1. The Unadjusted Trial Balance columns of a work sheet total $92,300. The Adjustments columns contain entries for the following:

1. Office supplies used during the period, $3,900.
2. Expiration of prepaid rent, $1,500.
3. Accrued salaries expense, $1,300.
4. Depreciation expense, $1,600.
5. Accrued service fees receivable, $1,200.

The Adjusted Trial Balance columns total is:

Multiple Choice

$82,800.

$92,300.

$96,400.

$97,700.

$101,800.

2. K. Canopy, the proprietor of Canopy Services, withdrew $6,800 from the business during the current year. The entry to close the withdrawals account at the end of the year is:

Multiple Choice

Debit K Canopy, Withdrawals $6,800; credit Cash, $6,800

Debit K. Canopy, Capital $6,800; credit K. Canopy, Withdrawals $6,800

Debit K. Canopy, Withdrawals $6,800; credit K. Canopy, Capital $6,800

Debit K. Canopy, Capital $6,800, credit Salary Expense $6,800

Debit Income Summary $6,800; credit K. Canopy, Capital $6,800

3. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $189,000, expenses of $105,700, and withdrew $19,600 from the business during the current year. The owner's capital account before closing had a balance of $301,000. The Net Income for the year is:

Multiple Choice

$189,000

$63,700

$83,300

$364,700

$384,300

4. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $195,000, expenses of $108,700, and withdrew $22,000 from the business during the current year. The owner's capital account before closing had a balance of $307,000. The ending owner's capital balance after closing is:

Multiple Choice

$195,000

$64,300

$86,300

$371,300

$393,300

5. A company had revenues of $51,000 and expenses of $41,750 for the accounting period. The owner withdrew $5,600 in cash during the same period. Which of the following entries could not be a closing entry?

Multiple Choice

Debit Income Summary $9,250; credit Owner's, Capital $9,250.

Debit Income Summary $51,000; credit Revenues $51,000.

Debit Revenues $51,000; credit Income Summary $51,000.

Debit Income Summary $41,750, credit Expenses $41,750.

Debit Owner's, Capital $5,600, credit Owner's, Withdrawals $5,600.

6. The F. Mercury, Capital account has a credit balance of $25,500 before closing entries are made. If total revenues for the period are $80,200, total expenses are $58,800, and withdrawals are $13,500, what is the ending balance in the F. Mercury, Capital account after all closing entries are made?

Multiple Choice

$12,000.

$21,400.

$33,400.

$25,500.

$46,900.

7. The F. Mercury, Capital account has a credit balance of $55,000 before closing entries are made. Total revenues for the period are $73,200, total expenses are $48,800, and withdrawals are $16,200. What is the correct closing entry for the revenue accounts?

Multiple Choice

Debit Income Summary $73,200; credit Revenue accounts $73,200.

Debit Revenue accounts $55,000; credit F. Mercury, Capital $55,000.

Debit Revenue accounts $73,200; credit F. Mercury, Capital $55,000.

Debit Revenue accounts $73,200; credit Income Summary $73,200.

Debit Income Summary $55,000; credit F. Mercury Capital $55,000.

8. The F. Mercury, Capital account has a credit balance of $41,000 before closing entries are made. Total revenues for the period are $59,200, total expenses are $41,800, and withdrawals are $10,600. What is the correct closing entry for the expense accounts?

Multiple Choice

Debit Income Summary $41,800; credit Expense accounts $41,800.

Debit Expense accounts $41,000; credit F. Mercury, Capital $41,000.

Credit Expense accounts $41,800; debit F. Mercury, Capital $41,800.

Debit Expense accounts $41,800; credit Income Summary $41,800.

Debit Income Summary $41,800; credit F. Mercury Capital $41,800.

9. After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $39,000. The entry to close the income summary account will be:

Multiple Choice

Debit Owner Withdrawals $39,000; credit Income Summary $39,000.

Debit Income Summary $39,000; credit Owner Withdrawals $39,000.

Debit Income Summary $39,000; credit Owner Capital $39,000.

Debit Owner Capital $39,000; credit Income Summary $39,000.

Credit Owner Capital $39,000; debit Owner Withdrawals $39,000.

10. Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company:

Account Title	Dr		Cr
Cash	$	50,000
Accounts receivable		25,000
Prepaid insurance		10,200
Equipment		190,000
Accumulated depreciationEquipment				$	95,000
Land		104,000
Accounts payable					26,000
Interest payable					4,650
Unearned revenue					7,700
Long-term notes payable					57,000
Z. Taron, Capital					188,850
Totals	$	379,200		$	379,200

Multiple Choice

2.22.

0.45.

2.71.

2.12.

1.96.

11. The following information is available for Zephyr Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Zephyr, Capital account?

Net Income	$	128,800
Zephyr, Capital		122,000
Zephyr, Withdrawals		47,000

Multiple Choice

$128,800.

$250,800.

$285,600.

$203,800.

$1,066,200.

12. For the year ended December 31, a company had revenues of $204,000 and expenses of $122,400. The owner withdrew $40,800 during the year. Which of the following entries could not be a closing entry?

Multiple Choice

Debit Income Summary $81,600; credit Owner's, Capital $81,600.

Debit Owner's Capital $40,800; credit Owner Withdrawals $40,800.

Debit revenues $204,000; credit Income Summary $204,000.

Debit Income Summary $122,400, credit expenses $122,400.

Debit Income Summary $204,000; credit revenues $204,000.