Question 12 Part III: Prepares the closing entries and performs thepost-closing trial balance wwwh Adjusted trial balance Cuenta (Account) (acceunts receivakle) (prepaid insurance) Balance 119,000 20,500 3,850 145,450 35,000 45,000 42,800 69,000 20,000 835,000 24,500 620,000 3,500 (supplies) (cash) (eauinment) (acceunts RANakle) (notes pavable) Juan del Pueblo, capital Juan del Pueblo,ldrawings) (fee eamed) (utilities expense) (salary expense) (advertising expense)

Question 12 Part III: Prepares the closing entries and performs thepost-closing trial balance wwwh Adjusted trial balance Cuenta (Account) (acceunts receivakle) (prepaid insurance) Balance 119,000 20,500 3,850 145,450 35,000 45,000 42,800 69,000 20,000 835,000 24,500 620,000 3,500 (supplies) (cash) (eauinment) (acceunts RANakle) (notes pavable) Juan del Pueblo, capital Juan del Pueblo,ldrawings) (fee eamed) (utilities expense) (salary expense) (advertising expense)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Multiple Select Question Select all that apply Select the statements below that describe the purpose of a post-closing trial balance. (Check all that apply.) ☐One purpose is to verify that total debits equal total credits for all temporary accounts. One purpose is to verify that all permanent accounts have zero balances. One purpose is to confirm that if debits equal credits then no errors in journalizing and positing occurred during the period. □ One purpose is to verify that all temporary accounts have zero balances. ☐One purpose is to verify that total debits equal total credit for permanent accounts.
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Sta Tru True True True o True or ¿ rue or F Directions: The general ledger for Ozaki Tax Services on December 31 of the current year is illustrated below in T-account form. 1. Using the general journal form on the next page, enter the four necessary closing entries. 2. Post the closing entries to the general ledger T accounts provided. 3. Prepare a post-closing trial balance using the two-column form provided on the next page. Cash In Bank Computer Equipment Bal. 15,000 Bal. 4,000 Accounts Pavable Bal. 4,000 Income Summary Utilities Expense Bal. 1,500 Accounts Receivable Bal. 500 Jov Ozaki, Capital Bal. 7,000 Accounting Fees Bal. 16,000 hnwollet eritão duidw fed tandissid Jov Ozaki. Withdrawals Bal. 3,000 1058 al 1263 Miscellaneous Expense Bal. 3,000 sliaque
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Unit 1 question 16
View History Bookmarks Window Help A education.wiley.com NWP Assessment Player UI Application DAXMED WALI FURINLE BOGSIIYA HAPPY Question 27 of 42 View Policies Current Attempt in Progress The revenue recognition principle dictates that revenue should be recognized in the accounting records when the performance obligation is satisfied. at the end of the month. in the period that income taxes are paid. when cash is received. Attempts: 0 c Save for Later
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