10. (c) debited and Dividends are credited. C) at management's discretion. before closing entries have been journalized but after the entries are posted. Closing entries are journalized and posted to the ledger. c. at management's discretion. C) after closing entries have been journalized but before the entries are posted. Closing entries a. are prepared before the financial statements. 11. d. at the end of each interim accounting period. Item 13 - The following are some of the steps in the accounting cycle. In other words, the temporary accounts are closed or reset at the end of the year. d. Adjustment data are assembled and analyzed. • After the closing entries have been journalized and posted to the ledger, a Post-Closing trial balance is prepared. D) journalized in the general journal. Sort by: Related More from user « / » « / » Promoted Presentations World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with … Amazon increased its inventories by $4,586 million in 2017 to come to the balance it reported on December 31, 2017. Closing journal entries are made at the end of an accounting period to prepare temporary accounts for the next period. Temporary accounts (also known as nominal accounts) are ledger accounts used to record transactions for only a single accounting period and are … s. Log in for more information. Which of the following reflects the steps in the correct order? Related questions. An unadjusted trial balance is prepared. true: The Income Summary account is located in the owner's equity section of the general ledger. true : The last … 4 Example Exercise 4-5 From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. The closing entries are presented in the screenshot below and show that the ABC Consulting Inc. has earned the total revenue of $85,000, while spent on its operating activity total expenses of $67,700, and finished the current period with net income of $17,300. In a computerized accounting system, the closing entries are likely done electronically by simply selecting "Closing Entries" or by specifying the beginning and ending dates of … after the financial statements are prepared. B) reduce the number of permanent accounts. e. An optional end-of-period spreadsheet is prepared. Recommended Relevance Latest Highest Rated Most Viewed. It should also reflect the … True. A post-closing trial balance is prepared. Rearrange the following steps in the accounting cycle in proper sequence. Weegy: After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? Closing entries are A) an optional step in the accounting cycle. (b) credited and Retained Earnings is debited. 5 8. Closing entries are journalized and posted A) before the financial statements are prepared. The reversing … A post-closing trial balance is prepared. Journalizing & Posting Closing Entries . Financial statements are prepared. Closing entries may be defined as journal entries made at the end of an accounting period to transfer the balances of various temporary ledger accounts to some permanent ledger account. 6. 2. after all closing entries are journalized and posted, what will be the balance of the k. capri, capital account? After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances. (b) Supplies. • Closing entries are journalized and posted once per year at year-end after financial statements have been prepared. After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances. Available under Creative Commons-NonCommercial-ShareAlike 4.0 International License. 6 7. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. The Dividends account is a … ; The post-closing trial balance is used to check the debits and credits after closing … B) posted to the ledger accounts from the worksheet. The closing entries are journalized and posted to the ledger. Q 57 . D) chart of accounts. True . Adjusting and closing entries are posted. Updated 1/10/2015 10:10:54 PM . 13. This conversation has been flagged as incorrect. A 5 5. Transactions are … In other words, the post closing trial balance is a list of accounts or permanent accounts that still have balances after the closing entries have been made. The balances that appear on the post-closing trial … It is necessary to close all temporary accounts and record the net … (d) Accumulated Depreciation—Equipment. The following T-accounts reveal the effects of the closing entries: Post-Closing Trial Balance. A corporation can be organized for the purpose of making a profit or it may be nonprofit. C) general ledger. When a net loss has occurred, Income Summary is: (a) debited and Retained Earnings is credited. (c) Prepaid Insurance. D) before closing entries have been journalized but after the entries are posted. Closing entries must be journalized and posted. Closing entries are journalized and posted a. before the financial statements are prepared. Closing entries are journalized and posted to the ledger. Closing entries are journalized and posted _____. In other words, the post closing trial balance is a list of accounts or permanent accounts that still have balances after the closing entries have been made. h. Financial statements are prepared. The first step in the cycle is to analyze, review, and then in chronological order, record the transactions in a journal using a double-entry accounting system. Explore answers and all related questions . The balance in the owner's drawings account after all closing entries have been posted will be equal to A) zero. The post-closing trial balance is a tool to demonstrate that accounts are in balance; it is not a formal financial statement. f. An unadjusted trial balance is prepared. mayaceb18|Points 120| Log in for more information. Closing entries are journalized and posted to the ledger. c. Adjusting entries are journalized and posted to the ledger. f. Adjusting entries are journalized and posted to the ledger. Closing entries A) are prepared before the financial statements. Closing entries are journalized and posted to the ledger. After the closing entries are journalized and posted, DELIVERY FEES would NOT have a balance. C) made to close permanent or real accounts. d. An adjusted trial balance is prepared. Secondly, transactions are then. After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? By looking at it this way, we can see how Inventory is a permanent account that carries forward balances through multiple accounting periods. Transactions are posted to the ledger. Updated 1/16/2014 6:21:37 AM. 2. Explore answers and all related questions . b. reduce the number of permanent accounts. c. cause the revenue and expense … b. after the financial statements are prepared. The post closing trial balance reveals the balance of accounts after the closing process, and consists of balance sheet accounts only. Adjusting entries are journalized and posted to the ledger. About PowerShow.com Recommended. 09. ; An adjusted trial balance contains nominal and real accounts. g. Closing entries are journalized and posted to the ledger. Asked 5/25/2013 10:42:28 PM. h. A post-closing trial balance is prepared. Transactions are posted to the ledger. Financial statements are prepared. Question. 3. after all closing entries have been journalized and posted. A post-closing trial balance is prepared. Retained earnings represent the amount of … Closing Entries; Post-Closing Trial Balance; Reversing Entries; Closing Entries. c. An optional end-of-period spreadsheet (worksheet) is prepared. Closing entries transfer the balances from the temporary accounts to a permanent or real account at the end of the accounting year. (d) credited and … Lanuel Lanuel Answer: D) after preparing the financial statements. Closing the Dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period. D) at the end of each interim accounting period. Adjustment data are asssembled and analyzed. C) cause … 4. Example of a Closing Entry. Rating. A) throughout the accounting period B) before posting the adjusting entries C) after preparing the post-closing trial balance D) after preparing the financial statements See answer zeckwielen7989 is waiting for your help. This is becaues temporary or nominal accounts, (also called income statement accounts), are measured periodically; and so, the amounts in one accounting period should be closed or brought to zero so that … • The post-closing trial balance should have only permanent account balances. (Points : 3) Cash Office Equipment Notes Payable Delivery Fees. As the temporary ones have been closed only the permanent accounts appear on the closing trial balance to make sure that debits equal credits. Closing entries are journalized and posted to the ledger. i. G o Multiple Choice Question 93 Your answer is correct. B) before closing entries have been journalized and posted. Posted in: Accounting cycle (explanations) Definition and explanation. C) the cash withdrawn by the owner during the period. Adjusting entries journalized and posted Closing entries journalized and posted Post-closing trial balance . A post-closing trial balance is prepared before closing entries have been journalized and posted. after closing entries have been journalized and posted. The unadjusted trial balance is prepared after entries for transactions have been journalized and posted to the ledger. B) general journal. This … … false: The Income Summary account is a simple income statement in the ledger. after closing entries have been journalized but before the entries are posted. All of the revenue, expense, and dividend accounts were zeroed … b. Closing entries, also called closing journal entries, are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. Q 63. Question. e. An adjusted trial balance is prepared. 1. after closing the revenue and expense accounts, what will be the balance of the income summary account? A post-closing trial balance is prepared. 7 May, 2015 - 16:44 . False: Closing entries transfer the net income or net loss to the withdrawals account. PE 4-5B Accounting cycle Obj. g. An optional end-of-period spreadsheet is prepared. 08. closing entries are made to transfer data in the temporary accounts to the permanent balance sheet or income statement accounts. 12. Flagged by debnjerry [1/16/2014 6:20:35 AM] New answers. An account that will have a zero balance after closing entries have been journalized and posted is: (a) Service Revenue. D) the balance in the … An unadjusted trial balance is prepared. This is commonly referred to as closing the books. Related questions. Adjusting and closing entries are journalized. Below are examples of closing entries that zero the … adjustment data are assembled and analyzed an unadjusted trial balance is prepared closing entries are journalized and posted to the ledger adjusting entries are journalized and posted to the ledger transactions are posted to the ledger transactions are analyzed and recorded in the journal an optional end-of-period spreadsheet … 1 Answer/Comment. i. Before closing entries are journalized and posted, the Income Summary account in the general ledger has a normal credit balance. 8. debnjerry . Cash Office. Closing entries are the last entries in a ledger for a financial cycle and must be done to reflect the changes to permanent accounts. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. As a result, the temporary accounts will begin the following accounting year with zero balances. On December 31, 2017, Amazon posted $16,047 million of inventory. Transactions are posted to the ledger. The post closing trial balance is a list of all accounts and their balances after the closing entries have been journalized and posted to the ledger. After the financial statements are completed, all adjusting entries are recorded in the journal and posted to the ledger so that all financial statements are in agreement. b. B) the profit (or loss) for the period. Add your answer and earn points. Closing entries are journalized in the A) trial balance. The post closing trial balance is a list of all accounts and their balances after the closing entries have been journalized and posted to the ledger. transactions in a journal using a double-entry accounting system. The company decided to distribute to its shareholders’ dividends on the amount of $1,200, so the Retained Earnings raised by $16,100. B) after the financial statements are prepared. Asked 1/10/2015 4:25:41 PM. Lesson 9-3, page 214 3 TERMS REVIEW post-closing trial balance accounting cycle Lesson9-3, page 215 The post-closing trial balance is prepared. j. Nominal accounts are those which have entries from the income statement, and real accounts are those which have entries from the balance sheet. True. Secondly, transactions are then posted to the ledger … 0 Answers/Comments. A post-closing trial balance is prepared A) after closing entries have been journalized and posted. Trial Balances: • The closing process begins with the adjusted trial balance. Following are some of the k. capri, capital account data in the ledger is... Of an accounting period to prepare temporary accounts and record the net … are! 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