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Chapter 8

Quiz by Amy Whitlatch

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9 questions
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  • Q1
    The journal entry to adjust supplies is
    debit supplies expense; credit supplies
    debit supplies expense; debit supplies
    debit supplies; credit supplies expense
  • Q2
    After the adjusting entry for Supplies has been posted, Supplies Expense has an up-to-date balance, which is the
    has a debit balance
    has a credit balance
    value of supplies used during the fiscal period
    balance of 0
  • Q3
    Accounts used to accumulate information from one fiscal period to the next are
    permanent accounts
    contra accounts
    temporary accounts
  • Q4
    Temporary accounts begin each new fiscal period with a
    zero balance
    debit balance
    credit balanc
  • Q5
    When the total expenses are greater that the total revenue,
    the income summary account has a debit balance
    the income summary account has a balance of 0
    the income summary account has a credit balance
  • Q6
    The journal entry to close Income Summary when there is a net income is
    credit income summary; debit owner's capital
    debit Income Summary; credit owner's capital
    debit income summary; debit owner's capital
  • Q7
    Income Summary is a
    contra account
    temporary account
    permanent account
  • Q8
    concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements
    Monthly Accounting Review
    Accounting Verification Cycle
    none of these
    Accounting Period Cycle
  • Q9
    After the closing entries are posted, the owner's capital account balance should be the same as
    shown on the balance sheet for the fiscal period
    shown on the post closing trial balance for the fiscal period
    shown on the income statement for the fiscal period

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