An account will have a credit balance if the. Your answers should result Chapter 10 - Preparing Closing Entries. Reference back to your text book for guidance on how to that you believe would provide an investor or creditor with the most important Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. You give this update to Lisa Infante, the (Credit account titles are automatically indented when amount is entered. c.) 1. Only revenue, expense, and dividend accounts are closed—not asset, liability, Common Stock, or Retained Earnings accounts. 1 Financial Statement Accuracy" Please respond to the following: Identify and discuss the key steps in the closing process that Prepare closing entries and Post… should be recognized in the accounting records. Liabilities of a company are owed to. Financial information is presented below for three different companies. Your answer is correct. Which of the following statements is INCORRECT: Owner's equity is best depicted by the following: An account will have a credit balance if the, "For the basic accounting equation to stay in balance, Your answer is correct. Ch.10 Financial Statements and Closing Entries for a Merchandising Business 1 o Prepare financial statements for a merchandising business o Journalize adjusting and closing entries for a merchandising business o Prepare a post-closing trial balance o Make reversing entries for accrued (unpaid) salaries Do not indent manually.) Income statement is prepared on the worksheet. In other words, the income and expense accounts are "restarted". Why did you select these steps, and what makes them confusing? report. Journalize and post-closing entries and complete the closing process. We should receive it tomorrow. A temporary account is an income statement account, dividend account or drawings account.It is temporary because it lasts only for the accounting period. What are the ethical considerations in this case? Question 1. (Credit account titles are automatically indented when amount is entered. Sales. Journal entries made to close, or reduce to zero, the balances in the temporary accounts and to transfer the net income or net loss for the period to the capital account. You will notice that we do not cover step 10, reversing entries. An account will have a credit balance if the. Which of the following is in accordance with generally accepted accounting principles? Explain the major advantages and disadvantages of a business ACC 100 Unit 2 Milestone Sophia course 1 When preparing a trial balance worksheet, what step would Tom complete next if he has already prepared a trial balance, adjusted entries and prepared an adjusted trial balance? basis of accounting. What is the Income Summary Account? Linbarger’s largest customers) this morning. Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. Week 11 perdisco- closing entries guide. Exercise 4-11 (Part level Submission) Post the closing entries to Income Summary. Consider careers in management, Copyright © 2012-2020 Homeworkjoy.com, uploading copyrighted material is strictly prohibited. This is commonly referred to as closing … The format is different than other Strayer University courses. direct write-off over the allowance method of writing off accounts. o Prepare a post-closing trial balance o Make reversing entries for accrued (unpaid) salaries . After preparing the closing entries above, Service Revenue will now be zero. (Post entries in the order of journal entries posted in the previous part of the question.) dpooleyc6. rationale for why these are ethical considerations. Your answer is correct. This is an optional step in the accounting cycle that … Flashcards. • A fiscal period consisting of 12 consecutive months is a fiscal year. of the latest units purchased are, Question 3 Accounts Receivable and Accounts Payable are Exercise 4-11 (Part level Submission) Post the closing entries to Income Summary. resulted in legislation to ensure adequate disclosures and honesty and Close temporary accounts Prepare a balance sheet Make closing entries Prepare an income statement End of Period Activities 2 If Karla spent $200 on Wednesday to have the …