1- Why is the postclosing trial balance prepared?

2- What accounts appear on the postclosing trial balance?

3- What are the last three steps in the accounting cycle?

4- Which of the following accounts will not appear n the postclosing trial balance?

Group of answer choices

a- H.D. Hill, Drawing

b- H.D. Hill, Capital

c- Accounts Payable

D- Cash

5- After the revenue and expense accounts are closed, the Income Summary has a debit balance f $30,000. What does this figure represent?

a- owner's withdrawal of $30,000

b- net loss of $30,000

c- net profit of $30,000

D- increase in owner's equity of $30,000

6- On which financial statement would you find the answer to each question?

What were the total fees earned this month?

How much money is owed to suppliers?

Did the business make a profit?

What is the net book value of the equipment?

Is there enough cash to purchase new equipment?

What were the expenses?

Do customers owe money to the business?

7- How is the Income Summary account used in the closing procedure?

8-A firm has the following expenses: Rent Expense, $7,200; Salaries Expenses, $14,000; Supplies Expense, $3,000. Give the entry to close the expense accounts.

9- A firm has $60,000 in revenue for the period. Give the entry to close the Fees Income account.

10-What is the last step in the accounting cycle?