Question
1)The following accounts were included on a company's adjusted trial balance. Identify which accounts should be closed or not closed at the year end. a.Accounts
1)The following accounts were included on a company's adjusted trial balance. Identify which accounts should be closed or not closed at the year end.
a.Accounts payable
b.Notes payable
c.Accounts receivable
d.Rent revenue
e.Depreciation expense
f.Prepaid expenses
g.Operating expenses
h.Equipment
i.Unearned revenue
j. S. Young, drawings
k.Interest expense
l.Accumulated depreciation
m. S. Young, capital
n. Supplies
2)The adjusted trial balance for Victoria Sandhill Company for the year ended June 30, 2017, follows.
VICTORIA SANDHILL COMPANY
Adjusted Trial Balance
June 30, 2017
Account Titles Debit Credit
Cash $3,642
Accounts receivable 3,954
Supplies 470
Accounts payable $1,052
Unearned revenue 200
Salaries payable 530
V. Sandhill, capital 5,790
V. Sandhill, drawings 610
Service revenue 4,400
Salaries expense 1,160
Miscellaneous expense 186
Supplies expense 1,950
$11,972 $11,972
A)Prepare closing entries at June 30, 2017.
B)Prepare a post-closing trial balance.
3)The required steps in the accounting cycle are listed below in random order. List the steps in the correct order by selecting the numbers 1 to 9 in the dropdown boxes.
(a) Prepare a post-closing trial balance.
(b) Prepare an adjusted trial balance.
(c) Analyze business transactions.
(d) Prepare a trial balance.
(e) Journalize the transactions.
(f) Journalize and post the closing entries.
(g) Prepare the financial statements.
(h) Journalize and post the adjusting entries.
(i) Post to the ledger accounts.
4)The adjusted trial balance for Oriole Company is presented below.
ORIOLE COMPANY
Adjusted Trial Balance
August 31, 2017
Account Titles Debit Credit
Cash $10,400
Accounts receivable 6,400
Equipment 10,500
Accumulated depreciationequipment $5,400
Accounts payable 3,400
Unearned revenue 1,000
S. Strong, capital 37,900
S. Strong, drawings 13,200
Service revenue 36,300
Rent revenue 5,200
Depreciation expense 2,700
Salaries expense 36,100
Utilities expense 9,900
$89,200 $89,200
A)Prepare the closing entries.
B)Prepare T accounts for the accounts affected by the closing entries. Post the closing entries.
C) Prepare a post-closing trial balance at August 31, 2017.
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