13. 14. 15. 16. 17. 18. Journal entries recorded at the end of each accounting period...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
13. 14. 15. 16. 17. 18. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as a. Adjusting entries. b. Closing entries. c. Final entries. d. Work sheet entries. e. Updating entries. The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the a. Accounting period. b. Operating cycle. c. Accounting cycle. d. Closing cycle. e. Natural business year. A trial balance prepared after the closing entries have been journalized and posted is the a. Unadjusted trial balance. b. Post-closing trial balance. c. General ledger. d. Adjusted trial balance. e. Work sheet. A company had sales of 5695,000 and its cost of goods sold is $278,000. Its gross margin (or gross profit) equals a ($417,000) b. $695,000. c. $278,000. d. $417,000. e. $973,000. Merchandise inventory a. Is reported on the balance sheet as a current asset. b. Refers to products a company owns and intends to sell c. Can include the cost of shipping the goods to the store and making them ready for sale d. Does not appear on the balance sheet of a service company. e. All of the above. The credit terms 2/10, n30 are interpreted as a. 2% cash discount if the amount is paid within 10 days, with the balance due in 30 days. b. 10% cash discount if the amount is paid within 2 days, with the balance due in 30 days. c. 30% discount if paid within 2 days. d. 30% discount if paid within 10 days. e. 2% discount if paid within 30 days. 13. 14. 15. 16. 17. 18. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as a. Adjusting entries. b. Closing entries. c. Final entries. d. Work sheet entries. e. Updating entries. The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the a. Accounting period. b. Operating cycle. c. Accounting cycle. d. Closing cycle. e. Natural business year. A trial balance prepared after the closing entries have been journalized and posted is the a. Unadjusted trial balance. b. Post-closing trial balance. c. General ledger. d. Adjusted trial balance. e. Work sheet. A company had sales of 5695,000 and its cost of goods sold is $278,000. Its gross margin (or gross profit) equals a ($417,000) b. $695,000. c. $278,000. d. $417,000. e. $973,000. Merchandise inventory a. Is reported on the balance sheet as a current asset. b. Refers to products a company owns and intends to sell c. Can include the cost of shipping the goods to the store and making them ready for sale d. Does not appear on the balance sheet of a service company. e. All of the above. The credit terms 2/10, n30 are interpreted as a. 2% cash discount if the amount is paid within 10 days, with the balance due in 30 days. b. 10% cash discount if the amount is paid within 2 days, with the balance due in 30 days. c. 30% discount if paid within 2 days. d. 30% discount if paid within 10 days. e. 2% discount if paid within 30 days.
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below 13 b Closing entries 14 c Accounting cycle 15 b Postclosing trial balance 16 d 417000 17 e All of the above 18 a 2 cash discount if the amo... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
Multiple Choice Questions 1. The main purpose of adjusting entries is to: A) Record external transactions and events. B) Record internal transactions and events. C) Recognize assets purchased during...
-
Brookes Books is a retail book store. The company is owned by Brooke Riley, the only shareholder (to be). Brooke has asked you to keep the records for the store and to prepare its financial...
-
1 An adjusting entry often includes an entry to cash. True False 2 The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements, and...
-
Seeking for information of a specific organization then answer following questions: (1) Give a brief introduction of the chosen organization. (2) Explain the type of the chosen organization. What are...
-
Cost of Goods Sold Holliman Corp. has current liabilities of $410,000, a quick ratio of 1.8, inventory turnover of 4.2, and a current ratio of 3.3. What is the cost of goods sold for the company?
-
1. How would you describe this sampling methodology? 2. What problems do you see arising from this technique? 3. Suggest an alternative sampling method that might give the National Internet Service...
-
Identify the functions pertaining to the executing and the recording of purchases and cash disbursements transactions and custody of related assets.
-
Kleins Tools is considering offering a cash discount to speed up the collection of accounts receivable. Currently the firm has an average collection period of 65 days, annual sales are 35,000 units,...
-
a)Distinguish between different classification of market structures and their prevalence in Tanzania. (20 Marks) b)In 2019, thesales andadvertising expenditureof seven companies weregiven asfollows ;...
-
Bronys Bikes maintains two general demand deposit bank accounts and an imprest payroll account. One of the general bank accounts and the payroll account are with Dallas Dollar Bank. The second demand...
-
Find the quotient q and the remainder r if a = bq+r. (a) a 323 and b = 16 (b) a 340 and b 19 (a) a 323 and b 16 323=16() + (Type whole numbers.)
-
You interviewed a property realtor and advise in report the following: 1) Explain why understanding communication styles is beneficial for a career in sales? 2) What is your style? (do the self...
-
Part of building your LinkedIn profile is developing your personal brand statement in your executive summary section. Not only should the summary be charming; it should identify the unique value you...
-
Choose an organization Provide a brief historical summary on the individual or organization. Reflect on the diversity and equity plan of the organization. Identify and explain the unethical...
-
After determining a shortfall in results of the marketing program, what will a company do in response? Question 6Answer a. Try the plan over to determine if the shortfall is accurate. b. Respond by...
-
A 1000 kg car starts from rest on a horizontal road and gains speed of 45 km/h in 15 s. a) what is the kinetic energy of the car at 15s? [3 marks] b) What is the average power of the car during this...
-
DEFS Company issues 5% long term debt and engages with FEDS Company in an interest rate swap. In exchange for LIBOR, FEDS will pay 4.5% to DEFS. If the LIBOR is presently 3%, and DEFS CAPM is 6%,...
-
Outline a general process applicable to most control situations. Using this, explain how you would develop a system to control home delivery staff at a local pizza shop.
-
On June 1, 2016, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2016.
-
What causes a gain or loss on the sale of a bond investment?
-
Ya Wen Corporations accumulated depreciationequipment account increased by $8,750, while $3,250 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...
-
A piece of red hot iron is suddenly plunged into \(10 \mathrm{~kg}\) of water at \(20^{\circ} \mathrm{C}\). The temperature of water rises to \(55^{\circ} \mathrm{C}\). Calculate the change in...
-
A reverse Carnot engine is used for the heating of a building. The building receives \(209 \mathrm{~kJ} / \mathrm{h}\) of heat at \(20^{\circ} \mathrm{C}\) from a heat pump. The outside air...
-
A hot iron having specific heat \(0.5 \mathrm{~kJ} / \mathrm{kg} \mathrm{K}\), mass \(30 \mathrm{~kg}\) and temperature \(500^{\circ} \mathrm{C}\) is dropped into \(200 \mathrm{~kg}\) of oil of...
Study smarter with the SolutionInn App