Which of the following is not true? Group of answer choices Assets, liabilities, and capital are temporary accounts. Allinformation from closing can be obtained from the worksheet or ledger. When closing is complete, all revenue accountswill have a zero balance. Closing entries are usually done only at year-end.

The objective of the question is to identify the incorrect statement among the given options related…

Answered: Which of the following is not true?…

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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One purpose of closing entries is to Multiple Choice adjust the ledger account balances to provide complete and accurate figures for use on financial statements. close all accounts so that the ledger is ready for the next accounting period. reduce the owner's capital account balance to zero so that the account is ready for the next period. transfer the results of operations to owner's equity.
Please see the accounts list below in the Trial Balance and highlight the temporary accounts that need to be closed at the end of end year. Trial Balance As of December 31, 2022 Cost of Goods Sold - Initial Sales Cost of Goods Sold - Parts Advertising & Marketing Amortization Expense - Intangibles Amortization Expense - Right of Use Assets Bad Debt Expense Client Entertainment Expense Compensation Expense - Stock Based Depreciation Expense Fines and Penalties Gain/Loss on Disposals of Fixed Assets Gain/Loss on the Sale of Equity Securities Income Tax Expense - Federal Income Tax Expense - State Insurance Expense Interest Expense Key Officer Life Insurance Expense Litigation Expense Miscellaneous Administrative Expense Miscellaneous Expense Miscellaneous Selling Expense Office Supplies Expense Pension Expense Property Tax Expense Rent Expense Repair Expense Research & Development Expense Salary Expense Travel Expense Unrealized Gain/Loss on Equity FV Adjustment Utilities Expense Debit…
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Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
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
A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
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Chandler, Inc. Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, Inc. began business on January 1, 2016, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cycle for the company by assisting with the closing process. Chart of Accounts ASSETS 11 Cash 12 Accounts Receivable 14 Prepaid Insurance 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 23 Salaries Payable 24 Income Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary ACCOUNT TITLE 6 Accounts Payable 7 Salaries Payable 8 Income Taxes Payable 9 Common Stock 10 Retained Earnings 11 Dividends 12 Income Summary 13 Fees Earned 14 Rent Revenue CHART OF ACCOUNTS Chandler, Inc. General Ledger Adjusted Trial Balance Before the closing entries are made, you begin with an adjusted trial balance. The closing entries are…
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RSA Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity (a1) 100 120 140 160 Unit Cost $3.00 2.00 8.00 7.00 NRV $3.30 1.90 9.00 6.80 Assume that RSA uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes. Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is

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