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Exam 3: Supplement - Closing Entries and the Work Sheet

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Question 1

Multiple Choice

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Which work sheet columns should contain "key letters"?

A) Adjustments
B) Adjusted Trial Balance
C) Trial Balance
D) Balance Sheet

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A

Question 2

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An important use of the work sheet is as an aid in the preparation of financial statements.

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Question 3

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An amount for Retained Earnings would not appear in which of the following work sheet columns?

Which account that does not appear on the balance sheet has an amount in the Balance Sheet columns of a work sheet?

The work sheet should be prepared after the formal financial statements have been prepared.

The work sheet is prepared after the formal adjusting and closing entries.

In a manual system which uses a work sheet,the preparation of adjusting entries

The Trial Balance and Adjusted Trial Balance columns of Owen Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)Using this information,prepare the post-closing trial balance for Owen Cleaning Corporation as of June 30,2010.

Presented below are the Retained Earnings,Dividends,and Income Summary accounts for Anika's Pet Grooming Boutique,Inc.,for the year ended December 31,2010.Closing entries have been entered and posted.Prepare a statement of retained earnings.

The process of crossfooting requires vertical addition and subtraction.

Which of the following accounts will have an amount in the Adjustments columns of the work sheet but probably not in the Trial Balance columns?

Which of the following is the most useful aid to the accountant in preparing closing entries?

The following items represent a classification scheme for a multistep income statement write the letter indicating to which category it belongs

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question. $\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\\hline & \text { Debit } & \text { Credit } \\\hline \text { Laundry Revenue } & & 2,500 \\\hline \text { Wages Expense } & 750 & \\\hline \text { Rent Expense } & 500 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Insurance Expense } & 200 & \\\hline \text { Income Taxes Expense } & 50 & \\\hline & 1,800 & 2,500 \\\text { Net Income } & 700 & \\\hline & 2,500 & 2,500 \\\hline\end{array}$ The entry to close Income Summary includes a

The amount of Retained Earnings for the balance sheet is obtained from the

Typically,formal adjusting entries

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

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.

The work sheet is prepared

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question. $\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\\hline & \text { Debit } & \text { Credit } \\\hline \text { Laundry Revenue } & & 2,500 \\\hline \text { Wages Expense } & 750 & \\\hline \text { Rent Expense } & 500 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Insurance Expense } & 200 & \\\hline \text { Income Taxes Expense } & 50 & \\\hline & 1,800 & 2,500 \\\text { Net Income } & 700 & \\\hline & 2,500 & 2,500 \\\hline\end{array}$ The entry to close the Laundry Revenue account includes a