The correction answer is A) Assets and Expenses. Select One: A. J. Brody landscaping adjusted trial balance shows one revenue account, fees income. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Debit Income Summary $84,300, credit Retained Earnings $84,300 - Cash (Debit) goes up and so does Stockholder's Equity (Credit), Note (payable) issued in exchange for cash, - Cash (Debit) goes up and so does Liability, - Office Equipment/Asset (Debit) goes up, and cash goes down (Credit), - Cash (Debit) goes up but so does Unearned Service Revenue (Credit), - Cash (Debit) goes up and so does revenue (stockholders' equity, - Expense (Debit) goes up, which lowers Stockholders' Equity, and Cash gets Credited because it was decreased, - Prepaid Insurance (Debit) goes up because it's an asset, Cash goes down (Credit), - Supplies (Debit) increases and so does the Accounts Payable/Liability (Credit), - Dividends increase (Debit) and Cash decreases (Credit), - Salaries and Wages Expense is Debited and Cash is credited because it decreased, - keeps in one place all the information about changes in specific account balances, - lists accounts and their balances at a given time. Cash, Salaries Payable, and Retained Earnings b. D) Consulting revenue. 35) The balance sheet reported a beginning balance of $20,000 in Accounts Receivable and an ending balance of $15,000. Patents 4. Which of the following accounts is increased by a credit? Question: Which of the following accounts may appear on a post-closing trial balance? Common Stock B. What is the appropriate order for a company's chart of accounts? Which is not part of the recording process? 7. What kind of activity is this? Accounts Payable 3. D. salaries payable. The effect on the basic accounting equation of performing services for cash are to: b) increase assets and increase stockholder's equity, a) the new balance in the accounts affected by the transaction. Question : Which of the following accounts will still show a balance after the closing process is completed? Question: Which Of The Following Accounts Would Show A Balance In A Post-closing Trial Balance? Accumulated Depreciation. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Prepaid Insurance. … 5 years ago. Which of the following is not a part of a complete journal entry? Which of these account balances will not appear the same on the balance sheet? 1. Jan. 10, Novis Company purchased manufacturing equipment for $80,000 cash. Having a debit balance in the Cash account is the normal balance for that account. Question 4 0 out of 3.6 points Which of the following accounts would be included in a post-closing trial balance? 5. At December 31, 2015, the accounts receivable show a balance of $475,000. Tips The revenue, expense, income summary and owner's drawing accounts will not appear on a post-closing trial balance since these accounts will not carry a balance after the accounting period has ended. Accounts payable is a liability since it's money owed to creditors and is listed under current liabilities on the balance sheet. b. Can financial statements be prepared directly from the adjusted trial balance? b) an account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders' equity, b) in its simplest form an account consists of three parts. Using this information, compute cash collected from customers. The same entry will include a credit to its liability account Notes Payable since that account balance is also increasing. Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances. Unlike balance sheet accounts, income statement accounts get reset in the accounting cycle, where revenue and expense accounts get “closed” to … Land. The following T accounts show transactions that were recorded by Residential Re-locators, a firm that specializes in local housing rentals. This offer is not available to existing subscribers. Selected Answer: Balance Sheet-Debit and Balance Sheet -Credit. What are balance sheet accounts? On. Accounts that were closed in good standing remain on your credit report about 10 years after the account has been closed, or whatever period the credit bureau has specified. b) is a list of accounts with their balances at a given time, - Timing Issues: periods, quarters, fiscal years (periodicity assumption), - Permanent Accounts (Real) = all accounts on balance sheet. Is it true that the trial balance totals should agree? D) Unearned Revenue. When a trial balance balances, it is an indication that: If an account is debited in the journal entry, then: d) that account will be debited in the ledger. A) Land. Balance sheet accounts are one of two types of general ledger accounts. Which of the following accounts would be included in a post-closing trial balance? fees income. Which of the following accounts will reflect the account's beginning balance on the adjusted trial balance? a. c. Ben Crayton, Capital Which of these account balances will not appear the same on the balance sheet? keith. The chart of accounts. Question : The table below represents Able Company’s supplies account. Which of the following account balances would not be included in the calculation of the current ratio?. 18 1. C. Equipment. The retained earnings account before closing had a balance of $303,000. Accounts Payable. Still have questions? E. office equipment The unadjusted trial balance of Rapido Delivery is entered on the partial work sheet below. Accounts Payable. You are already subscribed. B) Accounts Payable. The cost of an asset less accumulated depreciation equals: A. book value. Assets, expenses, losses, and the owner's drawing account will normally have debit balances. The difference between the debit and credit totals is $24,800 (32,300 – 7,500). Select one: O a. Dividends. (a) Account Payable (b) Cash ... To show the financial position. During 2010, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. a. b) the balance of each account affected by the transaction. Accounts Receivable 2. c. Accounts payable. A. Exercise K The Trial Balance of the Printer Repair Company at December 31, contains the following account balances listed in alphabetical order to increase your skill in sorting amounts to the proper order. a. Lv 7. These accounts will see their balances increase when the account is credited. B. 1 Answer to A. A. Relevance. Accounts are listed on the trial balance in, a) the order that they appear in the ledger, a) is the procedure of transferring journal entry amounts to the ledger accounts. 2) The Retained earnings account has a credit balance of $37,000 before closing entries are made. Temporary accounts and nominal accounts do not carry a balance at the end of the period and thus do not appear on the post-closing trial balance. Accumulated Depreciation-office equipment. Unearned Revenue. B. The accounts of a business before an adjusting entry is made to record accrued revenue reflect an: a) understated asset and an understated revenue. Depreciation Expense- office Equipment. (The other accounts in the general ledger are the income statement accounts.). A) Accounts Receivable. revenue expense Accountants use debit and credit entries to record transactions to each account, and each of the accounts in this equation show on a company's balance sheet. the postclosing trial balance should show zero balances for which of the following account types. Expenses are journalized on the income statement and assets on the balance sheet. Which statement about an account is true? e. 0 1. d) yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts. Error: You have unsubscribed from this list. Which principle dictates that efforts (expenses) be recorded with accomplishments (revenues)? Dividends. d) journalize, post, prepare a trial balance, c) is a collection of the entire group of accounts maintained by a company. a) notes payable b) retained earnings c) common stock d) accounts receivable 18) Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Land. Its stockholders' equity: b) decreases cash; decreased retained earnings. Rent Expense C. Sales Revenue … Which of the following would not result in unearned revenue? Account Payment History The complete payment history for your credit accounts will be on your credit report, except negative payment history that’s older than seven years. D 6 A credit to Service Revenue will: A) Increase stockholders' equity. Question 3 3.6 out of 3.6 points Two common subgroups for liabilities on a classified balance sheet are: Selected Answer: Current liabilities and long-term liabilities. Correct! Complete the work sheet using the following information: (a) Salaries earned by employees that are unpaid and unrecorded, $5,000. Current assets typically include all but which of the following assets? C. retained earnings. Assets and expenses generally have normal debit balances. 1. On this date, the company revises the estimates of its credit losses and determines that receivables amounting to $4,800 will become uncollectibles. Assume each account balance follows the normal balance rules. B) Rent expense. D. Supplies. an asset with a debit balance. Short-term notes payable. Double-entry accounting has been in use for hundreds, if not thousands, of years; it was first documented in a … Read more about the author. Which of the following accounts would appear on the balance sheet? E) Prepaid Insurance. At the end of an accounting period Revenue and Expense accounts are not balanced instead they are closed with the help of closing entries and transferred to profit and loss account, hence they begin the following period with zero balance. b) assets, liabilities, stockholders' equity, revenues, expenses. These accounts will see their balances increase when the account is credited. The balance of both the sides of the trial balance should be equal. A revenue-asset relationship exists with: Under the cash basis of accounting, an amount received from a customer in advance of providing the services would be reported as a(n): a) needed to ensure that the expense recognition principle is followed. Dividends b. The closing entry process consists of closing: Which of the following steps in the accounting cycle usually occurs only at the end of a company's annual accounting period? Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances. Get answers by asking now. Balance sheet accounts however are termed as permanent accounts because at the end of the accounting year the balances in these accounts are not closed … it has a credit balance of 3500. the journal entry to close this account will include a debit to which account. C) The trial balance. Their balances will increase with a debit entry, and will decrease with a credit entry. d) step 9: prepare a post-closing trial balance, a) proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. 1) Which of the following accounts showing a balance on the post-closing trial balance indicate an error? 19) Temporary accounts include all of the following except: A) Dividends. Which accounts normally have debit balances? 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