🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
17
answers
1
watching
111
views
27 Nov 2019

Which of the following statements is correct?

A) On the worksheet, the amount of the ending merchandiseinventory is shown in the Income Statement Credit column in theaccount Income Summary and the Balance Sheet Debit column in theaccount Merchandise Inventory.

B) On the worksheet, if debits exceed credits in the AdjustedTrial Balance section, the difference represents a net loss.

C) All of these statements are correct.

D) On the worksheet, the totals of the Income Statement columnsshould equal the totals of the Balance Sheet columns.

Watch
17
answers
1
watching
111
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Deanna Hettinger
Deanna HettingerLv2
19 Jan 2019
Get unlimited access
Already have an account? Log in
Share

Related questions

1. The type of account and normal balance of AccumulatedDepreciation are
a) contra asset, debit
b) asset, credit
c) asset, debit
d) liability, credit
e) contra asset, credit

2. Net income for Susan's Treasures is $25, 000 for the currentyear. The owner withdrew $2,000 per month for personal livingexpenses. The owner's Capital account will show a net
a) decrease of $1,000
b) increase of $49,000
c) decrease of $24,000
d) increase of $1,000
e) increase of $25,000

3. Which of the following are all temporary accounts?
a) liabilities, revenue, and expenses
b) revenue, liabilities, and the owner's drawing
c) assets, liabilities, and owner's drawings
d) revenue, expenses, and the owner's drawing
e) liabilities and assets

4. The last step in the closing procedure closes
a) the income summary account
b) the capital account
c) the drawing account
d) the expense accounts
e) all liability accounts

5. The Cash account is
a) closed to the owner's Capital account
b) closed to the owner's drawing account
c) shown on the balance sheet as a liability
d) show on the income statement
e) not closed
6. Assume a company has a net income that exceeds the owner'sdrawing for the current year. The owner's Capital account
a) will have a zero balance after the closing entries arecomplete
b) will increase
c)will decrease
d) will reamain the same as the beginnning balance
e) it is impossible to tell with the information provided
7. An accountant wanting to know the balance of a particularaccount would refer to the
a) ledger
b) cart of accounts
c) book of original entry
d) source document
e) journal
8. The owner's Capital account is found on the
a) trial blance credit column and income statement debit column ofa work sheet
b) trial balance credit column, adjusted trial balance creditcolumn, and blance sheet credit column of a worksheet
c) trial balance credit column, adjusted credit column, adjustedtrial balance dredit column, and the balance sheet credit column ofa work sheet
d) trial balance debit column, adjustements debit column, adjustedtrial balance credit column, and the income statement credit columnof a work sheet.
e) blance sheet debit column and nowhere else

The trial balance of Premier Lighting Co. shows MerchandiseInventory of $35,000. Based on a count taken on December 31,merchandise inventory at the end of the year actually totaled$28,000. The adjusting entry to remove the old merchandiseinventory balance would be:

A)a debit to Income Summary of $28,000 and a credit toMerchandise Inventory for $28,000.

B)a debit to Merchandise Inventory of $28,000 and a credit toIncome Summary for $28,000.

C)a debit to Purchases of $35,000 and a credit to MerchandiseInventory for $35,000.

D)a debit to Income Summary of $35,000 and a credit toMerchandise Inventory for $35,000

1- The requirement that only transaction data capable of beingexpressed in terms of money be included in the accounting recordsrelates to the
Answer

A. cost principle.

B. monetary unit assumption.

C. economic entity assumption.

D. both a and b above.


2- Transactions are initially recorded in the
Answer

A. general ledger.

B. trial balance.

C. general journal.

D. balance sheet.


3- The proper sequence for the accounting cycle is
Answer

A. analyze, journalize, post, adjust, prepare statements,close.

B. post, journalize, analyze, prepare statements, close,adjust.

C. prepare statements, journalize, post, adjust, close,analyze.

D. journalize, post, close, prepare statements, adjust,analyze.


4- In preparing closing entries, which of the following columns ofthe worksheet are the most helpful?
Answer

A. The Adjusted Trial Balance columns

B. The Income Statement columns

C. The Balance Sheet columns

D. The Adjustments column

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in