Chapter 8
Quiz by Amy Whitlatch
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- Q1The journal entry to adjust supplies isdebit supplies expense; credit suppliesdebit supplies expense; debit suppliesdebit supplies; credit supplies expense30s
- Q2After the adjusting entry for Supplies has been posted, Supplies Expense has an up-to-date balance, which is thehas a debit balancehas a credit balancevalue of supplies used during the fiscal periodbalance of 030s
- Q3Accounts used to accumulate information from one fiscal period to the next arepermanent accountscontra accountstemporary accounts30s
- Q4Temporary accounts begin each new fiscal period with azero balancedebit balancecredit balanc30s
- Q5When the total expenses are greater that the total revenue,the income summary account has a debit balancethe income summary account has a balance of 0the income summary account has a credit balance30s
- Q6The journal entry to close Income Summary when there is a net income iscredit income summary; debit owner's capitaldebit Income Summary; credit owner's capitaldebit income summary; debit owner's capital30s
- Q7Income Summary is acontra accounttemporary accountpermanent account30s
- Q8concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statementsMonthly Accounting ReviewAccounting Verification Cyclenone of theseAccounting Period Cycle30s
- Q9After the closing entries are posted, the owner's capital account balance should be the same asshown on the balance sheet for the fiscal periodshown on the post closing trial balance for the fiscal periodshown on the income statement for the fiscal period30s