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1)The purpose of the year-end closing process is to bring the temporary accounts to a zero balance.
1)The purpose of the year-end closing process is to bring the temporary accounts to a zero balance. True False
2) To close the Owner's Capital account, you should debit the Owner's Capital and credit Retained Earnings.True False
3) The closing entry for salaries will include a credit to the Salaries Expense account for the total amount appearing the general ledger account. True False
4) In manual accounting, if a business has a net income, the Income Summary account will carry a credit balance before closing. True False
5) In manual accounting, the Owner's withdrawal account is never closed.True False
6) If the Medical Supplies account has a balance of $2,000.00 before adjustments and $500.00 is the balance after adjustment, then:
The Medical Supplies was debited for $1,500.00
The Medical Supplies Expense was debited for $1,500.00
The Medical Supplies Expense was credited for $500.00
The Medical Supplies was credited for $500.00
The Medical Supplies Expense was debited for $500.00
7) If the Salaries Expense account has a balance of $10,000.00 before adjustments and $12,000.00 balance after adjustments, then:
Salaries Expense was debited for $2,000.00
Salaries Expense was credited for $2,000.00
Salaries Payable was debited for $2,000.00
Salaries Expense was debited for $10,000.00
Salaries Payable was credited for $10,000.00
8) The balance on the Prepaid Insurance account before adjustments is $36,000.00. If the balance on the Prepaid Insurance account after adjustment is $30,000.00, then:
The Prepaid Insurance account was debited for $6,000.00
The Insurance Expense account was credited for $6,000.00
The Prepaid Insurance account was debited for $30,000.00
The Prepaid Insurance account was credited for $6,000.00
The Insurance Expense account was debited for $30,000.00
9) If the bookkeeper failed to record an accrued Interest Income of $5,000.00, then:
Net Income is overstated
Net Income is understated
Total Liabilities is overstated
Total Liabilities is understated
Total Assets is overstated
10) The balance on the Office Supplies account is $4,000.00 before adjustments. If the Office Supplies used for the period is $1,600.00, then:
Office Supplies was debited for $1,600.00
Office Supplies Expense was debited for $1,600.00
Office Supplies was credited for $2,400.00
Office Supplies Expense was credited for $2,400.00
Office Supplies Expense was debited for $2,400.00
