115. The post-closing psychological balance different from the readjusted trial balance in the it A. does no take into account close up door entriesB. does not take into account adjusting entriesC. does not encompass balance paper accountsD. does not encompass income declare accounts

 

116. The following accounts to be taken from the changed Trial Balance columns the the job-related sheet: 

Accumulated Depreciation

$  2,300

Fees Earned

14,700

Depreciation Expense

1,300

Insurance Expense

200

Dividends

500

Prepaid Insurance

4,800

Supplies

900

Supplies Expense

3,800

 

 

Net income for the duration is A. $1,400B. $9,400C. $14,700D. $8,900

 

117. A an introduction of selected ledger accounts appear below because that Alberto’s pipes Services because that the present calendar year-end. 

Retained Earnings

12/31

8,500  

1/1

6,500

 

 

12/31

18,500

 

 

 

 

Dividends

6/30

3,500  

12/31

8,500

11/30

5,000  

 

 

 

 

 

 

Income Summary

12/31

15,000  

12/31

33,500

12/31

18,500  

 

 

 

 

 

 

Net earnings for the duration is A. $16,500B. $33,500C. $18,500D. $15,000

 

118. Amir designs purchased a one-year liability insurance policy on March 1st of this year because that $5,400 and recorded it as a prepaid expense. Which of the following quantities would be videotaped for insurance cost during the adjusting procedure at the end of Amir’s an initial month of to work on march 31st? A. $5,400.B. $540.C. $450.D. $500.

You are watching: The post-closing trial balance differs from the adjusted trial balance in that it does not

 

119. The journal entry to close the Fees Earned, $275, and Rent Revenue, $200, account on December 31st throughout the closing process would be A. Dec. 31  Fees Earned                        275              rental Revenue                      200                    Income review             475B. Dec. 31  revenue Summary                 475                    Fees Earned                            275                    rent Revenue               200C. Dec. 31  Revenues                             475                    earnings Summary                   475D. Dec. 31  revenue Summary                 475                     Revenues                              475

 

120. Use the job-related sheet because that Finley firm to price the questions that follow. 

Finley CompanyWork SheetFor the Year ended December 31, 2010

 

Adjusted trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. - Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

30,000

 

 

 

30,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

141,000

 

141,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

18,000

 

18,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

228,000

228,000

96,000

141,000

132,000

87,000

 

Net income (Loss)

 

 

45,000

 

 

45,000

 

 

 

 

141,000

141,000

132,000

132,000

 

 

 

 

 

 

 

 

The newspaper entry come close earnings would be A. debit earnings Summary, $141,000; credit Fees Earned, $141,000B. debit preserved Earnings, $141,000; credit transaction Fees Earned, $141,000C. debit Fees Earned, $141,000; credit revenue Summary, $141,000D. credit Fees Earned, $141,000; credit preserved Earnings, $141,000

 

121. Use the work sheet for Finley firm to price the inquiries that follow. 

Finley CompanyWork SheetFor the Year ended December 31, 2010

 

Adjusted attempt Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. - Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

30,000

 

 

 

30,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

141,000

 

141,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

18,000

 

18,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

228,000

228,000

96,000

141,000

132,000

87,000

 

Net revenue (Loss)

 

 

45,000

 

 

45,000

 

 

 

 

141,000

141,000

132,000

132,000

 

 

 

 

 

 

 

 

The entry come close costs would be A. Wages Expense                       63,000Rent Expense                          18,000Depreciation Expense              15,000        income Summary                           96,000B. Expenses                                 96,000        income Summary                           96,000C. Wages Expense                       63,000Rent Expense                          18,000Depreciation Expense              15,000         Dividends                                      96,000D. Income Summary                    96,000          salaries Expense                            63,000         rent Expense                               18,000         Depreciation Expense                  15,000

 

122. Use the work-related sheet for Finley firm to prize the questions that follow. 

Finley CompanyWork SheetFor the Year ended December 31, 2010

 

Adjusted psychological Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. - Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

30,000

 

 

 

30,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

141,000

 

141,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

18,000

 

18,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

228,000

228,000

96,000

141,000

132,000

87,000

 

Net revenue (Loss)

 

 

45,000

 

 

45,000

 

 

 

 

141,000

141,000

132,000

132,000

 

 

 

 

 

 

 

 

The entry come close Income an introduction would be A. debit retained Earnings, $45,000; credit earnings Summary, $45,000B. debit income Summary, $141,000; credit maintained Earnings, $141,000C. debit revenue Summary, $45,000; credit preserved Earnings, $45,000D. debit retained Earnings, $9,000; credit earnings Summary, $9,000

 

123. Use the occupational sheet for Finley company to prize the concerns that follow. 

Finley CompanyWork SheetFor the Year ended December 31, 2010

 

Adjusted psychological Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. - Equip.

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18,000

 

 

 

18,000

 

Accounts Payable

 

30,000

 

 

 

30,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

141,000

 

141,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

18,000

 

18,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

228,000

228,000

96,000

141,000

132,000

87,000

 

Net income (Loss)

 

 

45,000

 

 

45,000

 

 

 

 

141,000

141,000

132,000

132,000

 

 

 

 

 

 

 

 

The entry come close Dividends would certainly be A. debit maintained Earnings, $3,000; credit transaction Dividends, $3,000B. debit maintained Earnings, $12,000; credit transaction Dividends, $12,000C. debit Dividends, $3,000; credit retained Earnings, $3,000D. debit Dividends, $12,000; credit maintained Earnings, $12,000

 

124. Use the job-related sheet for Finley agency to answer the concerns that follow. 

Finley CompanyWork SheetFor the Year finished December 31, 2010

 

Adjusted trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. - Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

30,000

 

 

 

30,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

141,000

 

141,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

18,000

 

18,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

228,000

228,000

96,000

141,000

132,000

87,000

 

Net revenue (Loss)

 

 

45,000

 

 

45,000

 

 

 

 

141,000

141,000

132,000

132,000

 

 

 

 

 

 

 

 

The ending balance in Retained income is A. $28,000B. $70,000C. $25,000D. $73,000