19. The subsidiary ledger that includes customer account activity is called the a. asset ledger b....
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19. The subsidiary ledger that includes customer account activity is called the a. asset ledger b. accounts payable ledger c. expense ledger d. accounts receivable ledger 20. Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet? a. Consulting Revenue b. Prepaid Insurance c. Rent Expense d. Fees Earned 21. An end-of-period spreadsheet includes columns for a. adjusting entries b. closing entries c. reversing entries d. adjusting and closing entries 22. Debts listed as current liabilities are those that a. will be paid in less than one year b. are due to be paid in 5 to 10 years c. are due to be paid in more than one year d. are owed to the owner and will never be paid 23. Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)? a. analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries b. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger c. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance d. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries 24. Which of the following is always recorded in the general journal? a. rendering services for cash b. purchases of supplies on account c. rendering services on account d. closing entries 25. Every controlling account must have its own a. revenue ledger b. general ledger c. subsidiary ledger d. journal 26. A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. 12/31 6/30 11/30 Alberto, Capital 8,500 1/1 12/31 Alberto, Drawing 3,500 12/31 5,000 Net income for the period is a. $13,000 b. $33,500 c. $15,000 d. $18,500 6,500 15,000 8,500 27. The balance sheet should be prepared a. before the income statement and the statement of owner's equity b. before the income statement and after the statement of owner's equity c. after the income statement and the statement of owner's equity d. after the income statement and before the statement of owner's equity b. $840 c. $700 d. $7,700 28. Which of the accounts below would be closed by posting a debit to the account? a. Unearned Revenue b. Fees Earned c. Josh Morton, Drawing d. Miscellaneous Expense 29. When the end-of-period spreadsheet is complete, the Adjustments columns should have a. total credits greater than total debits if a net income was earned b. total debits greater than total credits if a net loss was incurred c. total debits greater than total credits if a net income was earned d. total debits equal to total credits 30. Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded as insurance expense during the adjusting process at the end of Diane's first month of operations on March 31? a. $8,400 19. The subsidiary ledger that includes customer account activity is called the a. asset ledger b. accounts payable ledger c. expense ledger d. accounts receivable ledger 20. Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet? a. Consulting Revenue b. Prepaid Insurance c. Rent Expense d. Fees Earned 21. An end-of-period spreadsheet includes columns for a. adjusting entries b. closing entries c. reversing entries d. adjusting and closing entries 22. Debts listed as current liabilities are those that a. will be paid in less than one year b. are due to be paid in 5 to 10 years c. are due to be paid in more than one year d. are owed to the owner and will never be paid 23. Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)? a. analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries b. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger c. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance d. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries 24. Which of the following is always recorded in the general journal? a. rendering services for cash b. purchases of supplies on account c. rendering services on account d. closing entries 25. Every controlling account must have its own a. revenue ledger b. general ledger c. subsidiary ledger d. journal 26. A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. 12/31 6/30 11/30 Alberto, Capital 8,500 1/1 12/31 Alberto, Drawing 3,500 12/31 5,000 Net income for the period is a. $13,000 b. $33,500 c. $15,000 d. $18,500 6,500 15,000 8,500 27. The balance sheet should be prepared a. before the income statement and the statement of owner's equity b. before the income statement and after the statement of owner's equity c. after the income statement and the statement of owner's equity d. after the income statement and before the statement of owner's equity b. $840 c. $700 d. $7,700 28. Which of the accounts below would be closed by posting a debit to the account? a. Unearned Revenue b. Fees Earned c. Josh Morton, Drawing d. Miscellaneous Expense 29. When the end-of-period spreadsheet is complete, the Adjustments columns should have a. total credits greater than total debits if a net income was earned b. total debits greater than total credits if a net loss was incurred c. total debits greater than total credits if a net income was earned d. total debits equal to total credits 30. Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded as insurance expense during the adjusting process at the end of Diane's first month of operations on March 31? a. $8,400
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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