1.

Which of the following accounts would not be debited in the process of preparing closing entries for A Company

a. Retained Earnings.

b. Service Revenue.

c. None of these answers are correct

d. Income Summary.

e. Dividends.

2.

What is the book value of the equipment at December 31, 2013?

a.$162,000

b. $190,000

c. $150,000

d. $178,000

e. None of these answers are correct.

3.

If expenses are $540,000, sales are $440,000 and dividends are $50,000, what is the balance of income Summary prior to closing?

a. It will have a debit balance of $100,000.

b. It will have a credit balance of $50,000.

c.It will have a credit balance of $100,000.

d. None of these answers are correct

e. It will have a debit balance of $50,000.

4.

If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has?

a. to make an adjusting entry. b. an error because debits do not equal credits.

c. suffered a net loss for the period.

d. none of these answers are correct

e. earned net income for the period.