____ is written in the Description column of the general journal to explain the entries that close out the balance in the temporary capital accounts.

Ch.10 Completing the Accounting Cycle for a Sole Proprietorship

Quiz
•
Other
•
10th Grade
•
Medium
Yasmin Prado
Used 35+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
compound entry
" Closing Entries"
Income Summary
closing entries
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A(n) ______ has two or more debits or credits in the general journal.
temporary capital accounts
zero balances
compound entry
Income Summary
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The only accounts and balances listed on the post-closing trial balance are the ______ of the business.
permanent accounts
post-closing trial balance
closing entries
zero balances
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The _____ are used to record transaction involving revenue, expenses, and withdrawals.
compound entry
temporary capital accounts
permanent accounts
"Closing Entries"
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The general ledger account used to accumulate and summarize the revenue and expenses for the period is ______.
zero balances
closing entries
post-closing trial balance
Income Summary
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The trial balance prepared after the closing entries have been posted is the ______.
closing entries
post-closing trial balance
temporary capital accounts
compound entry
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The temporary capital accounts are not listed on the post-closing trial balances because they have _____.
zero balances
Income Summary
closing entries
compound entry
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