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Exam 3: Supplement - Closing Entries and the Work Sheet

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Question 21

Multiple Choice

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In preparing adjustments on the work sheet,which of the following accounts could not be added to the Account Name column?

A) Notes Payable
B) Interest Receivable
C) Interest Income
D) Depreciation Expense

E) B) and C)
F) None of the above

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Question 22

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Which of the following accounts most likely would have an amount contained in every set of columns but the Balance Sheet columns of a work sheet?

A) Dividends
B) Depreciation Expense
C) Unearned Revenue
D) Wages Expense

E) B) and D)
F) All of the above

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Question 23

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Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service,Inc.,assuming that a $500 dividend was paid during the period (omit explanations). $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {Income Statement }$ $\begin{array}{|l|r|r|}\hline&\text { Debit }& \text { Credit }\\ \hline \text { Cleaning Revenue } & & 2,600 \\\hline \text { Wages Expense } & 1,200 & \\\hline \text { Rent Expense } & 400 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Income Taxes Expense } & 40 & \\\hline & 1,940 & 2,600 \\ \text { Net Income } & 660 & \\\hline & 2,600 & 2,600 \\\hline \end{array}$

Which of the following accounts most likely would have an amount contained in the Income Statement columns of a work sheet?

The Adjusted Trial Balance columns of the work sheet are prepared by combining the Trial Balance and Adjustments columns of the work sheet.

The balances of the Accumulated Depreciation accounts will appear on the credit side of the work sheet's Balance Sheet columns.

Typically,formal adjusting entries

Each of the following statements violates a concept or convention of accounting. Match each statement corresponding to the concept or convention violated.

A work sheet is more useful for a small company than for a large one.

Match each account to the classification scheme for a multistep income statement

Match each account to the classification scheme for a balance sheet

In preparing closing entries,which of the following columns of the work sheet are the most helpful?

In preparing adjustments on the work sheet,which of the following accounts most likely would be added to the Account Name column?

A work sheet is useful for all except which of the following?

Closing entries may be prepared by referring solely to the Income Statement columns of the work sheet.

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

The total assets and the total liabilities and stockholders' equity on the balance sheet are the same as the totals of the Balance Sheet columns on the work sheet.

Which work sheet columns should contain "key letters"?

The amount extended to the Retained Earnings line in the Balance Sheet column of the work sheet is the amount to be reflected for Retained Earnings on the balance sheet.

From the following items in the Income Statement columns of the work sheet of ElKay Corporation at December 31,2010,prepare the closing entries,assuming that a $75 dividend was paid during the period (omit explanations). $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\quad$ $\quad$$\text {Income Statement }$ $\begin{array} { | l | r | r |} \hline & \text { Debit } & \text { Cradit } \\\hline \text { Service Revenue } & & 1,800 \\\hline \text { Wages Expense } & 1,200 & \\\hline \text { Rent Exgense } & 400 & \\\hline \text { Supplies Exgense } & 200 & \\\hline \text { Income Taxes E Egpense } & 100 & \\\hline \text { Depreciation Expense-Bullding } & 150 & \\\hline & 2,050 & 1,800 \\ \text { Net Loss } & & 250 \\\hline & 2,050 & 2,050 \\\hline\end{array}$