Reference no: EM132785580

Question 1: Which of the following accounts could appear in an adjusting entry, closing entry and reversing entry?

a. Interest Income

b. Salaries Payable

c.Depreciation Expense-Buildings

d. Accumulated Depreciation-Buildings

Question 2: When an entity has earned a profit, the profit amount is entered on the work sheet on the

a. debit side of the Income Statement columns and the credit side of the Balance Sheet columns.

b. credit side of the Income Statement columns and the debit side of the Balance Sheet columns.

c. debit side of both the Income Statement and the Balance Sheet columns.

d. credit side of both the Income Statement and the Balance Sheet columns.

Question 3: Probably the last account to be listed on a post-closing trial balance would be

a. Salaries Payable.

b. Salaries Expense.

C. Owner's Capital.

d. Income Summary.

Question 4: When there is a loss, the entry to close the Income Summary account is

a. debit Loss and credit Income Summary.

b. debit Owner's Capital and credit Income Summary.

C. debit Income Summary and credit Loss.

d. debit Income Summary and credit Owner's Capital.