Closing entries are dated in the journal as of:

a. the date they are actually journalized, although they are generally prepared after the end of the accounting period

b. the last day of the accounting period, although they are actually journalized after the end of the accounting period

c. the first day of the accounting period, although they are actually journalized after the end of the accounting period

d. the first day of the subsequent accounting period

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

a. Supplies Expense

b. Accumulated Depreciation

c. Prepaid Insurance

d. Unearned Rent

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

a. Salaries Expense

b. Fees Earned

c. Unearned Rent

d. Depreciation Expense

A fiscal year:

a. ordinarily begins on the first day of a month and ends on the last day of the following twelfth month

b. for a business is determined by the federal government

c. always begins on January 1 and ends on December 31 of the same year

d. should end at the height of the business's annual operating cycle