Menu
support@businesspapershelp.com
+1(805) 568 7317

41 the entry to close the depreciation expense account would include a debit to a th 4301803

 

41. The entry to close the Depreciation Expense account would include a debit to 
A. the Income Summary account and a credit to the Depreciation Expense account.
B. the Income Summary and a credit to Cash.
C. Cash and a credit to the Income Summary account.
D. the Depreciation Expense account and a credit to the Income Summary account.

42. The entry to close the owner's drawing account would include a debit to the 
A. Income Summary account and a credit to the owner's drawing account.
B. owner's drawing account and a credit to Cash.
C. owner's capital account and a credit to the owner's drawing account.
D. owner's drawing account and a credit to the Income Summary account.

43. The entry to close the Accumulated Depreciation account may include a debit to 
A. the Income Summary account and a credit to the Accumulated Depreciation account.
B. the Depreciation Expense account and a credit to the Accumulated Depreciation account.
C. the Accumulated Depreciation account and a credit to the Income Summary account.
D. none of the above.

44. Which of the following accounts would be closed? 
A. Accounts Receivable
B. Accumulated Depreciation
C. Supplies Expense
D. Joan Wilson, Capital

45. Entries required to zero the balances of the temporary accounts at the end of the year are called 
A. posting entries.
B. adjusting entries.
C. closing entries.
D. correcting entries.

46. If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is 
A. a debit to Income Summary and a credit to Fees Income.
B. a debit to Income Summary and a credit to Capital.
C. a debit to Capital and a credit to Income Summary.
D. a debit to Capital and a credit to Drawing.

47. Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? 
A. Debit Penny Pincer, Drawing; credit Penny Pincher, Capital
B. Debit Penny Pincher, Capital; credit Income Summary
C. Debit Income Summary; credit Penny Pincher, Drawing
D. Debit Penny Pincher, Capital; credit Penny Pincher, Drawing

48. Which of the following accounts would not be involved in any of the closing entries? 
A. Accounts Payable
B. Fred Sanford, Drawing
C. Income from Services
D. Advertising Expense

49. The first step in the closing process is to close 
A. the drawing account
B. the capital account
C. the revenue accounts
D. the expense accounts

50. The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be 
A. debit Capital $11,000; credit Income Summary $11,000
B. debit Income Summary $11,000; credit Capital $11,000
C. debit Revenue $64,000; credit Expenses $53,000
D. debit Income Summary $11,000; credit Drawing $11,000

 

 

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now