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Exam 4: The Accounting Cycle

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Question 51

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The end-of-period spreadsheet for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount for net income or net loss has been included. In preparing the income statement from the work sheet, what is the amount of net income or net loss?

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Question 52

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The end-of-period spreadsheet for the current year for Jamal Company shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210. This is before the amount for net income or net loss has been included. In preparing the income statement from the end-of-period spreadsheet, what is the amount of net income or net loss?

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Net income...

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Question 53

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The ending balance of retained earnings is

The amount of the net income for a period appears on both the income statement and the balance sheet for that period.

Complete the following end-of-period spreadsheet for Danilo Enterprises.

All income statement accounts will be closed at the end of the period.

Which of the following is not true about closing entries?

After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns.

Land is an example of a plant asset.

Net income is shown on the end-of-period spreadsheet in the Income Statement debit column and the Balance Sheet credit column.

The income summary account is also called

The post-closing trial balance differs from the adjusted trial balance in that it does not

Since the adjustments are entered on the end-of-period spreadsheet, it is not necessary to record them in the journal or post them to the ledger.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Unearned Revenue 985 Fees Earned 985

The use of reversing entries is

The trial balance may be listed on the end-of-period spreadsheet instead of being prepared separately.

Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.

The dividends account is a temporary account.

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $37,686 and credits of $41,101. This indicates that

You have just accepted your first job out of college, which requires you to evaluate loan requests at Eastwood National Bank. The first loan request you receive is from Richard Enterprises. Richard Tracy, the CEO, is requesting $105,000 and brings you the following trial balance (or statement of accounts) for the first year of operations ended December 31. Which of the following accounts do you think might need to be adjusted before an accurate set of financial statements could be prepared?