Adjusted trial balance of the work-sheet

Assignment Help Accounting Basics
Reference no: EM13258288

1) The post closing trial balancewill include revenue or expense accounts.

True False

2) If the unearned revenue account hadan unadjusted normal balance of $4,800 and an adjustment was made debiting the account for $1,500, the account would appear on the adjusted trial balance of the work sheet as a :

a) $3,300 debit

b) $3,300 credit

c) $4,800 credit

d) $4,800 debit

3) The owner's capital accountwith a normal balance would be extended to which column on the worksheet:

a) debit column on the balancesheet

b) credit column on the balancesheet

c) debit column on the incomestatement

d) credit column on the incomestatement

4) During the closing process, revenueand expense account balances are first transferred to an accountentitled:

a) revenue summary

b) expense summary

c) capital summary

d) income summary

5) Which of the following are alltemporary accounts?

A) Revenues, expenses, andcapital

b) revenues, expenses, andwithdrawals

c) assets, liabilities, andcapital

d) assets, liabilities, andwithdrawals

6) Another name for temporary accountsis

A) permanent accounts

B) real accounts

C) current accounts

D) nominal accounts

Reference no: EM13258288

Questions Cloud

What does a typical day look like : choose three different occupations that you want to know more about and research them online.
What would be the present value of these bonds : if the required rate of return in the market is 5% per annum and the bonds have 15 years left to maturity. Assume a face value (maturity value) of $1,000.
What is the voltage range for each quantization level : If a standard telephone quality analog-to-digital converter has an input range of 4 Vpp and an output data rate of 128 kbps, then what is the voltage range for each quantization level
Cost of jobs completed : Determined the cost of jobs completed. Determine the cost of the unfinished jobs at January31
Adjusted trial balance of the work-sheet : If the unearned revenue account hadan unadjusted normal balance of $4,800 and an adjustment was made debiting the account for $1,500, the account would appear on the adjusted trial balance of the work sheet as a :
What are the ethical implications in the scenarios : What are the ethical implications in the scenarios and summarize the responses of each of the four individuals interviewed.
Determine the earnings per share of common stock : Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming income before bondinterest and income tax is $400,000.
What is the de broglie wavelength of the neutrons : A certain crystal has a set of planes 0.31 nm apart. A beam of neutrons strikes the crystal at normal incidence, What is the de Broglie wavelength of the neutrons
What was the input noise power at the transmitter end : A short distance system is composed of two identical transmission lines with an amplifier between them. A 1 mW signal is transmitted at one end and is received at the other end with an SNR of 22 dB.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Prepare the journal entries to record depreciation

1. Prepare the journal entries to correct the errors (ignore income taxes). 2. Prepare the journal entries to record 2009 depreciation for any assets record in requirement.

  Taxable gain recognizing from the sale

Three years after the contribution date, the land contributed by Cheryl is sold by the partnership to a third party for $90,000. How much taxable gain will Cheryl recognize from the sale?

  Relevant to decesion about obsolete parts

The part would be sold for $7000 or modified for $10000 and sold for 20300. Which of data is relevant to the decesion about the obsolete parts?

  Reporting and repairing damages

Discuss whether the fact that the library building is in the historic part of town has any role in determining how to record and report the damage and repairs to the library.

  What is the market price of the bond

Bond Valuation. A tax- exempt bond was recently issued at an annual 7 percent coupon rate and matures 30 years from today. The par value of the bond is $5,000.

  Why accountants can have a direct impact on society

identify the job aspects, educational requirements, and preeminent accounting fields in which to work. Determine at least two (2) ways that accounting or accountants can have a direct impact on society.

  Warrant value of charles river company

Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.

  Per capita income of residents in a country

Assume that the per capita income of residents in a country is normally distributed with mean = $1000 and variance = 10,000. what is the probability that the per capita income lies between $800 and $1200?

  Subsidiary gross income

Subsidiary Corporation is insolvent and has no assets to redeem any of the stock that Parent Corporation owns when it liquidates. Nearly all of Subsidiary's gross income during the past five years has come from nonpassive activities. Parent can re..

  Overapplied to cost of goods sold

Actual manufacturing overhead by year-end totaled $233,000. Rockville adjusts all under- and overapplied to cost of goods sold.

  Compute the mix and quantity variances

Renee's Rings manufactures college rings. Two models are produced: The Spirit model with a budgeted price of $660 and a standard variable cost of $360.

  Total present value of investment opportunity

a. What is the net present value of this investment opportunity? b. Based on your answer to (a) above, should Axillar go ahead with the new conditioning shampoo?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd