Ch5_Summary_Practice_Test - Ch 5 Summary Practice Test...

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Ch 5 Summary Practice Test Name: Section: Date: Part I Instructions Fill in the blank to complete the statement. 1. Income summary is by the end of the period. 2. Revenue, Expense, and Withdrawals are examples of . 3. in temporary accounts will not be carried over to the next accounting period. 4. After closing entries are posted, owner's Capital in the ledger will contain the 5. Revenue is closed to Income Summary by a to each revenue account and a to Income Summary. 6. Expenses are closed to Income Summary by the individual expenses and Income Summary. 7. If the balance of Income summary is a credit, it will be closed by Income Summary and owner's Capital. 8. The balance of Withdrawals is closed by a and the amount transferred to owner's Capital by a . 9. At the end of the closing process, all temporary accounts in the ledger will have a balance. 10. The contains a list of permanent accounts after the adjusting and closing entries have been posted to the ledger from a journal. 11. Closing entries can be prepared from a . 12.
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This note was uploaded on 02/10/2011 for the course ACCOUNTING 101 taught by Professor B.j. during the Summer '07 term at Edmonds Community College.

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Ch5_Summary_Practice_Test - Ch 5 Summary Practice Test...

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