Chapter 3: Adjusting Accounts for Financial Statements

Quiz
•
Business
•
University
•
Hard
Nichole Chartier
FREE Resource
8 questions
Show all answers
1.
DRAW QUESTION
3 mins • 1 pt
Draw in the correct number (1-4) in the blank white circles.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Identify which of the following are Temporary Accounts
Income Summary
Common Stock
Retained Earnings
Dividends
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Use the adjusted trial balance for Magic Company to prepare the first step in the closing process.
Debit the account _________ and credit to ___________
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Use the adjusted trial balance for Magic Company to prepare the second step in the closing process.
Debit ___________ and credit_________and_________
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Use the adjusted trial balance for Magic Company to prepare the third step in the closing process.
Debit Income summary to close the account and credit the _______ _______ account
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Use the adjusted trial balance for Magic Company to prepare the final step in the closing process.
Debit retained earnings and credit __________.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Select the account that does NOT belong on the post closing trial balance
Cash
Retained Earnings
Dividends
Accounts Payable
8.
OPEN ENDED QUESTION
3 mins • 1 pt
Ace Company reports revenues of $40,000 and expenses of $31,000. The company paid $5,000 cash in dividends this period. After closing entries are recorded, determine the amount of the increase or decrease in the Retained Earnings Account.
Evaluate responses using AI:
OFF
Answer explanation
40000-31000-5000= increase of $4000
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