1a) Which of the following accounts would NOT be closed at the end of the period?

a) Fees Earned

b) Depreciation expense

c) accumulated depreciation

d) all of the above would be closed to retained earnings

1b) The balance in the cash account in the closing process is also known as a

a) permanent account

b) nominal account

c) none of the above

1c) Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

a) rent expense

b) fees earned

c) all of these accounts will be closed

1d) Which of the following sequence is correct for the account cycling?

a) analyze, journalize, post, adjusting entries, financial statements, closing entries

b) analyze, post, journalize, financial statements, closing entries, adjusting entires.

c) analyze, journalize, post, financial

1e) Which of the following would NOT be included in a post-closing trial balance?

a) supplies

b) fees earned

c) cash

1f) Total expenses are $83,900 and total revenues are $77,500, respectively. What is the amount of the net income or net loss for the period?

a) 83,900 net income

b) 77,500 net loss

c) $6,400 net loss