Reference no: EM133056435

Questions -

Q1) Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

a. Unearned Rent

b. Equipment

c. Service Revenue

d. Prepaid Insurance

Q2) Debts listed as current liabilities are those that

a. are due to be paid in 5 to 10 years

b. will be paid in less than one year

c. are owed to the stockholders and will never be paid

d. are due to be paid in more than one year

Q3) After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

a. $4,020 net loss

b. $32,735 net income

c. $4,020 net income

d. $36,755 net loss

Q4) An end-of-period spreadsheet includes columns for

a. adjusting and closing entries

b. adjusting entries

c. closing entries

d. reversing entries

Q5) Notes receivable due in 390 days appear on the

a. balance sheet in the current assets section

b. balance sheet in the noncurrent assets section

c. balance sheet in the current liabilities section

d. income statement as an expense

Q6) The following is the adjusted trial balance for Stockton Company.

Determine the total assets.

a. $7,151

b. $27,478

c. $22,570

d. $17,976

Q7) The journal entry to close the Fees Earned, $105, and Rent Revenue, $38, accounts during the year-end closing process would be:

Dec. 31 Fees Earned105

Rent Revenue38

Income Summary143

Dec. 31 Revenues143

Income Summary143

Dec. 31 Income Summary143

Fees Earned105

Rent Revenue38

Dec. 31 Income Summary143

Revenues143