Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
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 3Q:
What is the purpose of the closing entries?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 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 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 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 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....Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
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CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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