1. 5.1 Which of the following accounts is considered a temporary or nominal account?

A. Fees Earned Revenue

B. Prepaid Advertising

C. Unearned Service Revenue

D. Prepaid Insurance

2. 5.1 Which of the following accounts is considered a permanent or real account?

A. Interest Revenue

B. Prepaid Insurance

C. Insurance Expense

D. Supplies Expense

3. 5.1 If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?

A. a closing entry

B. an adjusting entry

C. an ordinary transaction entry

D. outside of the accounting cycle

4. 5.1 If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following?

A. a closing entry

B. an adjusting entry

C. an ordinary transaction entry

D. outside of the accounting cycle

5. 5.1 Which of these accounts would be present in the closing entries?

A. Dividends

B. Accounts Receivable

C. Unearned Service Revenue

D. Sales Tax Payable

6. 5.1 Which of these accounts would not be present in the closing entries?

A. Utilities Expense

B. Fees Earned Revenue

C. Insurance Expense

D. Dividends Payable

7. 5.1 Which of these accounts is never closed?

A. Dividends

B. Retained Earnings

C. Service Fee Revenue

D. Income Summary

8. 5.1 Which of these accounts is never closed?

A. Prepaid Rent

B. Income Summary

C. Rent Revenue D. Rent Expense

9. 5.1 Which account would be credited when closing the account for fees earned for the year?

A. Accounts Receivable

B. Fees Earned Revenue

C. Unearned Fee Revenue

D. Income Summary

10. 5.1 Which account would be credited when closing the account for rent

expense for the year?

A. Prepaid Rent

B. Rent Expense

C. Rent Revenue

D. Unearned Rent Revenue

EA4. The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books.

Advertising expense 5,600

Dividends 4,000

Rent expense 6,000

Salaries expense 48,000

Service revenue 85,000

Utilities expense 7,500

EA5. The following accounts and normal balances existed at year-end. Make the four journal entries.

Retained earnings 22,000

Dividends 6,000

Fees earned revenue 90,000

Selling expenses 45,000

Administrative expenses 16,000

Miscellaneous expense 2,300