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True/False 1True/False 2VocabMisc Final

Row 1, Col 1 Supplies Expense is debited when Journalizing adjusting entries for Supplies. What is True

Row 1, Col 2 Sales is credited when journalizing the closing entry for Sales. What is False?

Row 1, Col 3 A trial balance prepared after the closing entries are posted. What is a post-closing trial balance?

Row 1, Col 4 Sales appears on a post-closing trial balance? What is False?

Row 2, Col 1 Income summary is debited when Journalizing closing entries for all Expense accounts. What is True?

Row 2, Col 2 Income summary is a permanent Account. What is False?

Row 2, Col 3 Journal entries recorded to update General ledger accounts at the end of A fiscal period. What is an adjusting entries?

Row 2, Col 4 The accounting concept applied When a work sheet is prepared at The end of each fiscal cycle To summarize the general ledger Information needed to prepare Financial statements is Accounting Period Cycle. What is True?

Row 3, Col 1 Information needed for journalizing The adjusting entries is obtained From the work sheet’s Adjustments columns. What is True?

Row 3, Col 2 Advertising Expense appears on a Post-closing trial balance. What is False?

Row 3, Col 3 Accounts used to accumulate information from one fiscal period to the next What are permanent accounts?

Row 3, Col 4 What is credited when closing The owner’s drawing account? Owner’s Drawing Account

Row 4, Col 1 Drawing appears on the post-closing Trial balance. What is False?

Row 4, Col 2 Income summary appears on A post-closing trial balance. What is False?

Row 4, Col 3 Accounts used to accumulate Information until it is transferred to The owner’s capital account What are temporary accounts?

Row 4, Col 4 When there is a net income, The income summary account Has this type of balance before it is closed. What is credit balance?

Row 5, Col 1 Prepaid Insurance appears On a post-closing trial balance What is True?

Row 5, Col 2 Adequate Disclosure is applied when expenses are reported in the same fiscal period that they are used to produce revenue. What is False?

Row 5, Col 3 Journal entries used to prepare temporary accounts for a new fiscal period. What are closing entries?

Row 5, Col 4 On an income statement the percent of Sales for total sales is always this percent. What is 100.0?

List the accounts that are Debited and credited When closing income summary when there is a net loss.