Acctg102(Closing and Post-closing Trial Balance)
Authored by Jaypee Bigno
Business
University
Used 2+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following account needs to be closed?
Sales
Equipment
Prepaid Expenses
Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts is closed by a credit?
Sales
Purchase Returns and Allowances
Freight-in
Purchase Discounts
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts is closed by a debit?
Purchases
Freight-out
Sales Discounts
Sales
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts will be forwarded in the post-closing trial balance?
Purchases
Drawings
Accounts receivable
Sales
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts will be forwarded in the post-closing trial balance?
Merchandise inventory, ending
Purchase discounts
Merchandise inventory, beginning
Sales returns and allowances
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