Difficulty medium learning objective c1 wild 5 3 the

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Difficulty: Medium Learning Objective: C1 Wild - Chapter 04 #72 5
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3. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the: A Income Summary account. b. Closing account. c. Balance column account. d. Contra account. e. Nominal account. Difficulty: Medium Learning Objective: P2 Wild - Chapter 04 #95
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4. A post-closing trial balance reports: A All ledger accounts with balances, none of which can be temporary accounts. b. All ledger accounts with balances, none of which can be permanent accounts. c. All ledger accounts with balances, which include some temporary and some permanent accounts. d. Only revenue and expense accounts. e. Only asset accounts. Difficulty: Medium Learning Objective: P3 Wild - Chapter 04 #109 7
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5. Following are selected accounts and their balances for a company after the adjustments as of May 31, the end of its fiscal year. (All accounts have normal balances.) Prepare all the necessary closing entries for this company.
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