Bank Reconciliation Quiz

What is the reconciled (adjusted) bank balance on December 31, 2023?

What was the checkbook balance immediately before preparing the bank reconciliation?

Is the Petty Cash account a permanent account?

• True

• False

Should the Income Summary account appear on the Post-Closing Trial Balance?

• True

• False

Is Accounts Payable a nominal account?

• True

• False

Should Merchandise Inventory appear on the Post-Closing Trial Balance?

• True

• False

Is Prepaid Insurance a temporary account?

• True

• False

Is Purchases Discounts a permanent account?

• True

• False

Should the owner's withdrawal account appear on the Post-Closing Trial Balance?

• True

• False

Is Supplies Expense a temporary account?

• True

• False