Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1) Determine  the major difference between Unadjusted Trial Balance and Adjusted Trial Balance?

A. The Adjusted Trial Balance will show the net Income (loss) as an additional account.
B. Both will need to be in balance In order to continue with the end-of-period processing.
C. The Adjusted Trial Balance includes the postings of the adjustments for the period in the balance of the accounts.
D. The Unadjusted Trial Balance will be used to record the adjustments for the period.

2) Balance Sheet should be prepared __________________

A. before income statement and the statement of owner's equity
B. before Income statement and after the statement of owner's equity
C. after Income statement and the statement of owner's equity
D. after income statement and before the statement of owner's equity

3) In balance sheet columns of end-of-period spreadsheet (work sheet) for Free Lance Consulting Co for the current year, Debit column total is 257,690 and Credit column total is $278,100 before the amount for net income or net loss has been included. In creating income statement for end-of-period spreadsheet with is the amount of net income or net loss?

Compute Net Income or Net Loss?

A. $278,100
B. $247,690
C. $30,410
D. $525,790

After accounts have been adjusted at Oct. 31 the end of the fiscal year, following balances were taken from the ledger of Velocity Delivery Services Co.:
Lisa Jordan, capital $318,500
Lisa Jordan, drawing 36,000
Fees Earned 475,150
Wages Earned 390,000
Rent Expense 85,000
Supplies Expense 38,350
Misc. Expense 12,675

4) Determine closing entry to close Fees Earned account?

A. Debit Fees Earned $475,150; Credit Income Statement $475,150
B. Debit Income Statement $475,150; Credit Fees Earned $475,150
C. Debit Fees Earned $475,150; Credit Income Summary $475,150
D. Debit Income Summary $475,150; Credit Fees Earned $478,150

5) What is the closing entry to close Income Summary account?

A. Debit Income Summary 50,875; Credit Lisa Jordan, Capital 50,875
B. Debit Lisa Jordan, Capital 50,875; Credit Income Summary 50,875
C. Debit Income Summary 36,000; Credit Lisa Jordan, Capital 36,000
D. Debit Lisa Jordan, Capital 36,000; Credit Income Summary 36,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921757

Have any Question? 


Related Questions in Accounting Basics

Agrichem industries manufactures fertilizer concentrate and

AgriChem Industries manufactures fertilizer concentrate and uses cost standards. The fertilizer is produced in 500-pound batches; the normal level of production is 250 batches of fertilizer per month. The standard costs ...

1 what does it mean to create a culture of honesty openness

1. What does it mean to create a "Culture of Honesty, Openness, and Assistance?" Give some examples from an organization with which you have been affiliated. (250 words) 2. Review the section Preventing Fraud-A Sumary an ...

Internet case-citizen-centric reportingalthough citizens

Internet Case-Citizen-Centric Reporting Although citizens should be concerned about the performance of government, in truth, few citizens typically review the financial information provided by their government. In part, ...

The purpose of this comprehensive project is to use a

The purpose of this comprehensive project is to use a variety of resources to research a corporation. You will also prepare a written paper describing your corporation and summarizing the findings you have developed in t ...

Accounting essayypou must identify a company that has

Accounting essay YPou must identify a company that has implemented "LEAN" or "Lean Six Sigma" technology in their organization. Clearly Identify the fundamental difference between LEAN and Six Sigma. Be certain to includ ...

The budget director for bird house unlimited inc has

The budget director for Bird House Unlimited, Inc., has gathered the following data for use in developing the budgeted income statement for November 20XX. Estimated sales for November Bird House 28,600 units at $33 per u ...

Define pat positive accounting theorytheoretical definition

Define PAT (positive accounting theory). Theoretical Definition of PAT and, implication and describe the limitation with the contribution and its significance. Write about the agency theory (An individual action is drive ...

Culturally diverse individuals are effective workerssuppose

Culturally Diverse Individuals Are Effective Workers Suppose you work as a human resource (HR) executive at Total Solutions, Inc., a culturally and geographically diverse organization. A recent government study on human ...

Excel spreadsheet and 1-2 pagesconsider the following

Excel Spreadsheet and 1-2 pages Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid ...

Discussionpart 1 please respond the following question no

Discussion PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference "Negative Cash Flow" Please respond to the following: • Assess how the free cash-flow method can b ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen