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ADJUSTING AND CLOSING ENTRIES - ACCRUALS
Demonstration Problem 1
Anderson Architects
The transactions for the year 2000 for Anderson Architects have already been recorded. This problem shows how to prepare adjusting entries for December 2000.
Dec. 31 A note payable of $6,000 has been outstanding since September 1, 2000. Under the terms of the note, the note plus interest (12%) is to be paid on March 1, 2001. No interest has been recorded on the note.
Dec. 31 Wages of $650 for December will be paid in January.
Dec. 31 Services were performed for a client for $800. The client has not been billed yet.
Dec. 31 Advertising costs of $105 for December will be paid in January.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Interest Expense
Interest Payable240
240Dec. 31Wages Expense
Wages Payable650
650Dec. 31Accounts Receivable
Service Revenue800
800Dec. 31Advertising Expense
Accounts Payable105
105
Practice Problem 1
Comfort Furniture Company
The transactions for the year 2000 for Comfort Furniture Co. have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for Comfort Furniture Co. for December 2000.
Dec. 31 Wages owed but unpaid at the end of December were $5,000.
Dec. 31 The company signed a 12%, six-month note for $6,000 on November 1, 2000. No interest has been recorded for November and December.
Dec. 31 Service provided to a customer for $350 has not been recorded.
Dec. 31 Advertising cost of $90 for December has not been recorded.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Wages Expense
Wages Payable5,000
5,000Dec. 31Interest Expense
Interest Payable120
120Dec. 31Accounts Receivable
Service Revenue350
350Dec. 31Advertising Expense
Accounts Payable90
90
Practice Assignment 2
Conway Floor Covering Incorporated
The transactions for Conway Floor Covering Inc. for the year 2000 have been recorded in the accounting system. This assignment requires you to record the adjusting entries for December 2000.
Dec. 31 Performed services for a client for $850. The customer will be billed in January.
Dec. 31 $15,000 was borrowed by signing a 10%, 2 year note on September 1, 2000. Record the interest on the note.
Dec. 31 Employee wages of $950 for December will be paid in January.
Dec. 31 Advertising costs of $95 for December will be paid in January.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Accounts Receivable
Service Revenue850
850Dec. 31Interest Expense
Interest Payable500
500Dec. 31Wages Expense
Wages Payable950
950Dec. 31Advertising Expense
Accounts Payable95
95
Homework Problem 1
Gym on Wheels
Gym on Wheels provides gymnastics lessons at various daycare centers. The transactions for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 The note payable of $8,000 has been outstanding since July 1, 2000. Under the terms of the note, the note plus interest (12%) is to be paid on July 1, 2001. No interest has been recorded on the note.
Dec. 31 Instructors salaries of $2,000 for December will be paid in January.
Dec. 31 December fees of $160 will be collected in January.
Dec. 31 $85 will be paid in January for advertising in December.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Interest Expense
Interest Payable480
480Dec. 31Salaries Expense
Salaries Payable2,000
2,000Dec. 31Accounts Receivable
Service Revenue160
160Dec. 31Advertising Expense
Accounts Payable85
85
Homework Problem 2
Borden Realty
The transactions for Borden Realty for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 Services provided to customers for $2,600 were unrecorded at the end of December.
Dec. 31 $115 will be paid in January for advertising in December.
Dec. 31 $1,080 of salaries earned by employees during December will be paid in January.
Dec. 31 The note payable of $12,000 has been outstanding since September 1, 2000. Under the terms of the note, the note plus interest (10%) is to be paid on September 1, 2001. No interest has been recorded on the note.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Accounts Receivable
Service Revenue2,600
2,600Dec. 31Advertising Expense
Accounts Payable115
115Dec. 31Salaries Expense
Salaries Payable1,080
1,080Dec. 31Interest Expense
Interest Payable400
400
Homework Problem 3
Party Town Incorporated
The transactions for Party Town Inc. for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 A birthday party was arranged in December. The customer will pay $200 in January.
Dec. 31 Party Town Inc. borrowed $20,000 by signing a 12%, 2 year note on July 1, 2000. Record the interest on the note.
Dec. 31 Employee wages of $750 for December will be paid in January.
Dec. 31 Advertising costs of $135 for December will be paid in January.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Accounts Receivable
Service Revenue200
200Dec. 31Interest Expense
Interest Payable1,200
1,200Dec. 31Salaries Expense
Salaries Payable750
750Dec. 31Advertising Expense
Accounts Payable135
135
Homework Problem 4
Star Interior Designs
The transactions for Star Interior Designs for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 Performed services for a client for $1,250. The customer will be billed in January.
Dec. 31 $10,000 was borrowed by signing a 12%, two year note on October 1, 2000. Record the interest on the note.
Dec. 31 Employee wages of $1,150 for December will be paid in January.
Dec. 31 Advertising costs of $115 for December will be paid in January.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Accounts Receivable
Service Revenue1,250
1,250Dec. 31Interest Expense
Interest Payable300
300Dec. 31Salaries Expense
Salaries Payable1,150
1,150Dec. 31Advertising Expense
Accounts Payable115
115
Homework Quiz
Accruals
1. An expense has not been paid and has not yet been recognized in the accounts by a routine entry. To properly adhere to the Matching Principle, which of the following is required:
a. Capital Stock entry
b. Deferral entry
c. Accrual entry
d. Inventory entry
2. Warren, Inc. has wages that have been earned but not paid at the end of the accounting period. The entry to properly accrue Wages Expense includes:
a. Wages Payable, debit; Wages Income, credit
b. Wages Income, debit; Wages Payable, credit
c. Wages Payable, debit; Wages Expense, credit
d. Wages Expense, debit; Wages Payable, credit
3. Warren, Inc. neglects to make the required adjusting entry for wages at the end of the accounting period. Which of the following statements reflect the impact of this oversight?
a. Salary Expense for the year is overstated.
b. Liabilities at the end of the year are understated.
c. Assets at the end of the year are understated.
d. Owner's equity at the end of the year is understated.
4. Accrued Expenses usually appear on the Balance Sheet as:
a. Cash
b. Liabilities
c. Assets
d. Capital Stock
5. Accrued Revenue is recorded when:
a. Services have already been earned and recorded.
b. Services have already been paid for in cash and are expected to be earned in the upcoming accounting period.
c. Services have already been paid for in cash.
d. Services have been earned but have not yet been recorded.
6. Accrued Revenue usually appears on the Balance Sheet as:
a. Cash
b. Liabilities
c. Assets
d. Capital Stock
7. At December 31, 2002, interest expense of $960 is owed on a two-year bank note that will not be paid until July 2003, what is the appropriate accrual at the end of 2002?
a. Interest Expense .................. 960
Cash ............................ 960
b. Interest Payable .................. 960
Interest Expense ................. 960
c. Cash .............................. . 960
Interest Expense .............. 960
d. Interest Expense .................. 960
Interest Payable .............. 960
8. Scott's Lawn Service borrowed $10,000 from 3rd National Bank on November 1, 2001. The loan is for a term of three years and carries a 10% rate of interest. Interest is due at the maturity of the loan. The entry to properly accrue 2001 Interest Expense should include:
a. A debit to Interest Expense and a credit to Interest Payable.
b. A debit to Interest Expense and a credit to Cash.
c. A debit to Interest Expense and a credit to Accounts Receivable.
d. A debit to Interest Expense and a credit to Loan Receivable.
9. Scott's Lawn Service borrowed $10,000 from 3rd National Bank on November 1, 2001. The loan is for a term of three years and carries a 10% rate of interest. Interest is due at the maturity of the loan. To properly accrue interest expense in 2001, Scott should:
a. Do nothing as the loan is not due until November 2004.
b. Recognize Interest Expense for 2 of the loan's 36-month term.
c. Recognize Interest Expense for 12 of the loan's 36-month term.
d. Recognize Interest Expense for 10 of the loan's 36-month term.
10. Scott's Lawn Service borrowed $10,000 from 3rd National Bank on November 1, 2001. The loan is for a term of three years and carries a 15% rate of interest. Interest is due at the maturity of the loan. To properly accrue interest expense in 2001, Scott should debit Interest Expense and credit Interest Payable for:
a. $1,500
b. $1,000
c. $ 500
d. $ 250
11. Scott's Lawn Service borrowed $10,000 from 3rd National Bank on November 1, 2001. The loan is for a term of three years and carries a 15% rate of interest. Interest is due at the maturity of the loan. To properly accrue interest expense in 2002, Scott should debit Interest Expense and credit Interest Payable for:
a. $1,500
b. $1,000
c. $ 500
d. $ 250
12. Sandra's Styling Salon, a Sole Proprietorship, pays weekly salaries of $5,000 each Friday for a five-day week ending on that day. The accrual required for a fiscal period ending on Thursday is:
a. Debit Salaries Payable, $4,000; credit Cash, $4,000
b. Debit Salary Expense, $4,000; credit Drawing, $4,000
c. Debit Salary Expense, $4,000; credit Salaries Payable, $4,000
d. Debit Drawing, $4,000; credit Cash, $4,000
13. Sandra's Styling Salon, a Sole Proprietorship, pays weekly salaries of $8,000 each Friday for a five-day week ending on that day. The accrual required for a fiscal period ending on a Tuesday includes a debit to Salaries Expense and a credit to Salaries Payable for:
a. $1,600
b. $2,000
c. $3,000
d. $3,200
14. Sandra's Styling Salon, a Sole Proprietorship, pays weekly salaries of $5,000 each Friday for a five-day week ending on that day. If $4,000 is accrued as Salaries Payable in the current fiscal period, the payment of salaries on the first Friday of the next fiscal period will include a:
a. Debit to Salaries Expense for $4,000.
b. Debit to Salaries Expense for $5,000.
c. Debit to Salaries Payable for $5,000.
d. Debit to Salaries Payable for $4,000.
15. Pace's Hardware, a Corporation, pays its employees each Friday for a five-day total workweek. The payroll is $12,000 per week. If the end of the accounting period occurs on a Wednesday, the adjusting entry to record Salaries Payable would include a:
a. Debit to Salary Expense of $4,800.
b. Debit to Salary Expense of $6,000.
c. Credit to Salaries Payable of $2,400.
d. Credit to Salaries Payable of $7,200.
16. Rental Services, Inc. earned $2,000 of Rental Revenue in December 2001, but does not expect payment until January 2002. What is the appropriate accrual entry at December 31, 2001?
a. Debit Rent Receivable; credit Cash.
b. Debit Rent Receivable; credit Rent Revenue.
c. Debit Rent Revenue; credit Rent Receivable
d. Debit Cash; credit Rent Revenue
17. Rental Services, Inc. reviews its records at the end of December 2001 in anticipation of the end of its calendar year. This process reveals that:
2,000 of Accounts Receivable outstanding at the beginning of December has been collected and recorded.
The December utility bill has not yet been paid. A phone call to the provider reveals that the invoice will total $1,200 and will be mailed on January 4, 2002.
Billing of $25,000 has been issued for the month.
Services of $5,000 to Construction Experts were completed on December 30, 2001, but billing will not be rendered until January 3, 2002.
If Rental Services takes no action on any of the above items:
a. Expenses for 2001 will be overstated by $1,200.
b. Expenses for 2001 will be understated by $5,000.
c. Expenses for 2002 will be overstated by $1,200.
d. Expenses for 2002 will be understated by $5,000.
18. Rental Services, Inc. reviews its records at the end of December 2001 in anticipation of the end of its calendar year. This process reveals that:
$2,000 of Accounts Receivable outstanding at the beginning of December has been collected and recorded.
The December utility bill has not yet been paid. A phone call to the provider reveals that the invoice will total $1,200 and will be mailed on January 4, 2002.
Billing of $25,000 has been issued for the month.
Services of $5,000 to Construction Experts were completed on December 30, 2001, but billing will not be rendered until January 3, 2002.
If Rental Services takes no action on any of the above items:
a. Revenues for 2001 will be overstated by $1,200.
b. Revenues for 2001 will be understated by $5,000.
c. Revenues for 2002 will be overstated by $1,200.
d. Revenues for 2002 will be understated by $5,000.
19. Rental Services, Inc. reviews its records at the end of December 2001 in anticipation of the end of its calendar year. This process reveals that:
$2,000 of Accounts Receivable outstanding at the beginning of December has been collected and recorded.
The December utility bill has not yet been paid. A phone call to the provider reveals that the invoice will total $1,200 and will be mailed on January 4, 2002.
Billing of $25,000 has been issued for the month.
Services of $5,000 to Construction Experts were completed on December 30, 2001, but billing will not be rendered until January 3, 2002.
If Rental Services takes no action on any of the above items:
a. Assets for 2001 will be overstated by $1,200.
b. Assets for 2001 will be understated by $5,000.
c. Liabilities for 2001 will be overstated by $1,200.
d. Liabilities for 2001 will be understated by $5,000.
20. Rental Services, Inc. reviews its records at the end of December 2001 in anticipation of the end of its calendar year. This process reveals that:
$2,000 of Accounts Receivable outstanding at the beginning of December has been collected and recorded.
The December utility bill has not yet been paid. A phone call to the provider reveals that the invoice will total $1,200 and will be mailed on January 4, 2002.
Billing of $25,000 has been issued for the month.
Services of $5,000 to Construction Experts were completed on December 30, 2001, but billing will not be rendered until January 3, 2002.
Rental Services makes all appropriate accrual entries resulting from the above information. Revenues and expenses for the month of December, 2001 total:
a. Revenues: $25,000; Expenses: $ -0-
b. Revenues: $30,000; Expenses: $ 1,200
c. Revenues: $25,000; Expenses: $ 1,200
d. Revenues: $30,000; Expenses: $ -0-
21. Tony's Landscaping Service borrowed $5,000 from a bank by signing a 12%, one-year note on October 1, 2000. What is the amount of interest expense recognized on December 31, 2000?
a. $600
b. $150
c. $200
d. $0
22. Tony's Landscaping Service borrowed $5,000 from a bank by signing a 12%, one-year note on October 1, 2000. Interest is accrued on December 31, 2000, by:
a. Crediting Interest Expense; debiting Cash
b. Debiting Interest Expense; crediting Interest Payable
c. Debiting Interest Expense; crediting Notes Payable
d. Debiting Interest Expense; crediting Cash
23. Tony's Landscaping Service borrowed $5,000 from a bank by signing a 12%, one-year note on October 1, 2000. The total amount (including interest) of cash paid on October 1, 2001, to the bank is:
a. $5,600
b. $5,000
c. $6,200
d. $5,450
24. Tony's Landscaping Service borrowed $5,000 from a bank by signing a 12%, one-year note on October 1, 2000. The note and the interest are paid on October 1, 2001. However, interest for 2000 was accrued on December 31, 2000. When the note is repaid on October 1, 2001, Interest Expense is debited by:
a. $0
b. $600
c. $450
d. $150
25. A company pays its employees every Friday. The amount paid every week is $120 per day. September 30, 2000, is a Tuesday. The amount of salary accrued on September 30, 2000, is:
a. $0
b. $240
c. $360
d. $600
26. A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. The amount of salary paid on October 3, 2000 is:
a. $0
b. $240
c. $360
d. $600
27. A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. Assume that salaries for September were accrued on September 30. The amount of salaries expense recognized on October 3, 2000 is:
a. $0
b. $240
c. $360
d. $600
28. A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. Which of the following statements is true about the entry prepared on September 30, 2000?
a. Salaries payable must be debited by $240
b. Salaries Payable must be credited by $240
c. Salaries Payable must be debited by $360
d. Salaries Payable must be credited by $360
29. A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. Assume that salaries for September were accrued on September 30. Which of the following statements is true about the entry prepared on October 3, 2000?
a. Salaries payable must be debited by $240
b. Salaries Payable must be credited by $240
c. Salaries Payable must be debited by $360
d. Salaries Payable must be credited by $360
30. Accrued expenses occur when:
a. Cash is paid before an expense is recognized
b. Cash is paid after an expense is recognized
c. An expense is recognized at the same time as the cash payment
d. A liability is decreased when the expense is recognized
MODULE 4
ADJUSTING AND CLOSING ENTRIES - DEFERRALS
Demonstration Problem 1
Anderson Architects
The transactions for the year 2000 for Anderson Architects have already been recorded. This problem shows how to prepare adjusting entries for Anderson Architects for December 2000.
Dec. 31 A computer was purchased on January 1, 1998 for $1,600. The useful life of the computer is 4 years.
Dec. 31 On October 1, 2000, Anderson Architects had paid $4,800 as rent for a six month period. This had been recorded as prepaid rent.
Dec. 31 The amount of supplies available at the end of December was $200. The amount of supplies at the beginning of the period was $450. $250 of supplies were purchased during the year.
Dec. 31 Furniture costing $3,000 was purchased on Jan 1, 1997. The useful life of the furniture is estimated to be 5 years.
Dec. 31 Services were provided to a customer for $450. The cash was collected in advance on November 28, 2000.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Depreciation Expense
Accumulated Depreciation400
400Dec. 31Rent Expense
Prepaid Rent2,400
2,400Dec. 31Supplies Expense
Supplies500
500Dec. 31Depreciation Expense
Accumulated Depreciation600
600Dec. 31Unearned Revenue
Service Revenue450
450
Practice Problem 1
Comfort Furniture Company
The transactions for the year 2000 for Comfort Furniture Co. have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for Comfort Furniture for December 2000.
Dec. 31 The amount of supplies available at the end of December was $500. The amount of supplies at the beginning of the period was $1,100.
Dec. 31 On January 1, 1998, Comfort Furniture purchased a computer for $2,400. The estimated useful life of the computer is 4 years. Record the depreciation for the year 2000.
Dec. 31 On November 1, 2000, Comfort Furniture paid $2,400 as rent for a three month period. This had been recorded as prepaid rent.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Supplies Expense
Supplies600
600Dec. 31Depreciation Expense
Accumulated Depreciation600
600Dec. 31Rent Expense
Prepaid Rent1,600
1,600
Practice Assignment 2
Conway Floor Covering Incorporated
The transactions for Conway Floor Covering Inc. for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 Services were provided to a customer for $550. The cash was collected in advance on December 10, 2000.
Dec. 31 On September 1, 2000, Conway Floor Covering Inc. had paid $5,400 as rent for a six month period. This had been recorded as prepaid rent.
Dec. 31 The amount of supplies available at the end of December was $400. The amount of supplies at the beginning of the period was $260. $350 of supplies were purchased during the year.
Dec. 31 A computer was purchased on January 1, 1998, for $2,400. The useful life of the computer is 4 years.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Unearned Revenue
Service Revenue550
550Dec. 31Rent Expense
Prepaid Rent3,600
3,600Dec. 31Supplies Expense
Supplies210
210Dec. 31Depreciation Expense
Accumulated Depreciation600
600
Homework Problem 1
Gym on Wheels
Gym on Wheels provides gymnastics lessons at various daycare centers. The transactions for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 A number of children registered on December 1 and paid the month's fees in advance. These fees totaled $500 and unearned revenue was credited when the fees were paid.
Dec. 31 The amount of supplies available at the end of December was $500. The amount of supplies at the beginning of the period was $1,500.
Dec. 31 On January 1, 1998, Gym on Wheels had purchased a computer for $2,000. The estimated useful life of the computer is 4 years. Record the depreciation for 2000.
Dec. 31 On December 1, 2000, Gym on Wheels had paid $2,400 as rent for a three month period. This had been recorded as prepaid rent.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Unearned Revenue
Service Revenue500
500Dec. 31Supplies Expense
Supplies1,000
1,000Dec. 31Depreciation Expense
Accumulated Depreciation500
500Dec. 31Rent Expense
Prepaid Rent800
800
Homework Problem 2
Borden Realty
The transactions for Borden Realty for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 A computer was purchased for $1,600 on January 1, 1998. The useful life of the computer is 4 years.
Dec. 31 Furniture costing $4,800 was purchased on January 1, 2000. The useful life of the furniture is estimated to be 10 years and the salvage value is $800.
Dec. 31 The amount of supplies available at the end of December was $850. The amount of supplies at the beginning of the period was $1,000. $1,850 of supplies were purchased during 2000.
Dec. 31 On September 1, 2000, Borden Realty had paid $6,600 as rent for a six month period. This had been recorded as prepaid rent.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Depreciation Expense
Accumulated Depreciation400
400Dec. 31Depreciation Expense
Accumulated Depreciation400
400Dec. 31Supplies Expense
Supplies2,000
2,000Dec. 31Rent Expense
Prepaid Rent4,400
4,400
Homework Problem 3
Party Town Incorporated
The transactions for Party Town Inc. for the year 2000 have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for December 2000.
Dec. 31 Depreciation on the building owned by Party Town Inc. is estimated to be $12,500 for the period.
Dec. 31 Party Town Inc. purchased furniture for $4,200 on January 1, 1997. The estimated useful life of the furniture is seven years. Record the depreciation for 2000.
Dec. 31 Excess space in the building was rented to another business on October 1, 2000, and six months' rent of $7,200 was collected in advance.
Dec. 31 The amount of party supplies available at the end of December was $150. The amount of supplies at the beginning of the period was $200. $550 of supplies were purchased during 2000.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Depreciation Expense
Accumulated Depreciation12,500
12,500Dec. 31Depreciation Expense
Accumulated Depreciation600
600Dec. 31Unearned Rent Revenue
Rent Revenue3,600
3,600Dec. 31Supplies Expense
Supplies600
600
Homework Problem 4
Star Interior Designs
The transactions for Star Interior Designs for the year 2000 have been recorded in the accounting system. This assignment requires you to record the adjusting entries for December 2000.
Dec. 31 Depreciation on a truck owned by Star Interior Designs is estimated to be $1,250 for the period.
Dec. 31 Furniture costing $3,600 was purchased on January 1, 1997. The estimated useful life of the furniture is six years. Record the depreciation for 2000.
Dec. 31 Six months' rent of $7,200 was paid in advance on October 1, 2000.
Dec. 31 The amount of supplies available at the end of December was $250. The amount of supplies at the beginning of the period was $200. $550 of supplies were purchased during the year.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Depreciation Expense
Accumulated Depreciation1,250
1,250Dec. 31Depreciation Expense
Accumulated Depreciation600
600Dec. 31Rent Expense
Prepaid Rent3,600
3,600Dec. 31Supplies Expense
Supplies500
500
Homework Quiz
Deferrals
1. Rental Services, Inc. (RSI) records all advance rental receipts in the liability account, Unearned Rent. What entry does RSI make to record the receipt of these advance receipts?
a. Debit: Unearned Rent; Credit: Rent Revenue
b. Debit: Cash; Credit: Unearned Rent
c. Debit: Unearned Rent; Credit: Rent Expense
d. Debit: Rent Expense; Credit: Cash
2. Advance payments for services are called:
a. Unrecorded Revenues
b. Unrecorded Expenses
c. Prepaid Expenses
d. Unearned Revenues
3. The adjusting entry required to record depreciation on a building for the fiscal period consists of:
a. Debit: Depreciation Expense; Credit: Building
b. Debit: Depreciation Expense; Credit: Accumulated Depreciation
c. Debit: Accumulated Depreciation; Credit: Depreciation Expense
d. Debit: Building; Credit: Depreciation
4. Depreciation Expense and Accumulated Depreciation are classified, respectively, as:
a. Depreciation Expense: Expense; Accumulated Depreciation: Contra Asset
b. Depreciation Expense: Asset Deferral; Accumulated Depreciation: Contra Asset
c. Depreciation Expense: Expense; Accumulated Depreciation: Asset
d. Depreciation Expense: Contra Asset; Accumulated Depreciation: Expense
5. Caldwell Rentals receives rent for January 2002 from a tenant in December 2001. This payment will be:
a. A 2001 Revenue
b. A 2002 Expense
c. A 2001 Expense
d. A 2001 Liability
6. Rental Services, Inc. (RSI) pays $5,700 for three years' rent on its Office Building on August 1, 2001. The entry to record this transaction involves which of the following account titles and classifications?
a. Debit: Prepaid Rent, Asset; Credit: Cash, Asset
b. Debit: Cash, Asset; Credit: Unearned Rent, Asset
c. Debit: Rent Expense, Expense; Credit: Cash, Asset
d. Debit: Unearned Rent, Asset; Credit: Cash, Asset
7. Rental Services, Inc. (RSI) pays $7,500 for four years' rent on its Office Building on August 1, 2001. The adjusting entry required at December 31, 2001 is:
a. Debit: Prepaid Rent; Credit: Cash
b. Debit: Rent Expense; Credit: Unearned Rent
c. Debit: Rent Expense; Credit: Prepaid Rent
d. Debit: Unearned Rent; Credit: Cash
8. Rental Services, Inc. (RSI) pays $10,800 for three years' rent on its Office Building on August 1, 2001. The dollar amount of the adjusting entry required at December 31, 2001 and 2002 is:
a. December 21, 2001: $1,500; December 31, 2002: $3,600
b. December 21, 2001: $1,800; December 31, 2002: $1,800
c. December 21, 2001: $1,800; December 31, 2002: $3,600
d. December 21, 2001: $3,600; December 31, 2002: $3,600
9. Karl Company, a Sole Proprietorship, signed a two-year rental agreement on October 1, 2001, for $9,600. The agreement covers its building for the next two years. Karl debited Prepaid Rent to record the payment. The December 31, 2001 adjusting entry includes a credit to:
a. Rent Expense of $1,200
b. Rent Expense of $8,400
c. Prepaid Rent of $1,200
d. Prepaid Rent of $8,400
10. At the beginning of the year, the Unearned Rent account has a balance of $30,000. The Unearned Rent account balance at the end of the year is $6,000. Given this information, Rent Revenue for the current year must be:
a. $30,000
b. $24,000
c. $12,000
d. $ 6,000
11. The asset account, Supplies, has a balance of $1,950 at the beginning of the year and was debited during the year for $5,600, representing the total of supplies purchased during the year. If $1,500 of supplies is on hand at the end of the year, Supplies Expense reported on the income statement for the year is:
a. $1,500
b. $1,900
c. $5,600
d. $6,050
12. At the beginning of the period, Stenger, Inc. had $3,600 in the asset account, Supplies. During the period, it purchased $1,400 of additional items, debiting the Supplies asset account. At the end of the period, Stenger determined that only $1,200 of supplies were still on hand. What adjusting entry should Stenger, Inc. make at the end of the period?
a. Debit: Supplies .......................... 1,200
Credit: Supplies Expense ................ 1,200
b. Debit: Supplies .......................... 3,400
Credit: Supplies Expense ................ 3,400
c. Debit: Supplies Expense .................. 3,800
Credit: Supplies ........................ 3,800
d. Debit: Supplies Expense .................. 1,200
Credit: Supplies ........................ 1,200
13. The Unearned Revenue account before adjustment at the end of the month has a credit balance of $2,400, representing an advance payment received on the first day of the month. If $1,600 of Revenue is earned during the month, the balance in the Unearned Revenue at the end of the month, after adjustments, is:
a. $ 800 credit
b. $1,600 credit
c. $2,400 credit
d. $4,000 credit
14. The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. The adjusting entry required at the end of the period is:
a. Debit: Unearned Rent; Credit: Rent Revenue
b. Debit: Cash; Credit: Unearned Rent
c. Debit: Unearned Rent; Credit: Rent Expense
d. Debit: Rent Expense; Credit: Cash
15. The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. The amount of the adjusting entry required at the end of the period is:
a. $15,000
b. $10,000
c. $ 5,000
d. $ -0-
16. Rental Services, Inc. reviews its records at the end of December 2001 in anticipation of the end of its calendar year. This process reveals that:
2,000 of Accounts Receivable outstanding at the beginning of December has been collected and recorded.
The December bills have all been paid. Expenses total $15,500.
Billing for December services amounted to $25,000.
The adjusted balance in the Unearned Revenue account at the end of the month should be a $10,000 credit. Its balance prior to adjustments was $18,000.
Rental Services, Inc.'s Revenues for December, 2001 are:
a. $25,000
b. $33,000
c. $35,000
d. $43,000
17. Failing to adjust an Unearned Revenue that has been partially earned and was originally recorded as a credit to Unearned Revenue will usually result in an:
a. Overstatement of Revenues and an overstatement of Liabilities
b. Overstatement of Revenues and an understatement of Liabilities
c. Understatement of Revenues and an understatement of Liabilities
d. Understatement of Revenues and an overstatement of Liabilities
18. Copko Computer Services, a Sole Proprietorship, purchased new Computer Equipment for $52,000 on January 1, 2001. Copko assigned it a four-year life and a $6,000 salvage value. Depreciation Expense for 2001 amounts to:
a. $11,500
b. $13,000
c. $14,500
d. $15,000
19. Copko Computer Services, a Sole Proprietorship, purchased new Computer Equipment for $52,000 on January 1, 2001. Copko assigned it a four-year life and a $6,000 salvage value. Book Value at the end of 2001 is:
a. $46,500
b. $40,500
c. $34,500
d. $34,000
20. Copko Computer Services, a Sole Proprietorship, purchased new Computer Equipment for $52,000 on January 1, 2001. Copko assigned it a four-year life and a $6,000 salvage value. Depreciation Expense for 2003 and Accumulated Depreciation at the end of 2003 are:
a. Depreciation Expense: $11,500; Accumulated Depreciation: $11,500
b. Depreciation Expense: $23,000; Accumulated Depreciation: $23,000
c. Depreciation Expense: $11,500; Accumulated Depreciation: $34,500
d. Depreciation Expense: $23,000; Accumulated Depreciation: $34,500
21. A company purchased furniture for $2,800 on January 1, 1998. The useful life of the furniture is estimated to be seven years. The depreciation expense for 2000 is:
a. $400
b. $1,200
c. $800
d. $1,600
22. A company purchased furniture for $2,800 on January 1, 1998. The useful life of the furniture is estimated to be seven years. The balance in accumulated depreciation after posting the adjustments for 2000 is:
a. $400
b. $1,200
c. $800
d. $1,600
23. A company purchased furniture for $2,800 on January 1, 1998. The useful life of the furniture is estimated to be seven years. The book value of the furniture after posting the adjustments for 2000 is:
a. $400
b. $1,200
c. $800
d. $1,600
24. A company pays rent of $1,800 for three months in advance on November 1, 2000. Which of the following statements is true for the journal entry prepared on November 1?
a. Rent Expense is debited
b. Prepaid Rent is debited
c. Prepaid Rent is credited
d. Cash is debited
25. A company pays rent of $1,800 for three months in advance on November 1, 2000. Which of the following statements is true for the journal entry prepared on December 31?
a. Rent Expense is debited
b. Prepaid Rent is debited
c. Rent Expense is credited
d. Cash is credited
26. The balance in the Supplies account of a company on January 1, 2000 was $250. Supplies were purchased for $650 in 2000. The balance in the Supplies account on December 31, 2000, was $350. The Supplies Expense for 2000 was:
a. $750
b. $550
c. $350
d. $650
27. The balance in the Supplies account of a company on January 1, 2000 was $250. Supplies were purchased for $650 in 2000. The balance in the Supplies account on December 31, 2000, was $350. The Supplies Expense is recorded by:
a. Debiting Supplies Expense; crediting Cash
b. Debiting Supplies; crediting Cash
c. Debiting Supplies Expense; crediting Supplies
d. Debiting Supplies; crediting Supplies Expense
28. A company sold subscriptions for six months on October 1, 2000. $600 was collected in advance from customers. Which of the following statements is true about the entry prepared on October 1?
a. Revenue is credited
b. Cash is credited
c. Unearned Revenue is credited
d. Unearned Revenue is debited
29. A company collected $600 on October 1, 2000, from customers for magazine subscriptions for six months from that date. An adjusting entry is prepared on December 31, 2000, by:
a. Debiting Unearned Revenue; crediting Cash
b. Debiting Unearned Revenue; crediting Revenue
c. Debiting Revenue; crediting Unearned Revenue
d. Debiting Accounts Receivable; crediting Revenue
30. Which of the following statements is true about deferred revenues?
a. A liability is increased when cash is collected in advance
b. A liability is decreased when cash is collected in advance
c. A liability is increased when revenue is recognized
d. Revenue is recognized when cash is collected
MODULE 4
CLOSING ENTRIES
Demonstration Problem 1
Clean-Rite Service
The transactions for Clean-Rite Service for March 2000 have been recorded in the accounting system. Clean-Rite Service is organized as a sole-proprietorship. This problem illustrates the preparation of closing entries for March 2000. The trial balance for March 31, 2000, is given below:
Clean-Rite Service
Trial Balance
March 31, 2000
Account name Debit Credit
Cash $1,085
Supplies 35
Equipment 400
Truck 1,000
Notes Payable $1,750
Lisa, Capital 500
Lisa, Drawings 100
Service Revenue 450
Supplies Expense 80
$2,700 $2,700
Mar. 31 Close the revenue accounts.
Mar. 31 Close the expense accounts.
Mar. 31 Close the Income Summary account.
Mar. 31 Close the Drawings account.
DATEACCOUNT DEBITCREDITMar. 31 Service Revenue
Income Summary450
450Mar. 31 Income Summary
Supplies Expense80
80Mar. 31 Income Summary
Lisa, Capital370
370Mar. 31 Lisa, Capital
Lisa, Drawings100
100
Demonstration Problem 2
The transactions for Music Stop for April 2000 have been recorded in the accounting system. Music Stop is organized as a corporation. This problem illustrates the preparation of closing entries. The trial balance for April 30, 2000, is given below:
Music Stop
Trial Balance
April 30, 2000
Account name Debit Credit
Cash $36,400
Inventory 17,000
Equipment 12,000
Accounts Payable $15,000
Note Payable 40,000
Capital Stock 10,000
Retained Earnings 0
Sales Revenue 4,500
Cost of Goods Sold 3,000
Salaries Expense 1,000
Utilities Expense 100
$69,500 $69,500
Apr. 30 Close the revenue accounts.
Apr. 30 Close the expense accounts.
Apr. 30 Close the Income Summary account.
DATEACCOUNTDEBITCREDIT2000Apr. 30Sales Revenue
Income Summary4,500
4,500Apr. 30Income Summary
Cost of Goods Sold
Salaries Expense
Utilities Expense4,100
3,000
1,000
100Apr. 30Income Summary
Retained Earnings400
400
Practice Problem 1
Glenwood Nursery
The transactions for Music Stop for April 2000 have been recorded in the accounting system. Glenwood Nursery is organized as a sole-proprietorship. This problem requires you to prepare closing entries for Glenwood Nursery. The trial balance for April 30, 2000, is given below:
Glenwood Nursery
Trial Balance
April 30, 2000
Account name Debit Credit
Cash $27,050
Inventory 6,600
Supplies 250
Notes Payable $8,000
John, Capital 25,000
John, Drawings 1,000
Sales Revenue 4,700
Cost of Goods Sold 2,450
Supplies Expense 350 _______
$37,700 $37,700
Apr. 30 Close the revenue accounts.
Apr. 30 Close the expense accounts.
Apr. 30 Close the income summary accounts.
Apr. 30 Close the drawings accounts.
DATEACCOUNTDEBITCREDIT2000Apr. 30 Sales Revenue
Income Summary4,700
4,700Apr. 30 Income Summary
Cost of Goods Sold
Supplies Expense2,800
2,450
350Apr. 30 Income Summary
John, Capital1,900
1,900Apr. 30 John, Capital
John, Drawings1,000
1,000
Practice Problem 2
Country Fresh Farms Incorporated
June 30, 2000
The transactions for June 2000 for Country Fresh Farms Inc. have been recorded in the accounting system. This problem requires you to prepare closing entries for Country Fresh Farms Inc. The trial balance for June 30, 2000, is given below:
Country Fresh Farms Incorporated
Trial Balance
June 30, 2000
Account name Debit Credit
Cash $23,070
Inventory 3,850
Supplies 180
Accounts Payable $1,400
Capital Stock 20,000
Retained Earnings 2,100
Dividends 1,000
Sales Revenue 15,000
Cost of Goods Sold 6,400
Salaries Expense 4,000 ______
$38,500 $38,500
Jun. 30 Close the revenue accounts.
Jun. 30 Close the expense accounts.
Jun. 30 Close the Income Summary account.
Jun. 30 Close the Dividends account.
DATEACCOUNTDEBITCREDIT2000Jun. 30Sales Revenue
Income Summary15,000
15,000Jun. 30Income Summary
Cost of Goods Sold
Salaries Expense10,400
6,400
4,000Jun. 30Income Summary
Retained Earnings4,600
4,600Jun. 30Retained Earnings
Dividends1,000
1,000
Homework Problem 1
Cookies and More
Cookies and More sells cookies and baked products in a mall. Cookies and More is organized as a sole-proprietorship. The transactions for December 2000 for Cookies and More have been recorded in the accounting system. This assignment requires you to close the accounts for this period. The trial balance for December 31, 2000, is given below:
Cookies and More
Trial Balance
December 31, 2000
Account name Debit Credit
Cash $16,230
Inventory 4,750
Supplies 270
Accounts Payable $1,650
Note Payable 12,000
Kelly, Capital 5,000
Kelly, Drawings 2,000
Sales Revenue 10,000
Cost of Goods Sold 3,400
Supplies Expense 2,000 _______ _______
$28,650 $28,650
Dec. 31 Close the revenue accounts.
Dec. 31 Close the expense accounts.
Dec. 31 Close the Income Summary account.
Dec. 31 Close the Drawings account.
DATE ACCOUNTDEBITCREDIT2000Dec. 31Sales Revenue
Income Summary10,000
10,000Dec. 31Income Summary
Cost of Goods Sold
Supplies Expense5,400
3,400
2,000Dec. 31Income Summary
Kelly, Capital4,600
4,600Dec. 31Kelly, Capital
Kelly, Drawings2,000
2,000
Homework Problem 2
Sullivan Sporting Goods
The transactions for June 2000 for Sullivan Sporting Goods have been recorded in the accounting system. Sullivan Sporting Goods is organized as a sole-proprietorship. This assignment requires you to prepare closing entries for June 2000. The trial balance for June 30, 2000, is given below:
Sullivan Sporting Goods
Trial Balance
June 30, 2000
Account name Debit Credit
Cash $17,680
Inventory 12,150
Supplies 320
Accounts Payable $1,400
James, Capital 25,000
James, Drawings 800
Sales Revenue 15,000
Cost of Goods Sold 8,000
Utilities Expense 85
Salaries Expense 2,365 _______
$41,400 $41,400
Jun. 30 Close the revenue accounts.
Jun. 30 Close the expense accounts.
Jun. 30 Close the Income Summary account.
Jun. 30 Close the Drawings account.
DATE ACCOUNTDEBITCREDIT2000Jun. 30Sales Revenue
Income Summary15,000
15,000Jun. 30Income Summary
Cost of Goods Sold
Utilities Expense
Salaries Expense10,450
8,000
85
2,365Jun. 30Income Summary
James, Capital4,550
4,550Jun. 30James, Capital
James, Drawings800
800
Homework Problem 3
Comfort Furniture
The transactions for August 2000 for Comfort Furniture have been recorded in the accounting system. Comfort Furniture is organized as a corporation. This assignment requires you to prepare closing entries for August 2000. The trial balance for August 2000 is given below:
Comfort Furniture
Trial Balance
August 31, 2000
Account name Debit Credit
Cash $30,815
Accounts Receivable 15,000
Inventory 32,000
Supplies 560
Accounts Payable $10,600
Capital Stock 60,000
Retained Earnings 3,000
Dividends 1,025
Sales Revenue 25,000
Cost of Goods Sold 16,000
Salaries Expense 2,800
Supplies Expense 400 $98,600 $98,600
Dec.31 Close the revenue accounts.
Dec.31 Close the expense accounts.
Dec.31 Close the income summary account.
Dec.31 Close the dividends account.
DATE ACCOUNTDEBITCREDIT2000Aug. 31Sales Revenue
Income Summary25,000
25,000Aug. 31Income Summary
Cost of Goods Sold
Supplies Expense
Salaries Expense19,200
16,000
400
2,800Aug. 31Income Summary
Retained Earnings5,800
5,800Aug. 31Retained Earnings
Dividends1,025
1,025
Homework Problem 4
APlus Hardware
The transactions for December 2000 for Aplus Hardware have been recorded in the accounting system. Aplus Hardware is organized as a corporation. This assignment requires you to prepare closing entries for December 2000. The trial balance for December 2000 is given below:
APlus Hardware
Trial Balance
December 31, 2000
Account name Debit Credit
Cash $35,800
Inventory 14,100
Supplies $ 200
Accounts Payable $ 2,800
Capital Stock 45,000
Retained Earnings 0
Dividends 1,025
Sales Revenue 12,500
Cost of Goods Sold 7,000
Salaries Expense 1,150
Supplies Expense 225
Rent Expense 800 _______
$60,300 $60,300
Dec. 31 Close the revenue accounts.
Dec. 31 Close the expense accounts.
Dec. 31 Close the income summary account.
Dec. 31 Close the dividends account.
DATEACCOUNTDEBITCREDITDec. 31Sales Revenue
Income Summary12,500
12,500Dec. 31Income Summary
Cost of Goods Sold
Supplies Expense
Salaries Expense
Rent Expense9,175
7,000
225
1,150
800Dec. 31Income Summary
Retained Earnings3,325
3,325Dec. 31Retained Earnings
Dividends1,025
1,025
Homework Quiz
Closing Entries
1. Which of the following statements about Closing Entries is true?
a. Closing entries need not be journalized since company management knows they have been taken into consideration.
b. Closing entries need not be posted to the ledger accounts if the financial statements have already been prepared.
c. Closing entries are not required if adjusting entries have been prepared.
d. Closing entries must be journalized and posted.
2. In a Sole Proprietorship, which of the following accounts is closed to Income Summary at the end of the fiscal year?
a. Drawing
b. Accumulated Depreciation
c. Prepaid Expenses
d. Supplies Expense
3 In a Sole Proprietorship, which of the following accounts will NOT be closed to Income Summary at the end of the fiscal year?
a. Salaries Expense
b. Fees Earned
c. Drawing
d. Depreciation Expense
4. In a Corporation, which of the following accounts is closed at year-end?
a. Capital Stock
b. Prepaid Rent
c. Dividends
d. Accounts Payable
5. In a Sole Proprietorship, which of the following accounts will be closed to Owner's Capital at the end of the fiscal year?
a. Salaries Expense
b. Fees Earned
c. Drawing
d. Depreciation Expense
6. In a Sole Proprietorship, which of the following accounts will NOT be included in Closing Entries at the end of the fiscal year?
a. Drawing
b. Accumulated Depreciation
c. Fees Earned
d. Supplies Expense
7. Which of the following correctly depicts a Closing Entry?
a. Debit: Income Summary; Credit: Prepaid Insurance
b. Debit: Prepaid Insurance; Credit: Income Summary
c. Debit: Insurance Expense; Credit: Income Summary
d. Debit: Income Summary; Credit: Insurance Expense
8. Which of the following correctly depicts a Closing Entry?
a. Debit: Income Summary; Credit: Unearned Revenue
b. Debit: Unearned Revenue; Credit: Income Summary
c. Debit: Fees Earned; Credit: Income Summary
d. Debit: Income Summary; Credit: Fees Earned
9. The Dividends account is:
a. Closed to Owner's Capital by being credited.
b. Closed to Retained Earnings by being credited.
c. Closed to Owner's Capital by being debited.
d. Closed to Retained Earnings by being debited.
10. A summary of selected 2001 calendar year end ledger accounts for Fritz's Auto Services, a Sole Proprietorship, appears below:
PRIVATEFritz, Capital 12/314,000|1/16,000|12/3114,000
PRIVATEFritz, Drawing 6/302,000|12/314,00011/302,000|
PRIVATEIncome Summary 12/3110,000|12/3124,00012/3114,000|
Net income for the year ended December 31, 2001 is:
a. $ 4,000
b. $ 6,000
c. $10,000
d. $14,000
11. A summary of selected 2001 calendar year end ledger accounts for Fritz's Auto Services, a Sole Proprietorship, appears below:
PRIVATEFritz, Capital 12/314,000|1/16,000|12/3114,000
PRIVATEFritz, Drawing 6/302,000|12/314,00011/302,000|
PRIVATEIncome Summary 12/3110,000|12/3124,00012/3114,000|
The 12/31 credit entry of $4,000 to Fritz, Drawing represents:
a. Part of the entry required to close the Drawing account to Owner's Capital.
b. Part of the entry required to close the Drawing account to Income Summary.
c. Part of the entry required to close the Drawing account to Expenses.
d. A correction of the 6/30 entry in the Drawing account.
12. A summary of selected 2001 calendar year end ledger accounts for Schneider Car Care, a Sole Proprietorship, appears below:
PRIVATESchneider, Capital 12/314,000|1/16,000|12/3126,000
PRIVATESchneider, Drawing 6/302,000|12/314,00011/302,000|
PRIVATEIncome Summary 12/3110,000|12/3136,00012/3126,000|
Revenue for the year ended December 31, 2001 is:
a. $10,000
b. $26,000
c. $36,000
d. $46,000
13. A summary of selected 2001 calendar year end ledger accounts for Schneider Car Care, a Sole Proprietorship, appears below:
PRIVATESchneider, Capital 12/314,000|1/16,000|12/3126,000
PRIVATESchneider, Drawing 6/302,000|12/314,00011/302,000|
PRIVATEIncome Summary 12/3110,000|12/3136,00012/3126,000|
Expense for the year ended December 31, 2001 is:
a. $10,000
b. $26,000
c. $36,000
d. $46,000
14. A summary of selected 2001 calendar year end ledger accounts for Schneider Car Care, a Sole Proprietorship, appears below:
PRIVATESchneider, Capital 12/314,000|1/16,000|12/3126,000
PRIVATESchneider, Drawing 6/302,000|12/314,00011/302,000|
PRIVATEIncome Summary 12/3110,000|12/3136,00012/3126,000|
The ending balance in the Schneider, Capital account is:
a. $28,000 credit
b. $26,000 credit
c. $22,000 credit
d. $16,000 credit
15. Aaron's, Inc. shows the following income statement for the year ended December 31, 2001:
PRIVATERevenues:Sales Revenue$400,000Rent Revenue20,000$420,000Expenses:Interest Expense$ 10,000Rent Expense10,000Utilities Expense30,000Salaries Expense260,000310,000Net Income$110,000
Based on this information, the entry to close Revenues and Expenses will include a:
a. Credit to Retained Earnings for $110,000
b. Debit to Retained Earnings for $110,000
c. Credit to Retained Earnings for $420,000
d. Credit to Retained Earnings for $400,000
16. Aaron's, Inc. shows the following income statement for the year ended December 31, 2001:
PRIVATERevenues:Sales Revenue$400,000Rent Revenue20,000$420,000Expenses:Interest Expense$ 10,000Rent Expense10,000Utilities Expense30,000Salaries Expense260,000310,000Net Income$110,000
Based on this information, the entry to close Revenues will include a:
a. Credit to Sales Revenue for $310,000
b. Debit to Rent Revenue for $400,000
c. Credit to Sales Revenue for $420,000
d. Debit to Sales Revenue for $400,000
17. The December 31, 2001, account balances prior to the preparation of Closing Entries for Jolly Rancher Corporation follow:
PRIVATEDebitCreditCash$200Store supplies600Service fees revenue$1,000Retained earnings100Accounts payable140Dividends400Unearned service fees revenue360Wage Expense300Store supplies expense100
Based upon this information, after all closing entries have been made, the balance in Jolly Rancher's Retained Earnings account will be:
a. $700 credit
b. $500 credit
c. $300 credit
d. $100 credit
18. The December 31, 2001, account balances prior to the preparation of Closing Entries for Jolly Rancher Corporation follow:
PRIVATEDebitCreditCash$200Store supplies600Service fees revenue$1,000Retained earnings100Accounts payable140Dividends400Unearned service fees revenue360Wage Expense300Store supplies expense100
Based upon this information, after all closing entries have been made, the balance in Jolly Rancher's Dividends account will be:
a. $700 debit
b. $600 debit
c. $400 debit
d. $-0-
19. The balance in the Retained Earnings account is $37,000 on December 31, 2000. On December 31, 2001, the balance of Retained Earnings is $34,200. During 2001, dividends of $8,400 were declared and paid. Based on this information, net income for 2001 is:
a. $ 5,600
b. $14,000
c. $ 4,200
d. $ 8,400
20. On December 31, 2000, the balance in Pacman Inc.'s Retained Earnings account is $43,000. On December 31, 2001, the balance is $44,000. During 2001, dividends of $10,400 were declared and paid. Based on this information, Net Income for 2001 is:
a. $ 3,400
b. $13,800
c. $ 7,000
d. $11,400
21. For a corporation, which of the following accounts are affected by the closing process?
a. Capital Stock
b. Cash
c. Revenue
d. Accounts Payable
22. Which of the following types of accounts is not affected by the closing process?
a. Revenue
b. Expense
c. Drawings
d. Cash
23. For sole-proprietorships, the balance in the Drawings account is transferred to:
a. Capital
b. Retained Earnings
c. Capital Stock
d. Drawings
24. For corporations, the balance in the Dividends account is transferred to:
a. Capital
b. Retained Earnings
c. Capital Stock
d. Drawings
25. After closing the revenue and expense accounts, the balance in the Income Summary account equals:
a. Zero
b. Net Income
c. Revenues
d. Expenses
26. At the end of the closing process, the balance in the Income Summary account equals:
a. Zero
b. Net Income
c. Revenues
d. Expenses
27. A business has earned revenues of $3,500 during a period. To close the revenue account we must:
a. debit Revenue; credit Income Summary
b. debit Income Summary; credit Revenue
c. debit Capital ; credit Revenue
d. debit Revenue; credit Capital
28. A Corporation has earned revenues of $3,500. Expenses for the month equal $1,800. The beginning balance in Capital Stock was $10,000 and in Retained Earnings was $1,000. No dividends were paid. After closing the balances in the Capital Stock and Retained Earnings accounts are:
a. $11,700; $1,000
b. $10,000; $2,700
c. $11,700; $2,700
d. $12,700; $0
29. A sole-proprietorship has earned revenues of $4,500. Expenses for the month equal $2,000. The owner withdrew $500 for personal expenses. The beginning balance in the Capital account was $10,000. After closing the balances in the Capital and Drawings accounts are:
a. $12,000; $0
b. $12,500; $500
c. $10,000; $3,000
d. $13,000; $0
30. A Corporation earned a net income of $2,000. Assume that the revenue and expense accounts have been closed to Income Summary. To close the Income Summary account:
a. Capital account is credited
b. Retained Earnings is credited
c. Capital Stock is debited
d. Income Summary is credited
PAGE
PAGE 139
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