2.03 Accounting I Review
Quiz by Jeff Langer
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14 questions
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- Q1The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:Drawing, credit Income Summary for $275Income summary, credit drawing account for $275Owner's equity account, credit drawing account for $275.Drawing, credit owner's equity account for $27545s
- Q2The beginning supplies balance is $2,300 and the ending supplies balance is $2,200. The correct adjusting entry will be to debit:Supplies and credit Supplies Expense $100Supplies and credit Supplies Expense $2,300Supplies Expense and credit Supplies $100Supplies Expense and credit Supplies $2,30045s
- Q3In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT?Record the debit amount in the General Debit columnWrite the title of the account debited in the Account Title columnRecord the credit amount in the General Credit columnWrite the title of the account credited in the Account Title column45s
- Q4The Sales account has a balance of $3,875. To close the Sales account, debit:Income Summary $3,875 and credit Sales $3,875Sales $3,875 and credit Owner's Equity $3,875Owner's Equity $3,875 and credit Sales $3,875Sales $3,875 and credit Income Summary $3,87545s
- Q5The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry will be to debit:Prepaid Insurance and credit Insurance Expense $1,500.Prepaid Insurance and credit Insurance Expense $3,700Insurance Expense and credit Prepaid Insurance $3,700Insurance Expense and credit Prepaid Insurance $1,500.45s
- Q6James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit:Income Summary, and credit Drawing, $900Sales, and credit Income Summary, $900Drawing, and credit Income Summary, $900Income Summary, and credit Owner's Equity, $90045s
- Q7When closing the Miscellaneous Expense account, debit:Income Summary and credit Miscellaneous ExpenseMiscellaneous Expense and credit Owner's EquityMiscellaneous Expense and credit Income SummaryOwner's Equity and credit Miscellaneous Expense45s
- Q8On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT?Record the debit amount in the General Debit columnWrite the title of the account credited in the Account Title columnRecord the credit amount in the General Credit columnWrite the title of the account debited in the Account Title column45s
- Q9Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT?Write the account balance in either the debit or credit columnWrite the headingRule a single line below the last amount in each columnWrite the account titles of all general ledger accounts that have balances in the Account Title column45s
- Q10Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT?Journalize an entry to close the owner's drawing accountJournalize an entry to close income statement accounts that have a debit balanceJournalize an entry to close income statement accounts that have a credit balanceJournalize an entry to transfer net income or net loss to the owner's capital account and close the income summary account45s
- Q11Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit:Income Summary, and credit Drawing, $2,000Drawing, and credit Income Summary, $2,000Sales, and credit Income Summary, $2,000Owner's equity, and credit Income Summary, $2,00045s
- Q12Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the heading section, what will he do NEXT?Write the account titles of all general ledger accounts that have balances in the Account Title columnRule a single line below the last amount in each columnWrite the account balance in either the debit or credit columnWrite the account totals45s
- Q13Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform?Journalize an entry to close income statement accounts that have a credit balanceJournalize an entry to close the owner's drawing accountJournalize an entry to transfer net income or net loss to the owner's capital account and close the Income Summary accountJournalize an entry to close income statement accounts that have a debit balance45s
- Q14When closing the Advertising Expense account, debit:Advertising Expense and credit Owner's EquityOwner's Equity and credit Advertising ExpenseIncome Summary and credit Advertising ExpenseAdvertising Expense and credit Income Summary45s