unit 5 - Credit Income Summary $475 Debit Income Summary...

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Grade Details 1. Question: The owner's equity is Your Answer: added to assets and the two are equal to liabilities added to liabilities and the two are equal to assets CORRECT subtracted from liabilities and the net amount is equal to assets subtracted from owner's equity and the net amount is equal to net income Points Received: 2 of 2 2. Question: The Balance Sheet should be prepared Your Answer: Points Received: 2 of 2 3.
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Question: What is the major difference between the Unadjusted Trial Balance and the Adjusted Trial Balance? Your Answer: Points Received: (not graded) 4. Question: The Statement of Owner's Equity begins with the beginning balance followed by Your Answer: Points Received: 0 of 2 5. Question: The journal entry to close the Fees Earned, $275, and Rent Revenue, $200, accounts on December 31st during the closing process would be: Your Answer: Debit Fees Revenue $275 Debit Rent Revenue $200
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Credit Income Summary $475 CORRECT Debit Income Summary $475 Debit Fees Earned $275 Credit Rent Revenue $200 Debit Fees Revenue $475
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Unformatted text preview: Credit Income Summary $475 Debit Income Summary $475 Credit Revenues $475 Points Received: 2 of 2 6. Question: What is the last account that should be listed in the Post Closing Trial Balance? Your Answer: Points Received: 0 of 2 7. Question: Which of the following is not true about closing entries? Your Answer: Points Received: 2 of 2 8. Question: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $2,300 Fees Earned 14,700 Depreciation Expense 1,300 Insurance Expense 200 Prepaid Insurance 4,800 Supplies 900 Supplies Expenses 3,800 Net income for the period is Your Answer: Points Received: 0 of 2 9. Question: The post-closing trial balance differs from the adjusted trial balance in that it Your Answer: Points Received: 2 of 2 10. Question: Which of the following accounts will be closed to the Capital account at the end of the fiscal year? Your Answer: Points Received: 2 of 2...
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unit 5 - Credit Income Summary $475 Debit Income Summary...

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