Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 26, 2024

2. Which of the following accounts will NOT appear on the post-closing trial balance? Fees Earned Cash Accounts Receivable Accounts Payable b 3. The journal

2. Which of the following accounts will NOT appear on the post-closing trial balance?

Fees Earned

Cash

Accounts Receivable

Accounts Payable

3. The journal entry required to close the dividends account includes

a debit to Income Summary and a credit to Dividends.

a debit to Retained Earnings and a credit to Dividends.

a debit to Retained Earnings and a credit to Cash.

None of these choices are correct.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel Short

5th Edition

0073208140, 978-0073208145

More Books

Students also viewed these Accounting questions

Question

★★★★★

Developing a global business strategy for a Multinational corporation (MNC) is a highly complex task. Briefly discuss the complexities referred to in the preceding statement. .

Answered: 1 week ago

Question

★★★★★

22) If a loss contingency is reasonably possible or the amount cannot be reasonably estimated, A) disclosure should occur in both the financial statements and the notes to the financial statements B)...

Answered: 1 week ago

Question

★★★★★

Because surveys are based on self-reports, be aware that bias can result from omissions or distortions. This can occur because of a lack of sufficient information or because the questions are...

Answered: 1 week ago

Question

★★★★★

During the current year, merchandise is sold for $3,750,000. The cost of the merchandise sold is $2,550,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross...

Answered: 1 week ago

Question

★★★★★

If cash is used to purchase materials, what is the impact on the financial statements? Multiple Choice Total stockholders' equity decreases Inventory increases Cash increases Net income decreases If...

Answered: 1 week ago

Question

★★★★★

Find each of the following probabilities for a normal distribution. P(z>-0.60)

Answered: 1 week ago

Question

★★★★★

MDM4U EXAM REVIEW 1. Consider the arrangement of the name TISHAN a. How many arrangements are there in total? b. How many begin with N? c. How many begin with a vowel? 2. Consider forming 7 digit...

Answered: 1 week ago

Question

★★★★★

A cake maker has determined that the cost of producing wedding cakes is $61.50 per wedding cake plus $16620 per month in fixed costs. The cake maker sells each wedding cake for $200. Step 4 of 4:...

Answered: 1 week ago

Question

★★★★★

Write a dialogue of what you would say to your sellers when presenting to them your marketing recommendations. 1- Give your recommendations based on maximum market (buyer) reach and appropriate...

Answered: 1 week ago

Question

★★★★★

The number of days rain per month in London varies depending on the time of year. The data shows the number of wet days per month. 17 13 11 14 13 11 13 12 13 14 16 16 (a) For this data, find (a) (i)...

Answered: 1 week ago

Question

★★★★★

Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related to the number of television appearances by the popular group Maroon 5 during the previous...

Answered: 1 week ago

Question

★★★★★

3 How do you react to the idea of asking candidates to do unusual things such as singing and dancing? Bigmouthmedia is a digital marketing company offering services such as pay per click management,...

Answered: 1 week ago

Question

★★★★★

4 What is the recruitment phase?

Answered: 1 week ago

Question

★★★★★

2 What is the distinction between a job description and a person specification?

Answered: 1 week ago

Previous Question Next Question