PA: Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would... Problem 12PA: Use the following Adjusted Trial Balance to prepare a classified Balance Sheet: Problem 13PA: Using the following Balance Sheet summary information, for the two years presented calculate: A.... Problem 14PA: Using the following Balance Sheet summary information, calculate for the two companies presented: A.... Problem 15PA: Using the following account balances, calculate for the two years presented: A. working capital B.... Problem 16PA: From the following Company R adjusted trial balance, prepare the following: A. Income Statement B.... Problem 17PA: From the following Company T adjusted trial balance, prepare the following: A. Income Statement B.... Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and... Problem 2PB: The following selected accounts and normal balances existed at year-end. Make the four journal... Problem 3PB: The following selected accounts and normal balances existed at year-end. Notice that expenses exceed... Problem 4PB: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the... Problem 5PB: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the... Problem 6PB: Use the following T-accounts to prepare the four journal entries required to close the books: Problem 7PB: Assume that the first two closing entries have been made and posted. Use the T-accounts provided... Problem 8PB: Correct any obvious errors in the following closing entries by providing the four corrected closing... Problem 9PB: Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would... Problem 10PB: The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial... Problem 11PB: Assuming the following Adjusted Trial Balance, re-create the Post-Closing Trial Balance that would... Problem 12PB: Use the following Adjusted Trial Balance to prepare a classified Balance Sheet: Problem 13PB: Using the following Balance Sheet summary information, calculate for the two years presented: A.... Problem 14PB: Using the following Balance Sheet summary information, calculate for the two years presented: A.... Problem 15PB: Using the following account balances, calculate for the two years presented: A. working capital B.... Problem 16PB: From the following Company S adjusted trial balance, prepare the following: A. Income Statement B.... Problem 1TP: Assume you are the controller of a large corporation, and the chief executive officer (CEO) has... Problem 3TP: Assume you are a senior accountant and have been assigned the responsibility for making the entries... Problem 12PA: Use the following Adjusted Trial Balance to prepare a classified Balance Sheet:
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Concept explainers
Explain the process of preparing financial statements from the trial balance , including the necessary adjustments and classifications.
Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.
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