Which of the following is prepared after the preparation of the balance sheet? a. Closing entries. b. Adjusting entries. c. Adjusted trial balance. d. Statement of retained earnings. e. Ledger accounts. | Homework.Study.com (2024)

Get access to this video and our entire Q&A library

• Which of the following is done last at the end of the year? a) Prepare adjusting journal entries b) Prepare an adjusted trial balance c) Prepare closing journal entries d) Prepare a post closing trial balance
• Adjusting journal entries are prepared: a. after preparing the adjusted trial balance. b. after preparing the unadjusted trial balance. c. after posting the closing entries. d. after preparing the financial statements.
• Which one of the following is not aided by the preparation of the work sheet? A. Posting to the general ledger B. Preparing the adjusted trial balance C. Preparing the closing entries D. Preparing the financial statements
• Which of the following steps must be completed before preparing the adjusted trial balance? a. Posting of journal entries to the accounts b. Journalize and post the closing entries c. Prepare the post minus the closing trial balance d. Prepare the fin
• Which of the following is done first at the end of each accounting period? a) Prepare closing journal entries. b) Prepare a post-closing trial balance. c) Prepare the statement of retained earnings. d) Prepare adjusting journal entries.
• At the end of each accounting period, accountants should prepare a trial balance, journalize and post adjusting entries, and then do which of the following? a. prepare financial statements b. journalize and post closing entries c. prepare an adjusted tria
• Which of the following steps must be completed before preparing the adjusted trial balance? A. preparation of the financial statements B. preparation of the closing entries C. posting of journal entries to the accounts D. preparing the postclosing trial
• Which of the following steps must be completed before preparing the adjusted trial balance? A. Preparation of the financial statements B. Preparation of the closing entries C. Posting of journal entries to the accounts D. Preparing the post-closing trial
• After a company's accountants have prepared an adjusted trial balance, they can use that information to prepare the income statement, the statement of owners' equity, and which of the following? a. closing entries b. balance sheet c. reversing entries d.
• Adjusting journal entries are prepared: A. after preparing the financial statements B. after preparing the unadjusted trial balance C. after posting the closing entries D. after preparing the adjusted trial balance
• Adjusting journal entries are prepared _____. a. after preparing the unadjusted trial balance. b. after preparing the adjusted trial balance. c. after posting the closing entries. d. after preparing the financial statements.
• Using the following accounts, prepare a classified balance sheet at year end, May 31, 2014: Accounts Payable, $1,600 Accounts Receivable, $2,200 Accumulated Depreciation-Equipment, $1,400 Cash, $400 C
• Which is the correct sequence of the following steps in the accounting cycle? a. Post adjusting journal entries, prepare adjusted trial balance, prepare financial statements b. Prepare adjusted trial balance, prepare closing entries, and prepare financ
• Which of the following applies to both the depreciation expense account and the accumulated depreciation account at the end of the first year of operations? (a) They appear in a trial balance prepared prior to the adjusting and closing entries. (b) They a
• Which of the items below does not appear on the worksheet? a. Adjusting Entries. b. The Drawing Account. c. Closing Entries. d. The Unadjusted Trial Balance.
• The following are steps in the accounting cycle. Of the following, which would be prepared fast? a. An adjusted trial balance is prepared. b. Transactions are posted to the ledger. c. An unadjusted trial balance is prepared. d. Adjusting entries are journ
• In addition to income statements, accountants can use a period's adjusted trial balance to prepare which of the following? a. statement of owner's equity b. reversing entries c. closing trial balance d. closing entries
• Which of the items below does not appear on the worksheet? A. Adjusting entries B. The unadjusted trial balance C. Closing entries D. The drawing account
• Which of the following columns of the worksheet are referred to when preparing closing entries to the Income Summary account? A. Adjustments columns B. Adjusted trial balance columns C. Balance sheet columns D. Income statement columns
• The following are steps in the accounting cycle. Of the following, which would be prepared last? a. an adjusted trial balance is prepared b. transactions are posted to the ledger c. an unadjusted trial balance is prepared d. adjusting entries are journali
• A trial balance prepared after the closing entries have been journalized and posted is the: a. unadjusted trial balance b. post-closing trial balance c. general ledger d. adjusted trial balance e. worksheet
• Which of the following is prepared first? A. Income statement B. Balance sheet C. Statement of owner's equity D. Trial balance
• All of the following are required steps in the accounting cycle except: (a) Journalizing and posting closing entries, (b) Preparing an adjusted trial balance, (c) Preparing a post-closing trial balance, (d) Preparing a work sheet
• An accountant prepared the following post-closing trial balance: Debit Balances Credit Balances Cash 46,540 Accounts receivable 122,260 Supplies 4,000 Equipment 127,200 Accumulated depreciation-Equipment 33,600 Accounts payable 52,100 Salaries payable 6,4
• Which of the following would include the fewest accounts? a. The trial balance b. The adjusted trial balance c. The post-closing trial balance d. All of the above would include the same number of accounts e. B and C have an equal number of accounts
• Which one of the steps below is not aided by the preparation of the worksheet? A. Preparing the adjusted trial balance. B. Posting to the general ledger. C. Preparing the financial statements. D. Preparing the closing entries.
• Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare A) an adjusted trial balance. B) closing entries. C) financial statements. D) an unadjusted trial balance.
• When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance: Cash, $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land,
• Which of the accounting steps in the accounting process below would be completed last? a. posting to ledger b. journalizing c. preparing the financial statements d. preparing the adjusted trial balance
• The financial statements are prepared from the: A. unadjusted trial balance B. chart of accounts C. adjusted trial balance D. statement of retained earnings
• Given the following adjusted trial balance amounts, what is the retained earnings ending balance to be reported on the statement of retained earnings? Debit balances: Cash, $8,000 Accounts receivable, $12,000 Inventory, $13,000 Property, plant, and equipm
• Which of the following shows the correct order of events? a.Unadjusted trial balance, adjusting entries, financial statements, adjusted trial balance b.Unadjusted trial balance, adjusting entries, adjusted trial balance, financial statements c.Financial s
• A trial balance before adjustment included the following: Debit Credit Accounts receivable $80,000 Allowance for doubtful accounts 730 Sales $340,000 Give journal entries assuming that the estimate of uncollectible is determined by: 1. Taking 5% of accoun
• After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: ($) ($) Accounts receivable 44,500 Rent expense 20,000 Accumulated depreciation 83,325 Capital 80,950 Capital (ending) 20,0
• 1. Prepare journal entry, 2. post to t-accounts (ledgers), 3. prepare trial balance, 4. prepare adjusting journal entries, 5. post adjusting journal entries to t-accounts(ledgers), 6. prepare adj
• A trial balance before adjustment included the following: Debit Credit Accounts receivable $128,000 Allowance for doubtful accounts 670 Sales $342,000 Sales returns and allowances 8,200 Give journal entries assuming that the estimate of uncollectible is d
• Using the information below, prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet: Accounts payable248,150 Accounts receivable82,700 Accumulated depreciation42,750 Cas
• When is the adjusted trial balance prepared? a. Before adjusting journal entries are posted b. After adjusting journal entries are posted c. After the adjusting journal entries are journalized d. Before the adjusting journal entries are journalized
• When is the adjusted trial balance prepared? a. After adjusting journal entries are posted b. Before adjusting journal entries are posted c. After the adjusting journal entries are journalized d. Before the adjusting journal entries are journalized.
• In preparing closing entries, which of the following columns of the worksheet are the most helpful? a) The Adjusted Trial Balance columns. b) The Income Statement columns. c) The Balance Sheet columns. d) The Adjustments columns.
• Which of the following depicts the proper sequence of steps in the accounting cycle? A. Journalize the transactions, analyze business transactions, prepare a trial balance B. Prepare a trial balance, post to ledger accounts, post adjusting entries C. Pr
• Part 2 ? For 2019 Prepare journal entries for the following events...and then prepare the trial balance as of 1/31/19 AND prepare the Income Statement, Statement of Retained Earnings, and Balance Shee
• After the Adjusted Trial Balance columns of a worksheet have been totaled, which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns?
• After which of the following errors would the adjusted trial balance totals not agree? a) The adjustment for depreciation was omitted. b) A debit to Accounts Receivable was inadvertently posted as a credit to Accounts Payable. c) A debit to Accounts Recei
• Which of the following is not a step in the accounting cycle? a. Prepare an adjusted trial balance. b. Prepare and post closing entries. c. Prepare financial statements. d. Each of these choices is a step in the accounting cycle.
• A post-closing trial balance is prepared: a. before closing entries have been journalized but after the entries are posted. b. before closing entries have been journalized and posted. c. after closing entries have been journalized but before the entries a
• The following account balances appear in the 20XC year end adjusted trial balance of GRG Corporation: Cash $66,000 Accounts Receivable 77,000 Supplies 1,100 Equipment1,025,000 Accumulated depreciation 225,000 Accounts payable 25,000 Notes payable 180,000
• 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 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
• A trial balance before adjustment included the following: Give journal entries assuming that the estimate of uncollectibles is determined by taking (1) 5% of gross accounts receivable and (2) 1% of ne
• Which of the following is true of the Allowance for Uncollectible Accounts account? a. It is a "nominal" or income statement account. b. It is a contra-revenue account. c. It may have a debit balance at year-end following the adjustment for estimated unco
• A trial balance before adjustments included the following: Debit Credit Sales $850,000 Sales returns and allowance $28,000 Accounts receivable $86,000 Allowance for doubtful accounts $1,520 If the estimate of uncollectible is made by taking 10% of gross a
• The post-closing trial balance differs from the adjusted trial balance in that it: a. does not take into account closing entries. b. does not take into account adjusting entries. c. does not include balance sheet accounts. d. does not include income state
• Which of the following statements related to the adjusted trial balance is incorrect? a. It shows the balance of all accounts at the end of the accounting period. b. Companies can prepare financial statements directly from the adjusted trial balance. c
• Using the following accounts how you prepare a classified balance sheet a year and May 31, 2014. ParticularsAmount ($) Accounts payable1,600 Accounts receivable2,200 Accumulated depreciation equipment1,400 Cash400 Common stock2,000 Equipment6,000
• Which trial balance will consist of the greatest number of accounts? a. Balance b. Adjusted trial balance c. Trial balance d. Post-closing trial balance
• Which one of the following items is not generally used in preparing a statement of cash flows? A. comparative balance sheets B. current income statement C. adjusted trial balance D. additional information
• A list of the accounts and their balances at the end of the period, after journalizing and posting the closing entries, is called: A. post-closing trial balance B. chart of accounts C. preclosing balance sheet D. adjusted trial balance
• The proper order of the following steps in the accounting cycle is: (a) prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries. (b) journalize transactions, prepare unadjusted trial balanc
• 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?
• 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
• A trial balance before adjustment included the following: Debit Credit Accounts receivable $138,000 Allowance for doubtful accounts $1,360 Sales $374,000 Sales returns and allowances $6,100 Give journal entries assuming that the estimate of uncollectible
• The adjusted trial balance shows: A) account balances after adjustments. B) revenue and expense accounts only. C) account balances before adjustments. D) balance sheet accounts only.
• Prepare a December 31 balance sheet using the following data: Cash $4,000 Patents 82,000 Accounts payable 6,000 Accounts receivable 8,000 Taxes payable2,000 Machinery 34,000 Bonds payable7,000 Accumulated retained earnings 6,000 Capital surplus 19,000 T
• Prepare the necessary closing entries based on the following selected accounts. Accumulated Depreciation $10,000 Depreciation Expense 4,000 Retained Earnings 20,000 Dividends 12,000 Salaries and Wages Expense 18,000 Service Revenue31,000
• The preparation of closing entries: a. results in transferring the balances in all nominal accounts to the owner's capital. b. results in zero balances in all accounts at the end of the period so that they are ready for the following period's transactions
• 1. Journalize the transactions listed below. 2. Prepare an unadjusted trial balance. 3. Prepare a schedule of accounts receivable. 4. Prepare an income statement. 5. Prepare a retained earning
• Using the following end of year account balances; create a Multi-step Income Statement and a Balance Sheet. Accrued Expenses$17,000 Accounts Payable $35,000 Utilities$7,000 Accounts Receivable $30,000 Equipment $68,000 Inventory $23,000 Sales Tax Payabl
• In preparing the first two closing entries, to which of the following columns of the worksheet does one refer? a) Balance sheet columns b) Adjusted trial balance columns c) Income statement columns d) Trial balance columns e) Adjustments columns
• Using the following accounts and balances taken from a year-end balance sheet, compute working capital and the current ratio. Accounts Payable $3,500 Accounts Receivable 5,000 Cash 2,100 Marketable Securities 1,000 Merchandise Inventory6,000 Notes Payabl
• Which of the following accounts will appear on the post-closing trial balance? a. Capital. b. Depreciation expense. c. Sales. d. Payroll tax expense.
• Using the following accounts, prepare a classified balance sheet at year-end, May 31, 20xx: Accounts payable $800 Accounts Receivable $1,100 Accumulated Depreciation-Equipment $700 Cash$200 Owner's Investment $1,000 Equipment$3,000 Franchise $200 Inves
• Adjusting entries made at the end of an accounting period accomplishes all of the following except: A. Updating liability and asset accounts to their proper balances. B. Assigning revenues to the periods in which they are earned. C. Assigning expenses to
• The ending Retained Earnings balance is found on which of the following statements? (a) Income Statement (b) Balance Sheet (c) Statement of Retained Earnings (d) Both Balance Sheet and Statement of Retained Earnings
• The following is a list of steps in the accounting cycle. a. Post to the ledger b. Close the accounts c. Analyze transactions d. Adjust the accounts e. Prepare financial statements f. Journalize transactions g. Prepare a trial balance Required: 1
• What accounts are taken from the adjusted trial balance to prepare an income statement?
• Journalize the entries to record the following: 1) Record the adjusting entry on December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivable account has a balance of $800,000, and the contra asset account before adj
• From the following, prepare a balance sheet for Ricket Co. Cleaners at the end of April 201X: Cash, $52,000; Equipment, $36,000: Accounts payable, $11,000; B. Richet, Capital. Prepare the balance sheet.
• To fill in the unadjusted trial balance columns in a worksheet, the account balances before adjustments are copied directly from the: A. ledger B. chart of accounts C. balance sheet of previous year D. adjusted trial balance
• Self-balancing is a system of: a) keeping ledgers b) preparing trial balance c) preparing final accounts d) recording journl entries
• Which columns of the accounting worksheet show unadjusted amounts? a. Adjustments. b. Trial Balance. c. Income Statement. d. Balance Sheet.
• 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.
• Using the following accounts and balances taken from a year-end balance sheet, compute working capital and the current ratio. Accounts Payable: $ 3,500 Accounts Receivable: 5,000 Cash: 2,000 Marketable Securities: 1,000 Merchandise Inventory: 6,000
• Which of the following accounts would not be on the post-closing trial balance? a. Accounts Payable b. Accounts Receivable c. Common Stock d. Dividends e. Retained Earnings
• 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
• Which of the following is/are eliminated in the preparation of a consolidated balance sheet? A. Intercompany receivables and payables. B. Stockholders' equity of the subsidiary. C. Investment account. D. All of the above.
• Which of the following statements regarding reporting receivables on the balance sheet is true? a. Bad Debts Expense is shown as a deduction from Accounts Receivable on the balance sheet. b. Bad Debts Expense is subtracted from Accounts Receivable and i
• REM Consulting is completing its accounting processing at the end of the fiscal year, December 31. The following trial balances are available. Accounts Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit ($) Credit ($) Debit ($) Credit ($) D
• The Statement of Retained Earnings is prepared using: a. an Adjusted Trial Balance and Income Statement b. an Income Statement c. a Balance Sheet d. an Income Statement and a Balance Sheet
• Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings. Explain the closing entry process and p
• Which of the following statements related to the adjusted trial balance is incorrect? a. Financial statements can be prepared directly from the adjusted trial balance. b. It shows the balances of all accounts at the end of the accounting period. c. It pro
• The proper sequence for the steps in the accounting cycle is a follows: a. analyze and record transactions, post-transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and pre
• Which of the following steps would be done last when preparing a trial balance? a. List the name of the company, the title of the trial balance, and the date the trial balance is prepared. b.List the accounts from the ledger, and enter their debit or cred
• Which of the following errors would be disclosed by preparation of a trial balance? A. The collection of an account receivable was recorded by a delete to the land account rather than to the cash account. B. The collection of an account receivable for 219
• Which is the correct sequence for recording transactions and preparing financial statements? a. Ledger, trial balance, journal, financial statements. b. Journal, ledger, trial balance, financial statements. c. Financial statements, trial balance, ledge
• Prepare a Statement of Cash Flows: The following changes took place in Pavolik Company's balance sheet accounts: Assets and Contra-Asset Accounts Amount D/I Liabilities and Equity Accounts Amount D/I
• Which account would be listed on a post-closing trial balance? A) Sales Revenue B) Depreciation Expense C) Retained Earnings D) Income Tax Expense