Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? a. Unearned Rent b. Fees Earned c. Depreciation Expense d. Salaries Expense | Homework.Study.com (2024)

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• Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? a. Salaries Expense b. Fees Earned c. Unearned Rent d. Depreciation Expense
• Which of the following accounts is not closed in the Income Summary account at the end of the accounting period? (More than one answer may be correct.) a. Rent Expense b. Accumulated Depreciation c. Unearned Revenue d. Supplies Expense
• Which of the following accounts will be debited in the closing entry at the end of the year? a. fees earned. b. unearned fees. c. depreciation expense. d. rent expense.
• Which one of the following accounts would NOT be closed at the end of the accounting year? 1.Prepaid rent expense. 2.Utilities expense. 3.Sales revenue. 4.Wages expense.
• Which of the following accounts would be closed at the end of the accounting period? A) Capital B) Accumulated Depreciation C) Prepaid Rent D) Depreciation Expense
• Which of the following accounts is not closed to the income summary account? A) Salary expense B) Accounts payable C) Rent revenue D) Cost of goods sold
• Which of the following accounts will be closed by debiting the Income Summary account? a. Depreciation Expense b. Accounts Payable c. Service Revenue d. Accumulated Depreciation
• Which of the following accounts would be closed at the end of the accounting period? a. Capital. b. Depreciation Expense. c. Accumulated Depreciation. d. Prepaid Rent.
• Which of the following accounts should be closed to the Income Summary account at the end of the fiscal year? a) Cash b) Accounts Receivable c) Depreciation Expense - Machinery d) Accounts Payable
• Which of the following accounts should be closed to the Income Summary account at the end of the fiscal year? A. Depreciation Expense-Machinery B. Accounts Receivable C. Accounts Payable D. cash
• Which of the following accounts should be closed to the Income Summary account at the end of the fiscal year? a. accounts payable. b. depreciation expense - machinery. c. accounts receivable. d. cash
• Which of the following accounts is closed at the end of the accounting period? A. Depreciation expense. B. Accumulated depreciation. C. Accounts payable. D. Prepaid expense.
• Which of the following accounts would appear on the post-closing trial balance? A. Owner's Capital B. Fees Earned C. Income Summary D. Rent Expense
• Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? a. Fees Earned b. Insurance Expense c. Prepaid Insurance d. Utilities Expense
• Which of the following accounts will be closed by debiting the income summary account? A. Owner, capital. B. Service revenue. C. Accounts receivable. D. Salaries expense.
• Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A. Utilities Expense B. Fees Earned C. Prepaid Insurance D. Insurance Expense
• Which of the following accounts requires a debit to close the account at year-end? a. prepaid rent b. sales revenue c. unearned revenue d. wage expense
• Which of the following accounts will appear on the post-closing trial balance? a. Capital. b. Depreciation expense. c. Sales. d. Payroll tax expense.
• Which of the following accounts is closed at the end of the accounting cycle? A. Fees Earned and Salary Expense B. Prepaid Insurance and Insurance Expense C. Accumulated Depreciation and Depreciation Expense D. Unearned Fees and Fees Earned
• Which of the following accounts will not be closed to the Retained Earnings account at the end of the accounting period? a. Dividends. b. Depreciation Expense. c. Service Revenue. d. Accumulated Depreciation. e. All of the above accounts are closed to the
• Which of the following accounts should not appear in a post-closing trial balance? A. Prepaid rent. B. Wages payable. C. Retained earnings. D. Depreciation expense. E. Unearned service fees.
• Which of the accounts below would be closed by making a debit to the account? 1) Unearned Revenue. 2) Fees Earned. 3) Dividends. 4) Rent Expense.
• Which account would be listed on a post-closing trial balance? A) Sales Revenue B) Depreciation Expense C) Retained Earnings D) Income Tax Expense
• Which accounts will be closed to income summary at the end of the fiscal year?
• Which of the following accounts would not appear in a closing entry? a. Salary Expense b. Interest Income c. Accumulated Depreciation d. Retained Earnings
• Which of the following account balances would be closed at year-end? a. interest expense b. accumulated depreciation c. retained earnings d. unearned revenues
• Which of the following accounts are closed at the end of the accounting period? a. Dividends b. Retained Earnings c. Utilities Expense d. Salaries Payable e. Salaries Expense f. Operating Expenses g. Accounts Payable h. Unearned Revenue i. Prepai
• From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year. a. Accounts Receivable b. Accumulated Depreciation- Equipment c. Depreciation Expe
• Which of the following accounts are closed at year-end? a. Service fees. b. Accumulated depreciation. c. Accounts receivable. d. Accounts payable.
• 4. Which of the following accounts will appear on the post-closing trial balance? a. Capital b. Depreciation Expense c. Sales d. Payroll Tax Expense 5. The current ratio is calculated by: a. dividi
• Which of the following accounts would not appear in a closing journal entry? a. Interest Revenue b. Accumulated Depreciation c. Retained Earnings d. Salary Expense
• If the income statement debit column shows $600 supplies expense, $400 depreciation expense, and $300 salaries expense. What would the journal entry to close the expense account be? a. Income Summary $1,300; Supplies expense $600; Depreciation expense $4
• Which of the following accounts is closed by an entry that includes a debit to Income Summary? A. Rent Expense B. Service Revenue C. Dividends D. Accounts Payable
• Which of the following accounts is most likely associated with an accrued expense? a. Depreciation Expense b. Salaries Payable c. Unearned Revenue d. Accounts Receivable
• Which of the following accounts does not get closed at the end of the year? A. Interest receivable B. Cost of goods sold C. Depreciation expense D. Sales revenue
• Which of the following accounts appears in a formal income statement? a. Accumulated depreciation. b. Owner's drawing. c. Accounts receivable. d. Utilities expense.
• Which of the following accounts is not closed? A. Accumulated Depreciation. B. Owner, Withdrawals. C. Depreciation Expense. D. Service Revenue.
• Which of the following accounts would be classified as a current liability? A. Accounts receivable B. Wages expense C. Accumulated depreciation D. Unearned revenue
• Which of the following accounts would not be closed to Income Summary during the year-end closing process? a. Prepaid Rent b. Freight-In c. Sales Discounts d. Loss on Sale of Land
• Which of the following accounts would not appear in the post-closing trial balance? -Unearned Service Revenue -Depreciation Expense -Dividends -Accumulated Depreciation-Equipment -Service Revenue
• Which of the following accounts would probably be contained in an adjusted trial balance, but not in a trial balance? a. Depreciation Expense b. Cash c. Unearned Revenue d. Utilities Expense
• Which of the following accounts normally has a debit balance? A. Unearned Revenue B. Retained Earnings C. Rent expense D. Sales Revenue
• Which of the following accounts would not be included in the closing entries? a. Accumulated Depreciation. b. Service Revenue. c. Depreciation Expense. d. Retained Earnings.
• Which of the following accounts is not closed at the end of the accounting period? A. Purchase Discounts. B. Capital C. Depreciation Expense D. Sales
• Which of the following accounts should be closed to the capital account at the end of the year? A. Equipment B. Prepaid Insurance C. Service revenue D. Unearned rent
• Which of the following accounts is not closed? a. Withdrawals b. Accumulated depreciation c. Service revenue d. Depreciation expense
• Which of the following groups of accounts will have zero balances after the closing process is completed? A) Depreciation Expense and Accumulated Depreciation--Equipment. B) Allowance for Doubtful Accounts and Uncollectible Accounts Expense. C) Purchas
• Which of the following accounts will not appear in a post-closing trial balance? a) Cash b) Revenues c) Accumulated Depreciation d) Retained Earnings e) None of these.
• Which of the following accounts would appear on the balance sheet? A. Depreciation Expense B. Fees Earned C. Accumulated Depreciation D. None of the above
• Which of the following accounts normally carries a credit balance? a. Unearned revenues; Prepaid rent; Revenues. b. Revenues; Expenses; Retained Earnings c. Revenues; Cash; Unearned revenue. d. Accounts Payable; Retained earnings; Revenues.
• Which of the following accounts would not appear in the post-closing trial balance? a. Equipment. b. Unearned Service Revenue. c. Service Revenue. d. Depreciation Expense. e. Dividends. f. Accumulated Depreciation-Equipment.
• Which of the following accounts would be closed at the end of the accounting period? A) Merchandise Inventory B) Purchases C) Prepaid Rent D) Accumulated Depreciation
• Which of the following is a true statement about closing the books of a corporation? A) Expenses are closed to the Expense Summary account. B) Only revenues are closed to the Income Summary account. C) Revenues and expenses are closed to the Income Summar
• Which of the following accounts is most likely associated with a deferred revenue? a. Depreciation Expense b. Salaries Payable c. Unearned Revenue d. Accounts Receivable
• Which of the following accounts is not found in closing entries? a. Dividends b. Income Summary c. Retained Earnings d. Accumulated Depreciation-Equipment
• Which account will not appear on an after-closing trial balance? a. Cash. b. Prepaid Expenses. c. Unearned Revenue. d. Retained Earnings, at the beginning of the period.
• Which of the following accounts does NOT appear on a post-closing trial balance? \\A. Insurance expense \\B. Prepaid rent \\C. Retained profits \\D. Accumulated depreciation
• Which of the following accounts will be included in a post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Ben Crayton, Capital d. Ben Crayton, Drawing e. Cash f. Depreciation Expense g. Fees Earned h. Office Equipment i. Salarie
• Which of the following accounts appears on a formal balance sheet? a. Owner's drawing. b. Depreciation expense. c. Unearned service fees. d. Utilities expense.
• To which of the following accounts should the balance in the income summary account be closed? a. Draws b. Net income c. Owner's capital d. Service revenue
• Which of the following accounts will appear on the post-closing trial balance? a. Miscellaneous Income. c. Medicare Tax Payable. b. Payroll Taxes Expense. d. Sales
• Which one of the following accounts is not closed at the end of an accounting period? a. Owner's Drawing account b. Owner's Capital account c. Service Revenue account d. Insurance Expense account
• Which of the following accounts is not closed out? a. Accumulated depreciation. b. Depreciation expense. c. Dividends. d. Interest revenue.
• Which of the accounts below would be closed by posting a debit to the account? A) Unearned Revenue B) Fees Earned C) Josh Morton, Drawing D) Rent Expense
• Which ONE of the following accounts will be CREDITED when making closing entries? a. Unearned Revenue b. Cash c. Interest Revenue d. Accounts Payable e. Cost of Goods Sold f. Prepaid Rent Expense g. Inventory Paid in Capital
• Which one of the following accounts will be CREDITED when making closing entries? a. Unearned Revenue b. Cash c. Interest Revenue d. Accounts Payable e. Cost of Goods Sold f. Prepaid Rent Expense g. Inventory h. Paid in Capital
• Which of the following accounts ordinarily appears in the post-closing trial balance? a. Supplies Expenses b. Unearned Rent c. Dividends d. Fees Earned
• After preparing and posting the closing entries for revenues and expenses, the Income Summary account has a debit balance of $32,000. What is the entry to close the Income Summary account?
• During the closing process, revenue and expense account balances are first transferred to an account entitled: a) revenue summary. b) expense summary. c) capital summary. d) income summary.
• Which of the following accounts would never be reported in the income statement as an expense? a. Depreciation expense b. Income taxes expense c. Interest expense d. Dividends expense
• Which of the following accounts is decreased with a debit? A) Rent Expense B) Retained Earnings C) Equipment D) Accounts Receivable
• Closing entries with net income after all revenue and expense accounts have been closed at the end of the fiscal year. Income Summary has a debit of $175,400 and a credit of $235,000. At the same date, retained earnings has a credit balance of $272,000,
• After preparing and posting the closing entries for revenues and expenses, the Income Summary account has a credit balance of $18,900. What journal entry is used to close the Income Summary account?
• Which of the following accounts would be included in a post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Ben Crayton, Capital d. Ben Crayton, Drawing e. Cash f. Depreciation Expense g. Fees Earned h. Office Equipment
• Given the following adjusted trial balance amounts, what is the net income for the year? Debit balances: Cash, $3,000 Accounts receivable $4,000 Short-term investments, $10,000 Prepaid rent, $500 Property, plant, and equipment, $20,000 Salary expense,
• Which of the following accounts should NOT appear in the post-closing trial balance? a.unearned revenue b. prepaid insurance c. accumulated depreciation d. service revenue
• Which of the following accounts would NOT appear in the post-closing trial balance? A) Unearned Service Fees Revenue B) Dividends C) Supplies D) Salaries Payable
• A company's Income Summary account has a credit balance of $12,000 after closing revenues and expenses. What journal entry is used to close the Income Summary account?
• Which of the following accounts is not closed? (a) Dividends, (b) Interest revenue, (c) Depreciation expense, (d) Accumulated depreciation
• Which of the following accounts would be included on the income statement? A. Prepaid Rent B. Cash C. Accounts Payable D. Rent Expense
• Which of the following accounts is reported in the income statement? a. Allowance for doubtful accounts b. Prepaid expense c. Salary payable d. Prepaid rent e. Bad debt expense
• Closing entries never involve posting a credit to the: (a) Income summary account. (b) Accumulated deprecation account. (c) Dividends. (d) Depreciation expense account.
• From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year: a. Accounts Payable b. Accumulated Depreciation Equipment c. Depreciation Expense Equipment d. Doyle Bradford, Capital e. Doyle Brad
• Which of the following accounts may appear on a post-closing trial balance? A. Cash, service revenue, and rent expense. B. Cash, accounts receivable, and rent revenue. C. Cash, accounts receivable, and prepaid rent. D. Cash, accounts receivable, and rent
• An income statement will not include which of the following accounts? a. Revenue b. Rent Expense c. Unearned revenue d. All of the accounts would appear on an income statement.
• Which of these accounts would not appear in the post-closing trial balance? Interest Payable Equipment Depreciation Expense Dividends Unearned Service Revenue Accumulated Depreciation - Equipment Service Revenue
• Which of the statements about closing the accounts is TRUE? a. Revenue and expense accounts are closed to retained profits account. b. Closing entries is useful to balance permanent accounts. c. The accounts of the general ledger should be closed before s
• Explain how to close the following accounts at the end of an accounting period using journal entries. a. Service revenue = $25,000 b. Rent expense = $6,000 c. Income summary d. Dividends = $2,000 e. Retained earnings = $10,000
• Which of the following entries records the depreciation on equipment for the fiscal year-end adjustment? a. debit depreciation; credit depreciation expense b. debit accumulated depreciation; credit depreciation expense c. debit depreciation expense; credi
• The entry to close the Depreciation Expense account may include a debit to: a. the Income Summary account and a credit to the Depreciation Expense account. b. the Depreciation Expense account and a credit to the Accumulated Depreciation account. c. the
• Which of the following accounts would never appear in the after-closing trial balance? (More than one answer may be correct.) a. Unearned revenue b. Dividends c. Accumulated depreciation d. Income taxes expense
• Which of the following is a contra account? a. Depreciation expense. b. Accumulated depreciation. c. Unearned revenue. d. Book value.
• A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. Retained Earnings $7,000 Dividends 9,600 Revenue 29,000 Rent expense 3,600 Salaries expense 7,200 Insurance expense 920 Depreciation expense-Eq
• The income summary account has a $25,000 debit balance after closing the revenue and expense accounts. This balance is close to the: A. sales revenue account. B. owner's withdrawals account. C. cost of goods sold account. D. owner's capital account.
• Which of the following accounts would be used under the accrual method of accounting but not under cash basis accounting? a. cash b. unearned revenue c. service revenue d. salary expense
• Which of the following items is handled as a deferral? (a) Accrued Expenses (b) Accrued Revenues (c) Prepaid Expenses (d) Depreciation
• Which of the following entries closes the owner's drawing account at the end of the period? A. Debit the drawing account, credit the income summary account. B. Debit the owner's capital account, credit the drawing account. C. Debit the income summary acco
• Which one of the accounts below would likely be included in an accrual adjusting entry? a) insurance expense b) prepaid rent c) interest expense d) unearned rent
• Which of the following adjusting entries would be the most likely to be reversed? a. debit Depreciation Expense $2,000 and credit Accumulated Depreciation $2,000 b. debit Unearned Rent $600 and credit Rent Revenue $600 c. debit Prepaid Insurance $200 and
• Identify the accounts below that are ALL classified as temporary accounts. A. Wages Expense, Accumulated Depreciation, Fees Income. B. Accounts Receivable, Depreciation Expense, Fees Income C. Owner's Drawing, Depreciation Expense, Income Summary. D.