D. Income Summary debit Income Summary; credit Insurance Expense. Withdrawals are closed to Owners' Capital. Commissions Earned C. Retained Earnings D. Income Summary 2. 5 - The Income Statement columns of the work sheet of... Ch. C. Retained Earnings Accounts Receivable C. Common Stock D. Dividends E. Retained Earnings 96. Answer In accounting, we often refer to the process of closing as closing the books. What is the first account that should be listed in the post closing trial balance? This preview shows page 4 - 6 out of 6 pages. C) Interfund transfers out. Learn More : Share this Share on Facebook Tweet on Twitter Plus on Google+ « Prev Question. 1. Don G. Lv 7. On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Accumulated Depreciation. Cost of Goods Sold. Balance sheet accounts C. Real accounts D. None of them. Which of the following accounts are closed at the end of the accounting period? B) Service Revenue. Retained Earnings and credit Dividends. Utilities Expense [ Choose ] credit debit n/a 2.) Accounts that are Debited in the Closing Entries. Add your answer and earn points. Sales Returns and Allowances. Factory - Answered by a verified Writing Tutor. Explore answers and all … Accounting Mcqs. The financial statement & notes read … Course Hero is not sponsored or endorsed by any college or university. 0 votes. accounting mcqs for accountant. C. deducted from the balance per books. Utilities Payable 2. Dividends and credit Income Summary. Unearned Fees 7. 1. After revenue and expense accounts have been closed, the Income Summary account will have either a debit balance or a credit balance. )Which of the following accounts is not closed during the closing procedure? Which Accounts are Closed at Year End? If it is not closed to Income Summary, match as n/a. 5 - The Income Statement columns of the work sheet of... Ch. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? B. deducted from the balance per bank. D) Accumulated Depreciation. 2. All of the following are the primary financial statements of a sole proprietorship except the. )The entry to close the Dividends account is debit Utilities Expense 3. Fees Earned 6. Dividends and credit Income Summary. All Topics Topic Education Homework Help Finance & Accounting » Which of the following accounts should be closed kekebrown Posts: 20, Reputation: 0. 0 0. 3. Supplies 4. Which of the following accounts would not be closed at the end of each fiscal year? )A check for $235 is incorrectly recorded by a company as $253. Utilities Payable [ Choose ] credit debit n/a . The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: 1 Answer. Dividends b. Conversely, permanent accounts accumulate balances on an ongoing basis through many fiscal years, and so are not closed at the end of the fiscal year. )The entry to close the Dividends account is debit Answer A. The four basic steps in the closing process are: At the end of a company's fiscal year, close all temporary accounts. D. Income Summary and credit Dividends. If it is not closed to Income Summary, match as n/a. a. 5 - The ledger accounts after adjusting entries for... Ch. A. Real or permanent accounts are balance sheet accounts which have a continuous nature and accumulate data from period to period; such accounts are not closed at the end of the reporting period. Only revenue, expense, and dividend accounts are closed—not asset, liability, Common Stock, or Retained Earnings accounts. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. D) Expenditures. 390,387 students got unstuck by Course Hero in the last week, Our Expert Tutors provide step by step solutions to help you excel in your courses. A. Utilites Expense B. Which of the following accounts is not closed? Which of the following accounts are not closed at the end of the accounting period: a. Retained Earnings and credit Dividends. Favorite Answer. 7 years ago. a. 34) Which of the following accounts will be closed by crediting the Income Summary account? Cost of goods sold. be closed to Income Summary at the end of the fiscal year? C) Accounts Receivable Rent Expense k. Service Revenue l. Advertising Expense Operating Expenses. On the bank reconciliation the $18 error should be Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. Answer A. income summary. A. Sales B. Cost of Merchandise Sold Accumulated… asked Aug 2, 2017 in Business by UberCool. Merchandise Inventory. Accounts Receivable 8. The entry to close the appropriate insurance … B) Dividend : is not closed at end of Accounting period. B. Ch. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. All income statement items (revenues and expenses) along with drawing and dividend accounts are closed at the end of … shaniagoundan shaniagoundan Not 100% sure but i THINK it is A/P. During the first year, there were credit sales of $40,000 and collections of credit sales of $36,000. Which one of the following accounts would NOT be closed at the end of the accounting year? C) Accounts Payable. )Which of the following accounts is not closed during the closing procedure? Which of the following accounts would be closed with a debit? 118. Which accounts get closed at the end of a fiscal year? Answer Save. In fact this is declared at the Annual General Meeting which is conducted by Share holders after closing the accounts. Which of the following accounts is not closed at the end of the year? One account fo. Utilities Payable [ Choose ] credit debit n/a Utilities Expense [ Choose ] credit debit n/a Supplies [ Choose ] credit debit n/a Supplies Expense Which of the following accounts are closed at the end of an accounting period? procedure? accounting-and-taxation; 0 Answers. Supplies Expense 5. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? 5 - Classify the following accounts as real... Ch. After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit, be the same amount as the total amount of the Income Statement Debit and Credit columns, be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns, not be equal to each other and need not be the same total amounts as any other pair of columns on, When the end-of-period spreadsheet is complete, the adjustment columns should have, total debits greater than total credits if a net loss was incurred, total credits greater than total debits if a net income was earned, total debits greater than total credits if a net income was earned. please thanks. A. does not take into account closing entries B. does not take into account adjusting entries C. does not include balance sheet accounts D. does not include income statement accounts . AX FORM/RETURN PREPARATION PROBLEM C:3-63 Knoxville Musical Sales, Inc. is located at 5500 Kingston Pike, Knoxville, TN 37919. C. Dividends and credit Retained Earnings. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Which is the following accounts is not closed during the closing process: owner's capital; Commissions Earned; Income Summary; Withdrawals? The following video summarizes how to prepare closing entries. Relevance. Which of the following accounts will not be closed to Income Summary at the end, 15 out of 16 people found this document helpful. Temporary accounts accumulate balances for a single fiscal year and are then emptied. B. A. Nominal accounts B. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Multiple Choice . Answer: B. Accounts Receivable C. Depreciation Expense D. Purchases. New Member : Sep 14, 2008, 12:56 PM Which of the following accounts should be closed. Professional Fees b. J. Bean, Drawing c. Wages Expense d. Income Summary e. Accumulated Depreciation. Sales. B) Estimated revenues. Question 60. A) Service Revenue. Merchandise Inventory b. The entry to close the appropriate insurance account at the end of the accounting period is. The corporation uses th, South-Western Federal Taxation Comprehensive Volume 2014 need solution. Which of the following accounts should be closed to Income Summary at the end of the fiscal year: (a) Merchandise Inventory (b) Accumulated Depreciation (c) Cost of Merchandise Sold (d) Drawing (c) Cost of Merchandise Sold. A. We use cookies to give you the best possible experience on our website. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? B)$500. A) Owner's Name, Capital. Nominal accounts and real accounts Nominal or temporary accounts are income statements accounts that are closed to Income Summary at the end of the reporting period. Course Hero is not sponsored or endorsed by any college or university. Jason Hill, Drawing 9. Dividends B. Mcq Added by: admin. Chapter 4--Completing the Accounting Cycle, Principles of Financial Accounting_Chapter_4_Practice, Seminole State College of Florida • ACG 2022. The temporary accounts get closed at the end of an accounting year. A) Fund balance. Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry? During the end-of-period processing, which of the following best describes the logical order of steps. A. added to the balance per books. Accumulated Depreciation c. Dividends d. B) Depreciation Expense. Only Income Statement (Profit or Loss Statement) accounts are closed during closing process as they are temporary accounts. a. The beginning inventory amount. If a credit balance exists, then Income Summary must be debited for the amount required to give it a zero balance, and the owners Capital account is … Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Which of the Following Accounts Would Not Be Closed at the End. I know for sure that it is not the income summary Commissions Earned 35) Which of the following accounts will be closed by debiting the Income Summary account? On June 30, 2009 Apricot should record: A. Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. The following temporary accounts normally have credit balances that require a debit as part of the closing entries: Revenue accounts; Gain accounts Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts. 12. Answer As this is assessed on the available Reserve fund & profit. Fees Earned C. Prepaid Insurance D. Insurance Expense D. Cost of Merchadise Sold. B. All Balance Sheet accounts are real accounts which are not closed during closing process. If it is not closed to Income Summary, mark as n/a. PROBLEM 5—PARTNERSHIP (FORM 1065) On January 1, 2004, the Bra, Smart Art is a new establishment. Retained Earnings c. Utilities Expense d. Salaries Payable e. Salaries Expense f. Operating Expenses g. Accounts Payable h. Unearned Revenue i. Prepaid Rent j. B. after the balance sheet and before the retained earnings statement, after the retained earnings statement and balance sheet, before the retained earnings statement and balance sheet, after the retained earnings statement and before the balance sheet. B. a. accounts payable b. depreciation expense c. income summary See answer Melotabbiebmo is waiting for your help. The balances in these accounts will ultimately end up in the sole proprietor's capital account or the corporation's retained earnings account. C. Dividends and credit Retained Earnings. C. Drawing. A. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? D. added to the balance per bank. When preparing an unadjusted trial balance using a periodic inventory system, the amount shown for Merchandise Inventory is: The ending inventory amount. The owner's Capital,Withdrawals,and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The total amount of revenue earned for the period is A)$900. Dividends Offered Price: $ 3.00 Posted By: SVExpert Posted on: 05/13/2016 05:00 PM Due on: 06/12/2016 . 1. Sales Discounts. Answer Solution for Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Income and Expense accounts are closed to Retained Earnings. 5 - As of December 31, the end of the current year,... Ch. , capital, in the sole proprietor 's capital ; commissions Earned ; Summary. D. B ) Depreciation Expense of Florida • ACG 2022, Expense and. To J. Bean, capital, in the fourth closing entry are closed during the closing process mark as.!, ppsc credit debit n/a 2. as $ 253 been closed, the Income Summary e. Accumulated Depreciation and. Logical order of steps the temporary accounts: SVExpert Posted on:.... Are closed—not asset, liability, Common Stock, or Retained Earnings the corporation 's Retained which of the following accounts should not be closed shown for inventory. Sheet of... Ch, capital, in the fourth closing entry b. a. accounts Payable b. Expense! Accounts have been closed, the Income Statement ( Profit or Loss Statement ) accounts are not closed at end. Close all temporary accounts get closed at the end of each fiscal year Twitter Plus Google+... Summary ; Withdrawals primary financial statements of a fiscal year the accounts by UberCool, we refer... New Member: Sep 14, 2008, 12:56 PM which of accounting... Revenue l. 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