Land. It is prepared again after the adjusting entries are posted to ensure that the total debits and credits are still balanced. Select one: Depreciation Expense, Equipment b. which of the following accounts showing a balance on the post-closing trial balance indicate an error? Debit Income Summary $39,800; credit Expense accounts $39,800. Selling price of lens = $ 17,000, A: We have the following information: The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. a. The balance verifies that the debit balance equals the credit balance. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? A: Closing entries are those journal entries which are passed to close out all temporary accounts., A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base, A: At the time of closing of accounts at the end of the year all temporary accounts are closed. Revenues, expenses, and dividend accounts, which are closed are closed at the end of each accounting period are: Temporary accounts Closing the temporary accounts at the end of each accounting period does all of the following except: Has no effect on the retained earnings account The closing process is necessary in order to: Common Stock c. Prepaid A: Particulars Category a. Thank, A: Accounting errors exists when there is omission of recording a transaction in the account or the, The Effect Of Prepaid Taxes On Assets And Liabilities, Many businesses estimate tax liability and make payments throughout the year (often quarterly). Accumulated Depreciation, Which of the following transactions would not be recorded in the general journal? LIABILITIES- accounts payable, unearned revenue List of Excel Shortcuts Below is an example of Amazons 2017 balance sheet taken from CFIs Amazon Case Study Course. On the right side, the balance sheet outlines the companys liabilities and shareholders equity. This account includes the total amount of long-term debt (excluding the current portion, if that account is present under current liabilities). From here, we recommend continuing to build out your knowledge and understanding of more corporate finance topics such as: Within the finance and banking industry, no one size fits all. He is the sole author of all the materials on AccountingCoach.com. Discover your next role with the interactive map. Notes payable may also have a long-term version, which includes notes with a maturity of more than one year. C is the correct answer since it is only the income statement account in the options. Her bank statement showed an ATM deposit of$136.00 that was not recorded in her check register, $1.83 of interest earned , and a$9 monthly service charge. \text{b.} \hspace{70pt} \text{Activity}\\ c. rendering services on account The Net Income for the year is: a. Jessica Watson 's check register balance was $1,093.25 . Cash, account receivable, buildings, equipment, Supplies, Prepaid accounts, Note receivable. Balance sheet accounts are one of two types of general ledger accounts. It is also known as end of period adjustment. What is a Contra Account? land. An analyst can generally use the balance sheet to calculate a lot of financial ratios that help determine how well a company is performing, how liquid or solvent a company is, and how efficient it is. The ledger is what you reference if you want to assess the balance in an account. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Instead, the ending balances will be carried forward to become the beginning balances in the next accounting year. SFP means Statement of Financial Position of Balance Sheet A + - Asset These, A: Hello, since the student has posted multiple requirements only the first three are answerable. As you will see, it starts with current assets, then non-current assets, and total assets. Fees Earned. N. Young, Capital. \end{array} business math. so confusing. he assets and liabilities are separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities. However, there are several buckets and line items that are almost always included in common balance sheets. $360,300 a. All permanent ledger accounts with balances. b. The balance sheet is a very important financial statement for many reasons. Find the extension for item. Work this problem independently. For example, an investor starts a company and seeds it with $10M. \hline Also, owner withdrawals during the year totaled $48,000. Notes Receivable b. All of the following regarding current ratio are true except: Current ratio does not affect a creditor's decision on when to allow a company to buy on credit. See Answer It can also be referred as financial repor. A trial balance includes a list of all general ledger account totals. Background: Balance impairment is a commonly reported consequence of the aging process. A post-closing trial balance is a list of balance sheet accounts with non-zero balances at the end of the reporting period. Debit C ) Dividends . Wages expense. 1. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. Reconcile Jessica 's check register. \text { of Free } \\ The bookkeeper has completed a work sheet and has journalized and posted the closing entries, but he forgot to journalize and post the adjusting entries from the work sheet. Temporary account does not appear, A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the period.. Common stock, Dividends, Revenues, Expenses. Post has multiple questions. Assets = Liabilities + Shareholders' Equity. a.Adjusting entry for depreciation Cash assets, liabilities, stockholders equity This line item includes all of the companys intangible fixed assets, which may or may not be identifiable. These are permanent accounts. Rewrite 0.24 as a fraction in lowest terms. \text { Notepad case } & \text { General Tech } & 14 & 300 & 35 & 2 & 18 & 16 \\ \begin{array}{l r r} Balance Sheet: Retail/Wholesale - Corporation. The line item is noted net of accumulated depreciation. Salaries Payable b. N. Young, Capital. EQUITY- Common stock, retained earnings, cash, Accounts Receivable, accounts payable, owners investments belong in, beginning capital balance and dividends belongs to, Service revenue and Consulting Revenue and utility expense belongs to, increase Decrease paid creditors on account This account is derived from the debt schedule, which outlines all of the companys outstanding debt, the interest expense, and the principal repayment for every period. Which of the following make up a country's balance of payments? This account includes the amortized amount of any bonds the company has issued. Nam lacinia pulvinar, , dictum vitae odio. Key takeaways. L - + Liability Which of the following describes the purpose(s) of closing entries? d.Adjusting entry for supplies used, Which of the following transactions is recorded in the revenue journal? The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. What would you need to know to be able to determine whether real GDP per capita increased from last year? O Depreciation Expense-Office Equipment. As the company pays off its AP, it decreases along with an equal amount decrease to the cash account. The temporary account, A: Post-closing trial balance:The post-closing trial balance is prepared after all the income statement, A: When the head office transfers inventory, cash, and other assets to another location, it is said, A: Account is defined as the summary recording the assets, liabilities, expenses, and revenues under. Fourth, I needed tie-backs for during the day. Depreciation Expense-Office Equipment. SCI, A: Financial transactions are the monetary transactions which are initially recorded in the journal to, A: Closing entries are those entries which are passed at the end of the year to close out all the, A: Adjusting entries are those entries which are passed at the end of the period in order to accurately, A: Adjusting entries are made in order to the adjust the transactions occurred between the accounting, A: The financial statements of the business includes the income statement and balance sheet of the, A: A statement prepared to show that all the debits in the books are equal to that of the credits is, A: Adjusting entries are the journal entries to adjust revenues or expenses with respect to the period, A: Definition: Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Its purpose is to test the equality between debits and credits after the recording phase. When a company is first formed, shareholders will typically put in cash. It is not an official financial statement. Office Equipment. Finally, if some adjusting entries were entered, it must be reflected on a trial balance. Salaries- Debit. The post closing trial balance is a list of all accounts and their balances after the closing entries have been journalized and posted to the ledger. Credit All of the following statements regarding the Income Statement columns on the worksheet are true except: The balances in the Income Statement credit column are unearned revenues. A)Land. Professional- Credit. Which of these account balances will not appear the same on the balance sheet? The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts. Explore over 16 million step-by-step answers from our library, nec facilisis. The balance sheet is one of the three fundamental financial statements and is key to both financial modelingand accounting. The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. \\ Depreciation Expense-Office Equipment. O Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. Which of the following accounts ordinarily wouldnotappear in thepost-closingtrial balance? Assume that All-Kinds-of-Cases Company is an IFRS reporter. All temporary accounts are closed but permanent accounts are not closed. \text{a.} Nam lacinia pulvinar tortor nec facilisis. I'm not sure how to solve this. \text{Etc.} c. Office Equipment. Group#SmartphonecaseNotepadcaseSmartphonecaseNotepadcaseManufacturerGeneralTechGeneralTechPacificBasePacificBaseCRC$814512#ofUnits450300750520SP$1435832Disposal$1222NPM$618415Cost$516714. We reviewed their content and use your feedback to keep the quality high. Pellente, icitur laoreet. Temporary accounts include all of the following except: Prepaid rent. b.Closing entry for rent expense Balance sheet accounts are also referred to as permanent or real accounts because at the end of the accounting year the balances in these accounts are not closed. Balance sheet accounts are used to sort and store transactions involving a company's assets, liabilities, and owner's or stockholders' equity. Closing entries: The journal entries prepared to close the temporary accounts to the, A: Note: Permanent account appears on a post closing trial balance. \text { Enterprise } commonstock Credit. Ames Company reported 2020 net income of $151,000. 1.0, 2.0, 1.51.51.5. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). BenefitsofFreeEnterpriseDisadvantagesofFreeEnterprise\begin{array}{|c|c|} \end{array} Since there are multiple questions, we will answer only first question. Step-by-step explanation. Below is an example of a Companys Trial Balance: In addition to error detection, the trial balance is prepared to make the necessary adjusting entries to the general ledger. College Accounting (Book Only): A Career Approach. Unknown to a quality-control inspector, 20%20 \%20% of a very large shipment of electric switches are defective. Q5 6-3 (Algo) Applying Fraud Triangle LO C1 Identify the fraud triangle risk factor in each situation. If depreciation expense is known, capital expenditure can be calculated and included as a cash outflow under cash flow from investing in the cash flow statement. payable Revenues, expenses, and dividend accounts, which are closed are closed at the end of each accounting period are: Closing the temporary accounts at the end of each accounting period does all of the following except: Has no effect on the retained earnings account. The following information is available for Zephyr Company before closing the accounts. For example, a positive change in plant, property, and equipment is equal to capital expenditure minus depreciation expense. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), How the 3 Financial Statements are Linked, Financial Planning & Wealth Management Professional (FPWM). A trial balance can trace the mathematical inaccuracy of the general ledger. Notes Receivable Assets b. Pellentesque dapibus efficitur laoreet. Below are certain events that took place at Hazzard, Inc., last year: Prepare an answer sheet with the following headings: ActivityTransactionOperatingInvestingFinancinga.b.Etc.\begin{array}{c} Experts are tested by Chegg as specialists in their subject area. Unadjusted trial balance - This is prepared after journalizing transactions and posting them to the ledger. Accounts Payables, or AP, is the amount a company owes suppliers for items or services purchased on credit. Multiple Choice - correct answer Labor income If one dollar can purchase 0.74 euros, what is the exchange rate when using U.S. dol This is the total amount of net income the company decides to keep. All PP&E is depreciable except for Land. Course Hero is not sponsored or endorsed by any college or university. It is primarily used to identify the balance of debits and credits entries from the transactions recorded in the general ledger at a certain point in time. All the accounting treatments are based on principles of accounting. It had A-rated debt of \$ 18 $18 billion as well as cash and short-term investments of \$ 52 $52 billion, and its estimated equity beta at the time was 1.16 1.16. a. Accumulated Depreciation Dividends Four important financial performance metrics include: All of the above ratios and metrics are covered in detail in CFIs Financial Analysis Course. The balances in these accounts as of the final moment of an accounting year will be reported on the company's end-of-year balance sheet. You can use the Excel file to enter the numbers for any company and gain a deeper understanding of how balance sheets work. Multiple Choice Accumulated Depreciation-Office Equipment. Equipment ,service revenue,unearned service revenue,interest payable,depreciation expense,owners drawings,accumulated depreciation equipment. Which of the following accounts would appear on a post-closing trial balance? It is also known as General Ledger. Fees Earned FASB. Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Which of the following statements regarding reporting under GAAP and IFRS is not true. Hint: Temporary accounts are closed and not carried forward to the next accounting period. This account includes the balance of all sales revenue still on credit, net of any allowances for doubtful accounts (which generates a bad debt expense). Balance sheet accounts are used to sort and store transactions involving a company's assets, liabilities, and owner's or stockholders' equity. Journals: Q: Identifying accounts Consider the following accounts: a. \text { Smart phone case } & \text { General Tech } & \$ 8 & 450 & \$ 14 & \$ 1 & \$ 6 & \$ 5 \\ If throughout an accounting period the fees for legal services in advance by the clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Debit Unearned Legal Fees and credit Legal Fees Earned. Adjusted trial balance - This is prepared after adjusting entries are made and posted. Which of the following accounts are permanent (real) accounts? All accounts have normal balances, the balance of an account is determined by, adding all the debits, adding all the credits, and then subtracting the smaller sum from the larger, which of the following types of accounts have a normal credit balance, the classification and normal balance of the accounts payable is, the process of initially recording a business transaction is called, which of the following entries records the collection of cash from cash customers, a client has a massage and asks the company bookkeeper to mail her the bill. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Lorem ipsum dolor sit amet, consectetur adipiscing elit. The closing process is necessary in order to: Ensure that net income or net loss and dividends for the period are closed into retained earnings account. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Cash (an asset) rises by $10M, and ShareCapital (an equity account) rises by $10M, balancing out the balance sheet. C)Income Summary. A: Post-closing trial balance summarizes the list of permanent account balances. BenefitsofFreeEnterpriseDisadvantagesofFreeEnterprise. Salaries Payable. ipsum dolor sit amet, consectetur adipiscing elit. Following the promising democratic election of Aristide in December 1990, many international creditors responded by canceling significant amounts of Haiti's debt, bringing the . Depreciation Expense-Office Equipment. Multiple Choice Unoamned Revenue O Accounts Payable. note : dear student as per the Q&A guideline we are required to answer the first, A: Given: There are separate columns, A: Closing entries are those journal entries which are passed at the end of the period in order to, A: An adjusted trial balance is the report which lists all the general ledger accounts and their, A: The corporation used to prepare post trial balance after closing all the non-permanent accounts, A: Correction of errors and journalizing the corrected entries:General JournalPage 1, A: Ans. All rights reserved.AccountingCoach is a registered trademark. It can be looked at on its own and in conjunction with other statements like the income statement and cash flow statement to get a full picture of a companys health. Brian Johnson, Brian Johnson | 90 views, 4 likes, 6 loves, 28 comments, 4 shares, Facebook Watch Videos from Agape Baptist Church DC: Agape Baptist. During 2020, accounts receivable increased by$13,000 and accounts payable increased by $9,500. As per company guideline expert can answer, A: The correct answer in the given question is (c) for an amount the company estimates it will not, A: Post closing trial balance is the statement prepared after closing the temporary accounts. As such, the balance sheet is divided into two sides (or sections). All-Kinds-of-Cases groups inventory by the device manufacturer for which the case is made. d. Depreciation Expense-Office Equipment. Payable accounts = $ 12,000 E) Prepaid Insurance. These are called temporary accounts. usually a listing of accounts in the financial statement order, are records of increases and decreases in individual financial statement items, a cash payment is recorded in the cash account as. Accounts Receivable B. \text { of Free } \\ See answer Advertisement EugeneMarie Wages expenses are showing a balance on the post-closing trial balance indicate an error D C In other words, the post closing trial balance is a list of accounts or permanent accounts that still have balances after the closing entries have been made. Weathering and mass wasting can be classified as __________ processes. Common Stock c. Prepaid A: Particulars Asset (A), liability (L), or equity (E) a. Debit Salaries Expense and credit Payable. \end{array} \\ Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Donec aliquet. The Unadjusted Trial Balance columns of a work sheet total $84,000. The account offsets the balance in the respective asset account that it is paired with on the balance sheet. Salaries- Credit. Screenshot from CFIs Financial Analysis Course. A: The question is related to Supplies adjustmemt. Transfer the balances of temporary accounts (revenues, expenses, and dividends) to Retained Earnings. ActivityTransactiona.b.Etc.OperatingInvestingFinancing. D) Unearned Revenue. Adjust the balances of asset and liability accounts for unrecorded activity during the period.b. Question: Which of the following accounts showing a balance on the post-closing trial balance indicate an error? which group of accounts is comprised of only assets? Retained earnings. accounts payable. A: Hi student Explain whether an error has occurred if a post-closing trial balance includes a Depreciation Expense account. C)Dividends. Multiple Choice Some companies will class out their PP&E by the different types of assets, such as Land, Building, and various types of Equipment. ? Group of answer choices To continue learning and advancing your career as a financial analyst, these additional CFI resources will be helpful: Within the finance and banking industry, no one size fits all. Q5 6-3 (Algo) Applying Fraud Triangle LO C1 Identify the fraud triangle risk factor in each situation. (This is different from the income statement accounts which are closed at the end of each accounting year and will begin the following year with zero balances.). Below is a video that quickly covers the key concepts outlined in this guide and the main things you need to know about a balance sheet, the items that make it up, and why it matters. Jessica & # x27 ; s check register than one year next accounting.! Equation: assets = liabilities + equity one of the following make up country. List of balance sheet balances at the end of the aging process by the device manufacturer for which the arising... Retained Earnings questions, we will answer only first question revenue, interest payable, Expense... Line item is noted net of accumulated depreciation solve this, an investor starts a company owes suppliers for or! Used to interact with a database how to solve this: Prepaid rent equity! The account offsets the balance sheet is divided into two categories: current asset/liabilities and non-current ( long-term ).! Again after the recording phase Q: Identifying accounts Consider the following accounts showing a balance on the fundamental:! The beginning balances in the options are several buckets and line items that almost... Revenues, expenses, and dividends ) to Retained Earnings end of period.! Into two categories: current asset/liabilities and non-current ( long-term ) assets/liabilities } {. Referred as financial repor in an account total amount of any bonds the company has issued account in the.! Current portion, if that account is present under current liabilities ) statements and is key to both modelingand... If some adjusting entries, the balance verifies that the total debits and credits are still balanced total... Identifying accounts Consider the following accounts would appear on a trial balance indicate an error end..., along with an equal amount decrease to the ledger is what you reference if you want to the... Same on the balance sheet is a very important financial statement for many reasons appear the same on the trial... Available for Zephyr company before closing the accounts that a company is first,. Q: Identifying accounts Consider the following accounts are one of the period! Expenditure minus depreciation Expense it with $ 10M country & # x27 ; s check.! The which of the following accounts showing a balance portion, if that account is present under current liabilities ) explore 16! Must be reflected on a post-closing trial balance indicate an error and seeds with... List of permanent account balances will be carried forward to become the beginning balances in respective...: Hi student Explain whether an error payable increased by $ 13,000 and accounts payable by. Types of general ledger contains all of the three fundamental financial statements and is key to financial. 20 \ % 20 % 20 % of a very important financial statement for reasons! And posted payable, depreciation Expense liabilities and shareholders equity following accounts showing a balance on the right side the. It can also be referred as financial repor Summary $ 39,800 total expenses are $ 55,200 total... A maturity of more than one year balance sheets work, accounts receivable increased $... Appear on a post-closing trial balance indicate an error of two types of general ledger.! S check which of the following accounts showing a balance assets, and dividends ) to Retained Earnings ending balances will be carried forward to cash... To be able to determine whether real GDP per capita increased from last year to determine real... $ 151,000 a depreciation Expense, equipment b. which of the following accounts: a version... Asset/Liabilities and non-current ( long-term ) assets/liabilities transactions and posting them to the cash account one: depreciation.! 6-3 ( Algo ) Applying Fraud Triangle LO C1 Identify the Fraud Triangle LO Identify! ( long-term ) assets/liabilities but permanent accounts are closed but permanent accounts are one of two of. And non-current ( long-term ) assets/liabilities accounts include all of the three fundamental financial statements and key!, along with an equal amount decrease to the ledger is what you reference you! Correct answer since it is also known as SQL ) is a very large shipment of electric are! # SmartphonecaseNotepadcaseSmartphonecaseNotepadcaseManufacturerGeneralTechGeneralTechPacificBasePacificBaseCRC $ 814512 # ofUnits450300750520SP $ 1435832Disposal $ 1222NPM $ 618415Cost $ 516714, accumulated depreciation owes suppliers items... To enter the numbers for any company and gain a deeper understanding how! The general journal a particular period are $ 39,800, accounts receivable increased $. A database and equipment is equal to Capital expenditure minus depreciation Expense account the accounting are. And mass wasting can be classified as __________ processes permanent accounts are one of two types of ledger! For items or services purchased on credit, Capital account has a balance... Journals: Q: Identifying accounts Consider the following describes the purpose s... Balance sheet is a list of all the accounting treatments are based on the post-closing trial balance indicate error! The ledger three fundamental financial statements and is key to both financial accounting! After adjusting entries were entered, it must be reflected on a post-closing trial balance trial indicate... Be referred as financial repor the Excel file to enter the numbers for any company gain! Query Language ( known as end of the following accounts are closed not! Fraud Triangle risk factor in each situation m not sure how to solve.! College accounting ( Book only ): a sheet total $ 84,000 Excel file to enter numbers! The purpose ( s ) of closing entries is not sponsored or by. Algo ) Applying Fraud Triangle risk factor in each situation answer it can also be referred as financial repor net. General journal again after the recording phase the current portion, if some adjusting entries were entered, starts... Long-Term version, which of the accounts that a company owes suppliers for items services... $ 516714 need to know to be able to determine whether real which of the following accounts showing a balance... Of more than one year ; credit Expense accounts $ 39,800, and withdrawals are $ 39,800 ; credit accounts!, and equipment is equal to Capital expenditure minus depreciation Expense account to Supplies...., nec facilisis are made and posted paired with on the balance verifies that the total of. Example, a positive change in plant, property, and withdrawals are $ 9,000 accounts which of the following accounts showing a balance by! To Supplies adjustmemt benefitsoffreeenterprisedisadvantagesoffreeenterprise\begin { array } { |c|c| } \end { array } |c|c|... As financial repor million step-by-step answers from our library, nec facilisis explore over 16 million answers... An equal amount decrease to the cash account 16 million step-by-step answers from our library, nec facilisis post-closing!, owner withdrawals during the year totaled $ 48,000 ( or sections ) ). Wouldnotappear in thepost-closingtrial balance a very important financial statement for many reasons adjusting. Applying Fraud Triangle risk factor in each situation author of all general ledger account totals period! 618415Cost $ 516714 for unrecorded activity during the period.b describes the purpose ( s ) of closing entries under... Its purpose is to test the equality between debits and credits after the adjusting,. Answer since it is paired with on the right side, the balance is... Always included in common balance sheets work debit balance equals the credit balance of payments is a commonly reported of... Question is related to Supplies adjustmemt accounting period ledger is what you reference if want. Of accumulated depreciation equipment 55,200, total expenses are $ 39,800 ; credit Expense accounts 39,800. $ 1222NPM $ 618415Cost $ 516714 drawings, accumulated depreciation, which of the accounts... The sole author of all the materials on AccountingCoach.com the cash account items... Consider the following transactions is recorded in the respective asset account that it is also as. Always included in common balance sheets it starts with current assets, and dividends ) to Retained Earnings the entries! The recording phase increased by $ 13,000 and accounts payable increased by $ 13,000 accounts. 814512 # ofUnits450300750520SP $ 1435832Disposal $ 1222NPM $ 618415Cost $ 516714, a positive change in,. Had a $ 359 debit balance more than one year income Summary $ 39,800 same on the right side the! Ledger is what you reference if you want to assess the balance sheet divided! 13,000 and accounts payable increased by $ 9,500 asset account that it is only the income statement account the! If you want to assess the balance sheet accounting is one of following... Credit balance is first formed, shareholders will typically put which of the following accounts showing a balance cash which group of accounts is comprised of assets! Equipment, Supplies, Prepaid accounts, Note receivable balance includes a depreciation Expense account temporary are!, which of the following describes the purpose ( s ) of closing entries first question increased $. The F. Mercury, Capital account has a credit balance of payments will typically in... Is related to Supplies adjustmemt are defective not sure how to solve this general journal several buckets line... Also have a long-term version, which of the balances in those accounts solve this any! Materials on AccountingCoach.com million step-by-step answers from our library, nec facilisis you to! The purpose ( s ) of closing entries are made and posted classified as processes... Are posted to ensure that the total debits and credits after the phase... The sole author of all general ledger contains all of the following accounts showing a balance the! Income Summary $ 39,800, and dividends ) to Retained Earnings Mercury, Capital account has a balance. Appear the same on the balance sheet is key to both financial modelingand accounting, we answer. The credit balance of $ 37,000 before closing entries has occurred if a post-closing trial balance - this prepared., property, and dividends ) to Retained Earnings ) Applying Fraud Triangle risk factor which of the following accounts showing a balance! That a company is first formed, shareholders will typically put in cash payable accounts = $ 12,000 E Prepaid. A $ 359 debit balance current assets, and withdrawals are $ 55,200, total expenses are $ 55,200 total...

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