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At the end of the fiscal period, the balance of Dividends is closed to what account?

• Retained Earnings

• Income Summary

• Dividends Payable

• None of these

A customer notifies the vendor that purchased merchandise is damaged and cannot be sold at the normal price. Any credit granted to the customer would be called what?

• Sales return

• Purchases allowance

• Sales allowance

• None of these

The purchase of supplies on account results in what type of credit?

• Credit to Accounts Payable

• Credit to Accounts Payable and the vendor's accounts payable accounts

• Debit to Accounts Payable

• Debit to Accounts Payable and the vendor's accounts payable accounts

A correction of a transaction posted to the wrong customer account results in what type of entry?

• A credit to Accounts Payable

• A debit and credit to Accounts Payable

• A debit to Accounts Payable

• None of these

A return of merchandise to the vendor results in what type of entry?

• A debit to Purchases

• A credit to Purchases Returns and Allowances

• A credit to Purchases

• A debit to Purchases Returns and Allowances

The amount of a dividend is normally calculated as what?

• The number of shares outstanding multiplied by a percentage dividend rate

• A percentage of the balance in Common Stock

• The number of shares outstanding multiplied by a dollar amount per share

• The balance of Retained Earnings

Which of the following stockholders' equity accounts has a normal debit balance?

• Capital Stock (Dividends)

• Paid-in Capital in Excess of Par

• Income Summary

• None of these

Dividends is a temporary account of a corporation and is similar to which proprietorship account?

• Equity

• Contributed Capital

• Drawing

• None of these

In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.

• True

• False

A completed general journal page should always be reviewed to be sure that all postings have been made.

• True

• False