One purpose of closing entries is to give zero balances to __________ accounts. Homework Help

Question 1 of 20

5.0 Points

One purpose of closing entries is to give zero balances to __________ accounts.

A. asset and liability

B. liability and capital

C. revenue and expense

D. expense and capital Reset Selection

Question 2 of 20

5.0 Points

After the closing entries are posted to the ledger, each expense account will have __________ balance.

A. a debit

B. a credit

C. either a debit or a credit

D. a zero Reset Selection

Question 3 of 20

5.0 Points

The entry to close the Income Summary account may include a debit to __________ and a credit to __________.

A. Income Summary; the owner’s capital account

B. Income Summary; Cash

C. Cash; Income Summary

D. Income Summary; the owner’s drawing account Reset Selection

Question 4 of 20

5.0 Points

Which of the following accounts will NOT normally have a zero balance after the closing entries have been posted?

A. Income Summary

B. Fees Income

C. The owner’s capital account

D. Rent Expense Reset Selection

Question 5 of 20

5.0 Points

One purpose of closing entries is to:

A. transfer the results of operations to owner’s equity.

B. reduce the owner’s capital account balance to zero so that the account is ready for the next period.

C. adjust the ledger account balances to provide complete and accurate figures for use on financial statements.

D. close all accounts so that the ledger is ready for the next accounting period. Reset Selection

Question 6 of 20

5.0 Points

The entry to transfer a net loss to the owner’s capital account would include a debit to __________ and a credit to __________.

A. the owner’s capital account; Cash

B. the owner’s drawing account; the owner’s capital account

C. Income Summary; the owner’s capital account

D. the owner’s capital account; Income Summary Reset Selection

Question 7 of 20

5.0 Points

The revenue account Fees Income is closed by debiting __________ and crediting __________.

A. Cash; Fees Income

B. Fees Income; Income Summary

C. the owner’s capital account; Fees Income

D. Income Summary; Fees Income Reset Selection

Question 8 of 20

5.0 Points

The owner’s drawing account is closed by debiting __________ and crediting __________.

A. the owner’s drawing account; the owner’s capital account

B. the owner’s capital account; the owner’s drawing account

C. Income Summary; the owner’s drawing account

D. the owner’s drawing account; Income Summary Reset Selection

Question 9 of 20

5.0 Points

The entry to close the Depreciation Expense account may include a debit to __________ and a credit to __________.

A. the Income Summary account; the Depreciation Expense account

B. the Income Summary; Cash

C. Cash; the Income Summary account

D. the Depreciation Expense account; the Income Summary account Reset Selection

Question 10 of 20

5.0 Points

The entry to close the owner’s drawing account may include a debit to the __________ account and a credit to __________.

A. Income Summary; the owner’s drawing account

B. owner’s drawing; Cash

C. owner’s capital; owner’s drawing account

D. owner’s drawing; Income Summary account Reset Selection

Question 11 of 20

5.0 Points

The entry to close the Accumulated Depreciation account may include a debit to the __________ account and a credit to the __________ account.

A. Income Summary; Accumulated Depreciation

B. Depreciation Expense; Accumulated Depreciation

C. Accumulated Depreciation; Income Summary

D. None of the above Reset Selection

Question 12 of 20

5.0 Points

Which of the following accounts would be closed?

A. Accounts Receivable

B. Accumulated Depreciation

C. Supplies Expense

D. Joan Wilson, Capital Reset Selection

Question 13 of 20

5.0 Points

After the closing entries are posted to the ledger, each revenue account will have __________ balance.

A. a zero

B. a debit

C. a credit

D. either a debit or a credit Reset Selection

Question 14 of 20

5.0 Points

A postclosing trial balance could include all of the following EXCEPT the __________ account.

A. owner’s capital

B. Cash

C. Fees Income

D. Accounts Receivable Reset Selection

Question 15 of 20

5.0 Points

Which of the following accounts is a permanent account?

A. Supplies

B. Supplies Expense

C. Owner’s drawing

D. Fees Income Reset Selection

Question 16 of 20

5.0 Points

Which of the following statements is correct?

A. The Balance Sheet section of the worksheet contains the data that is used to make closing entries.

B. The balance of the owner’s drawing account will appear on the postclosing trial balance.

C. Closing entries are entered directly on the worksheet.

D. Preparation of the postclosing trial balance is the last step in the end-of-period routine.
Question 1 of 20
5.0 Points
One purpose of closing entries is to give zero balances to __________ accounts.
A. asset and liability
B. liability and capital
C. revenue and expense
D. expense and capital Reset Selection
Question 2 of 20
5.0 Points
After the closing entries are posted to the ledger, each expense account will have __________ balance.
A. a debit
B. a credit
C. either a debit or a credit
D. a zero Reset Selection
Question 3 of 20
5.0 Points
The entry to close the Income Summary account may include a debit to __________ and a credit to __________.
A. Income Summary; the owner’s capital account
B. Income Summary; Cash
C. Cash; Income Summary
D. Income Summary; the owner’s drawing account Reset Selection
Question 4 of 20
5.0 Points
Which of the following accounts will NOT normally have a zero balance after the closing entries have been posted?
A. Income Summary
B. Fees Income
C. The owner’s capital account
D. Rent Expense Reset Selection
Question 5 of 20
5.0 Points
One purpose of closing entries is to:
A. transfer the results of operations to owner’s equity.
B. reduce the owner’s capital account balance to zero so that the account is ready for the next period.
C. adjust the ledger account balances to provide complete and accurate figures for use on financial statements.
D. close all accounts so that the ledger is ready for the next accounting period. Reset Selection
Question 6 of 20
5.0 Points
The entry to transfer a net loss to the owner’s capital account would include a debit to __________ and a credit to __________.
A. the owner’s capital account; Cash
B. the owner’s drawing account; the owner’s capital account
C. Income Summary; the owner’s capital account
D. the owner’s capital account; Income Summary Reset Selection
Question 7 of 20
5.0 Points
The revenue account Fees Income is closed by debiting __________ and crediting __________.
A. Cash; Fees Income
B. Fees Income; Income Summary
C. the owner’s capital account; Fees Income
D. Income Summary; Fees Income Reset Selection
Question 8 of 20
5.0 Points
The owner’s drawing account is closed by debiting __________ and crediting __________.
A. the owner’s drawing account; the owner’s capital account
B. the owner’s capital account; the owner’s drawing account
C. Income Summary; the owner’s drawing account
D. the owner’s drawing account; Income Summary Reset Selection
Question 9 of 20
5.0 Points
The entry to close the Depreciation Expense account may include a debit to __________ and a credit to __________.
A. the Income Summary account; the Depreciation Expense account
B. the Income Summary; Cash
C. Cash; the Income Summary account
D. the Depreciation Expense account; the Income Summary account Reset Selection
Question 10 of 20
5.0 Points
The entry to close the owner’s drawing account may include a debit to the __________ account and a credit to __________.
A. Income Summary; the owner’s drawing account
B. owner’s drawing; Cash
C. owner’s capital; owner’s drawing account
D. owner’s drawing; Income Summary account Reset Selection
Question 11 of 20
5.0 Points
The entry to close the Accumulated Depreciation account may include a debit to the __________ account and a credit to the __________ account.
A. Income Summary; Accumulated Depreciation
B. Depreciation Expense; Accumulated Depreciation
C. Accumulated Depreciation; Income Summary
D. None of the above Reset Selection
Question 12 of 20
5.0 Points
Which of the following accounts would be closed?
A. Accounts Receivable
B. Accumulated Depreciation
C. Supplies Expense
D. Joan Wilson, Capital Reset Selection
Question 13 of 20
5.0 Points
After the closing entries are posted to the ledger, each revenue account will have __________ balance.
A. a zero
B. a debit
C. a credit
D. either a debit or a credit Reset Selection
Question 14 of 20
5.0 Points
A postclosing trial balance could include all of the following EXCEPT the __________ account.
A. owner’s capital
B. Cash
C. Fees Income
D. Accounts Receivable Reset Selection
Question 15 of 20
5.0 Points
Which of the following accounts is a permanent account?
A. Supplies
B. Supplies Expense
C. Owner’s drawing
D. Fees Income Reset Selection
Question 16 of 20
5.0 Points
Which of the following statements is correct?
A. The Balance Sheet section of the worksheet contains the data that is used to make closing entries.
B. The balance of the owner’s drawing account will appear on the postclosing trial balance.
C. Closing entries are entered directly on the worksheet.
D. Preparation of the postclosing trial balance is the last step in the end-of-period routine.