Question30options

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Question 30 options:  to verify that all of the adjusting entries have been posted to verify that the net income <loss> is correctly reported to verify that no adjusting journal entry has been omitted. to verify that the debits and credits balance
Save  Question 31  (2 points) Use the following worksheet to answer the following questions. Finley Company Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 48,000      48,000  Accounts Receivable 18,000      18,000  Supplies 6,000      Equipment 57,000      57,000  Accumulated Depr-Equip   18,000      Accounts Payable   30,000      Wages Payable   6,000    C. Finley, Capital   33,000      C. Finley, Drawing 3,000      Fees Earned   141,000  141,000  Wages Expense 63,000  63,000  Rent Expense 18,000  18,000  Depreciation Expense 15,000   15,000 Totals 228,000 228,000 96,000 141,000 132,000 87,000 Net Income (Loss)     45,000         141,000 141,000 132,000 132,000     6,000  18,000 30,000   6,000 33,000 3,000                    45,000
The journal entry to close revenues would be:
Save  Question 32  (2 points) Use the following worksheet to answer the following questions. Finley Company Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 48,000      48,000  Accounts Receivable 18,000      18,000  Supplies 6,000      Equipment 57,000      57,000  Accumulated Depr-Equip   18,000      Accounts Payable   30,000      Wages Payable   6,000    C. Finley, Capital   33,000      C. Finley, Drawing 3,000      Fees Earned   141,000  141,000  Wages Expense 63,000  63,000  Rent Expense 18,000  18,000  Depreciation Expense 15,000   15,000 Totals 228,000 228,000 96,000 141,000 132,000 87,000 Net Income (Loss)     45,000         141,000 141,000 132,000 132,000 Based on the preceding trial balance, the ending balance in C. Finley, Capital is:     6,000  18,000 30,000   6,000 33,000 3,000                    45,000
Save  Question 33  (2 points) The following are steps in the accounting cycle.  Of the following, which would be prepared last?    
Transactions are posted to the ledger. An unadjusted trial balance is prepared. Adjusting entries are journalized and posted to the ledger. Save  Question 34  (2 points) The natural business year     Question 34 options:  is a fiscal year that ends when business activities are at its lowest point.

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