The two optional steps in the accounting cycle are preparing O a worksheet and post-closing trial...

 

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The two optional steps in the accounting cycle are preparing O a worksheet and post-closing trial balances. an adjusted trial balance and a post-closing trial balance. O a post-closing trial balance and reversing entries. O reversing entries and a worksheet. U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 19 of 25 View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/18 An (x) below the "Other Accounts" column in a cash receipts journal indicates the Save for Later O total is not posted to the general ledger. O column has been footed. O total has been posted to the general ledger. O column has been cross-footed. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer va ser modi Ą VIET NAM = |Ų V U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 20 of 25 View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/19 All of the following are advantages of using subsidiary ledgers except they O free the general ledger of excessive details. O eliminate errors in individual accounts. Save for Later O make possible a division of labor. O show, in a single account, transactions affecting one customer or one creditor. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer va ser Page U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 21 of 25 < View Policies 6 ●● Current Attempt in Progress Cash Salaries and Wages Expense education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/20 Salaries and Wages Payable Cash Cash Salaries and Wages Payable Salaries and Wages Expense Swifty Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $56150. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $30340 had been accrued at year end on December 31. The correcting entry is Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X Salaries and Wages Expense Save for Later 25810 30340 30340 30340 25810 30340 U 30340 Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx 30340 x | Citation Machine®: Format & x + - / 1 N Attempts: 0 of 1 used Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 22 of 25 < View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/21 The one characteristic that all entries recorded in a cash payments journal have in common is Save for Later O a credit to the cash account. O that they all represent purchases of merchandise. O a debit to the accounts payable or purchases accounts. O that they are all posted to the accounts payable subsidiary ledger. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 23 of 25 < View Policies ●● Current Attempt in Progress Accounts payable education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/22 The following items are taken from the financial statements of the Kingbird Service for the year ending December 31, 2020: Accounts receivable Cash Accumulated depreciation - equipment Advertising expense Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X Supplies Supplies expense Equipment O $130500 O $15400 $26500 $ 18100 11000 27500 20700 14800 41500 13700 12100 3000 70700 5600 16700 31800 130500 4000 6000 U 222000 What is the company's net income for the year ending December 31, 2020? Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 N Update: U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz ●● Question 23 of 25 Current Attempt in Progress The following items are taken from the financial statements of the Kingbird Service for the year ending December 31, 2020: Accounts payable Accounts receivable Cash Accumulated depreciation - equipment Advertising expense education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/22 Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X $130500 O $15400 O $26500 O $40200 $ 18100 11000 27500 20700 14800 41500 13700 12100 3000 70700 5600 16700 31800 130500 4000 6000 What is the company's net income for the year ending December 31, 2020? U 222000 Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + N Update: -/1 = : U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 24 of 25 < View Policies B Current Attempt in Progress education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/23 Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X The Other Accounts column of a multi-column journal is often referred to as the O Controlling Account column. O Credit Account column. O Debit Account column. O Sundry Accounts column. Save for Later U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer The two optional steps in the accounting cycle are preparing O a worksheet and post-closing trial balances. an adjusted trial balance and a post-closing trial balance. O a post-closing trial balance and reversing entries. O reversing entries and a worksheet. The two optional steps in the accounting cycle are preparing O a worksheet and post-closing trial balances. an adjusted trial balance and a post-closing trial balance. O a post-closing trial balance and reversing entries. O reversing entries and a worksheet. U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 19 of 25 View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/18 An (x) below the "Other Accounts" column in a cash receipts journal indicates the Save for Later O total is not posted to the general ledger. O column has been footed. O total has been posted to the general ledger. O column has been cross-footed. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer va ser modi Ą VIET NAM = |Ų V U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 19 of 25 View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/18 An (x) below the "Other Accounts" column in a cash receipts journal indicates the Save for Later O total is not posted to the general ledger. O column has been footed. O total has been posted to the general ledger. O column has been cross-footed. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer va ser modi Ą VIET NAM = |Ų V U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 20 of 25 View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/19 All of the following are advantages of using subsidiary ledgers except they O free the general ledger of excessive details. O eliminate errors in individual accounts. Save for Later O make possible a division of labor. O show, in a single account, transactions affecting one customer or one creditor. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer va ser Page U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 20 of 25 View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/19 All of the following are advantages of using subsidiary ledgers except they O free the general ledger of excessive details. O eliminate errors in individual accounts. Save for Later O make possible a division of labor. O show, in a single account, transactions affecting one customer or one creditor. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer va ser Page U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 21 of 25 < View Policies 6 ●● Current Attempt in Progress Cash Salaries and Wages Expense education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/20 Salaries and Wages Payable Cash Cash Salaries and Wages Payable Salaries and Wages Expense Swifty Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $56150. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $30340 had been accrued at year end on December 31. The correcting entry is Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X Salaries and Wages Expense Save for Later 25810 30340 30340 30340 25810 30340 U 30340 Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx 30340 x | Citation Machine®: Format & x + - / 1 N Attempts: 0 of 1 used Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 21 of 25 < View Policies 6 ●● Current Attempt in Progress Cash Salaries and Wages Expense education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/20 Salaries and Wages Payable Cash Cash Salaries and Wages Payable Salaries and Wages Expense Swifty Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $56150. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $30340 had been accrued at year end on December 31. The correcting entry is Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X Salaries and Wages Expense Save for Later 25810 30340 30340 30340 25810 30340 U 30340 Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx 30340 x | Citation Machine®: Format & x + - / 1 N Attempts: 0 of 1 used Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 22 of 25 < View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/21 The one characteristic that all entries recorded in a cash payments journal have in common is Save for Later O a credit to the cash account. O that they all represent purchases of merchandise. O a debit to the accounts payable or purchases accounts. O that they are all posted to the accounts payable subsidiary ledger. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 22 of 25 < View Policies B Current Attempt in Progress Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/21 The one characteristic that all entries recorded in a cash payments journal have in common is Save for Later O a credit to the cash account. O that they all represent purchases of merchandise. O a debit to the accounts payable or purchases accounts. O that they are all posted to the accounts payable subsidiary ledger. U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 23 of 25 < View Policies ●● Current Attempt in Progress Accounts payable education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/22 The following items are taken from the financial statements of the Kingbird Service for the year ending December 31, 2020: Accounts receivable Cash Accumulated depreciation - equipment Advertising expense Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X Supplies Supplies expense Equipment O $130500 O $15400 $26500 $ 18100 11000 27500 20700 14800 41500 13700 12100 3000 70700 5600 16700 31800 130500 4000 6000 U 222000 What is the company's net income for the year ending December 31, 2020? Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 N Update: U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 23 of 25 < View Policies ●● Current Attempt in Progress Accounts payable education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/22 The following items are taken from the financial statements of the Kingbird Service for the year ending December 31, 2020: Accounts receivable Cash Accumulated depreciation - equipment Advertising expense Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X Supplies Supplies expense Equipment O $130500 O $15400 $26500 $ 18100 11000 27500 20700 14800 41500 13700 12100 3000 70700 5600 16700 31800 130500 4000 6000 U 222000 What is the company's net income for the year ending December 31, 2020? Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 N Update: U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz ●● Question 23 of 25 Current Attempt in Progress The following items are taken from the financial statements of the Kingbird Service for the year ending December 31, 2020: Accounts payable Accounts receivable Cash Accumulated depreciation - equipment Advertising expense education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/22 Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X $130500 O $15400 O $26500 O $40200 $ 18100 11000 27500 20700 14800 41500 13700 12100 3000 70700 5600 16700 31800 130500 4000 6000 What is the company's net income for the year ending December 31, 2020? U 222000 Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + N Update: -/1 = : U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz ●● Question 23 of 25 Current Attempt in Progress The following items are taken from the financial statements of the Kingbird Service for the year ending December 31, 2020: Accounts payable Accounts receivable Cash Accumulated depreciation - equipment Advertising expense education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/22 Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X $130500 O $15400 O $26500 O $40200 $ 18100 11000 27500 20700 14800 41500 13700 12100 3000 70700 5600 16700 31800 130500 4000 6000 What is the company's net income for the year ending December 31, 2020? U 222000 Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + N Update: -/1 = : U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 24 of 25 < View Policies B Current Attempt in Progress education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/23 Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X The Other Accounts column of a multi-column journal is often referred to as the O Controlling Account column. O Credit Account column. O Debit Account column. O Sundry Accounts column. Save for Later U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer U7D - MT203 Human Resourc с ← AC114 Unit 7 Lab Quiz Question 24 of 25 < View Policies B Current Attempt in Progress education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=50e53ee3-f816-4e8f-a284-48b79e0f1348#/question/23 Unit 7 Lab Quiz - AC114 Acco X WP NWP Assessment Player UI A X The Other Accounts column of a multi-column journal is often referred to as the O Controlling Account column. O Credit Account column. O Debit Account column. O Sundry Accounts column. Save for Later U Unit 7 - BU224 Microeconomi X ★ AC114 - Unit 7 Quiz.docx x | Citation Machine®: Format & x + -/1 Attempts: 0 of 1 used N Update: Submit Answer

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The detailed answer for the above question is provided below QUESTION 18 Preparing a worksheet and postclosing trial balances Preparing a worksheet is a common step in the accounting cycle that involv... View the full answer