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Closing Entries Solutions Library

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14 solutions

Closing Entries

Q. How would you close out Supplies Expense on 12/31/16 after the financial statements have been prepared? a. Debit to Supplies Expense and a Credit ...

Solved • Sep 20, 2017

Closing Entries

Q. Which of the following accounts would be classified as a nominal account and have a normal balance of a credit? A. retained earnings B. patent C...

Solved • Jul 28, 2017

Closing Entries

Q. Which of the following accounts would be closed at the end of an account period? A. Accumulated depreciation, Interest income, Utilities Expense ...

Solved • Jul 26, 2017

Closing Entries

Q. All but which of the following are temporary accounts that are closed at the end of the year? A. Unearned revenues B. Interest income C. Salarie...

Solved • Jul 26, 2017

Closing Entries

Q. Both the depreciation expense account and the accumulated depreciation account at the end of the first year of operations  A. are closed. B. have...

Solved • Jul 20, 2017

Closing Entries

Q. The entry to close the expense accounts includes: A. a debit to Retained Earnings and credits to the respective expense accounts. B. a debit to D...

Solved • Jul 16, 2017

Closing Entries

Q. The accounts listed below were taken from the trial balance of the Cola Company. Accounts Payable                                               Fe...

Solved • Jul 14, 2017

Closing Entries

Q. The closing entry for dividends does not include a debit to income summary because a) Dividends has a normal credit balance b) Dividends are not ...

Solved • Jul 11, 2017

Closing Entries

Q. After closing entries are posted to the ledger, an expense account will have a a) Debit balance b) Credit balance c) Negative balance d) Zero b...

Solved • Jul 11, 2017

Closing Entries

Q. One purpose of closing entries is to give zero balances to a) asset and liability accounts b) liability and owners’ equity accounts c) revenue a...

Solved • Jul 11, 2017

Closing Entries

Q. The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be ...

Solved • Jul 11, 2017

Closing Entries

Q. The purpose of closing entries is to transfer: A) Accounts receivable to retained earnings when an account is fully paid. B) Balances in temporar...

Solved • Jul 6, 2017

Closing Entries

Q. After posting closing entries, which of the following accounts would most likely have a balance? a) Wage Expense b) Income Summary c) Retained Ear...

Solved • Jul 6, 2017

Closing Entries

Q. Blurry Co. is in the process of completing its year-end financial statements. The closing proces yielded a net credit balance in the Income Summary...

Solved • Jul 5, 2017