Accounting

Accounting

Gr 11

Multiple Choice

What accounts appear on the post-closing trial balance?

• closing entries

• temporary account

• permanent accounts

• Adjusting entries

Chapter 20.2: Posting Closing entries

Pages 596-602

Objectives

• Determine the closing of the ledger of a merchandising corporation

• Prepare the closing of ledgers

• Discuss the closing ledgers for expenses

Closing entries ledger

• Figure 20–2 shows the portion of The Starting Line’s general ledger

  affected by the closing process after the closing entries have been posted.

  Write the term Closing Entry (abbreviated Clos. Ent. here) for each posting in

  the Description column of the general ledger account.

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Open Ended

Post the fi rst closing entry shown in the journal below

Open Ended

Give the steps of closing entries posting.

Multiple Choice

Why is Retained Earnings the only account with an ending balance?

• temporary account

• closing entries

• Permanent account

Open Ended

Prepare the closing entries

Multiple Choice

Do adjusting entries come before or after closing entries?

• After

• Before

• Same

Open Ended

Prepae the posting of closing entries of expenses in the ledger.Use advertising expenses.

Multiple Choice

Refer to the Account No. section of each ledger card in the Figure 20-2 continuation. What can you tell about the account classifi cations?

• Accounts with a 500 classification are revenue accounts and accounts with a 400 classification are cost of merchandise accounts

• Accounts with a 400 classification are revenue accounts and accounts with a 500 classification are cost of merchandise accounts

• Accounts with a 200 classification are revenue accounts and accounts with a 400 classification are cost of merchandise accounts

Open Ended

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