ACC101 Chapter 4
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18 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Accounts that need to be closed at the end of each accounting period, including Revenues, expenses, and withdrawals, are called:
a. Real accounts.
b. Temporary accounts.
c. Closing accounts.
d. Permanent accounts.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Assets, liabilities, and capital accounts are not closed at the end of an accounting period.
These accounts are called:
a. Nominal accounts.
b. Temporary accounts.
c. Permanent accounts.
d. Contra accounts.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Capital account has a credit balance of $17,000 before closing entries are made.
For the period, revenues are $55,200, expenses are $39,800, and withdrawals are $9,000.
What is the ending balance of the Capital account after all closing entries are made?
a. $ 8,000.
b. $15,400.
c. $23,400.
d. $17,000.
e. $32,400.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Prepare the necessary closing entries, knowing that:
Asset : $30,000
Revenue: $15,000
Unearned revenue: $3,000
a. Debit Income summary: $18,000
Credit Revenue: $15,000
Credit Unearned Revenue: $3,000
b. Debit Income summary: $3,000
Credit Unearned Revenue: $3,000
c. Debit Income summary: $15,000
Credit Revenue: $15,000
d. Debit Revenue: $15,000
Debit Unearned Revenue: $3,000
Credit Income summary: $18,000
e. Debit Revenue: $15,000
Credit Income summary: $15,000
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which accounts don't need to do closing entries?
a. Rent Revenue
b. Salaries Expense
c. Income Summary
d. Withdrawals
e. Salaries payable
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The adjusted trial balance of a company has the following information:
Assets $250,000
Liabilities $120,000
Salaries expense $10,000
Rent expense $20,000
Choose the correct closing entries:
Debit Salaries expense $10,000
Debit Rent expense $20,000
Credit Income Summary $30,000
Debit Income Summary $30,000
Credit Salaries expense $10,000
Credit Rent expense $20,000
Debit Income Summary $30,000
Credit Total expense $30,000
Debit Capital $30,000
Credit Salaries expense $10,000
Credit Rent expense $20,000
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The company has the following balances of temporary accounts:
Consulting Revenue $7,000
Salaries expense $3,000
Assume the company has prepared closing entries for Revenue and Expense.
Choose the closing entries for Income summary
Debit Income Summary $4,000
Credit Capital $4,000
Debit Capital $4,000
Credit Income Summary $4,000
Debit Income Summary $7,000
Credit Capital $7,000
Debit Income Summary $3,000
Credit Capital $3,000
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