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You correctly answered 0 questions for a score of 0 percent. Unanswered questions were counted as incorrect in the calculation. 5-1. Which of the following accounts is not a temporary account? a. Income Summary b. Rental Revenue c. Capital d. Withdrawals The question was not answered. The correct answer is "c". (Coaching responses are only available for answered questions) 5-2. The subtotals of the Income Statement columns of the work sheet are $3,500 and $4,900, respectively. If the subtotal of the Balance Sheet Debit column is $9,600, then the subtotal of the Balance Sheet Credit column should be a. $1,400 b. $11,000 c. $8,200 d. $6,800 The question was not answered. The correct answer is "c". (Coaching responses are only available for answered questions) 5-3. The subtotals of the Income Statement columns of the work sheet are $6,200 and $4,900, respectively. If the subtotal of the Balance Sheet Debit column is $19,000, then the subtotal of the Balance Sheet Credit column should be a. $20,300 b. $1,300 c. $17,700 d. $14,400
The question was not answered. The correct answer is "a". (Coaching responses are only available for answered questions) 5-4. Revenue and expense accounts at the beginning and end of the accounting period should have a. a balance of zero b. balances of cumulative amounts of activity during the period c. a net balance (credits minus debits) equal to the capital account d. a net balance equal to assets minus liabilities The question was not answered. The correct answer is "a". (Coaching responses are only available for answered questions) 5-5. Which is true about an adjusting entry? a. only a permanent account is adjusted b. only a temporary account is adjusted c. a permanent account and a temporary account is adjusted d. it is required to satisfy the realization principle only The question was not answered. The correct answer is "c". (Coaching responses are only available for answered questions) 5-6. After the closing procedure is complete, which of the documents proves the equality of debits and credits? a. Income Statement b. Account form balance sheet c. Post-Closing Trial Balance d. Work Sheet The question was not answered. The correct answer is "c". (Coaching responses are only available for answered questions) 5-7. At the end of the fiscal year, an adjusting entry was made for accrued salaries of $500. On the first day of the new year the adjusting entry was reversed. The salaries for one week, $1,250,
were paid on the first Friday. The entry to record paying the salaries expense for the week would be a a. Sal. Exp., dr., $750; Salaries Payable, dr., $500; Cash, cr., $1,250 b. Sal. Exp., dr., $500; Salaries Payable, dr., $750; Cash, cr., $1,250 c. Salaries Exp., dr., $1,250; Cash, cr., $1,250 d. Salaries Exp., dr., $1,250; Salaries Payable, cr., $1,250 The question was not answered. The correct answer is "c". (Coaching responses are only available for answered questions) 5-8. Optional entries that transfer the balances in balance sheet accounts which arose as a result of certain adjusting entries to income statement accounts is the definition for which term below? a. adjusting entries b. reversing entries c. closing entries d. declarations of cash dividends The question was not answered. The correct answer is "b". (Coaching responses are only available for answered questions) 5-9. The last account listed on the post-closing trial balance for a corporation is the a. Capital account b. Withdrawals account c. Retained Earnings account d. Common Stock account The question was not answered. The correct answer is "c". (Coaching responses are only available for answered questions) 5-10. The last account listed on the post-closing trial balance for a single proprietorship business is the a. Capital account b. Withdrawals account c. Retained Earnings account d. Common Stock account
The question was not answered. The correct answer is "a". (Coaching responses are only available for answered questions)
