I have attached a few questions that i need to be answered . can you help

Name: ____________________Date: __________ ACTG 1014 Test#3 Completing the accounting cycle Circle the letter of the answer that best suits the statement or question. (3 pts each) 1. Which of the following accounts in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet) would be extended to the Income Statement columns? A. Unearned fees C. Supplies expense B. M. E. Jones, Drawing D. Wages Payable 2. Which of the following accounts would be classified as a current asset on the balance sheet? A. Office Equipment C. Accounts Payable B. Loan D. Accounts Receivable 3. Which of the following entries closes the owner's drawing account at the end of the period? A. Debit the drawing account, credit the income summary account. B. Debit the owner's capital account, credit the drawing account. C. Debit the income summary account, credit the drawing account. D. Debit the drawing account, credit the owner's capital account. 4. Which of the following accounts would be closed to the income summary account at the end of a period? A. Unearned Fees C. Prepaid Insurance B. Revenue D. Miscellaneous expense 5. Which of the following accounts would not be included in a post-closing trial balance? A. Wages payable C. J. C. Smith, Capital B. Accumulated Depreciation D. Supplies expense 6. When creating the end-of-year spreadsheet, it starts off with the ___________________, followed by adjusting entries and finishes off with the adjusted trial balance. a. Unadjusted Trial Balance c. Closing entries b. Ledger accounts d. Financial statements. 7. In the Balance Sheet columns of the end-of-period spreadsheet (work sheet) for Lancaster Consulting Co. for the current year, the Debit column total is $505,200 and the Credit column total is $375,000 before the amount for net income or net loss has been included. In preparing the income statement from the end-ofperiod spreadsheet (work sheet), what is the amount of net income or net loss? a. Net loss $130,200 c. Net profit $880,200 b. Net loss $880,200 d. Net profit $130,200 8. Determine the order in which the financial statements must be created: a. 1st:Balance sheet, 2nd:Income Statement, 3rd:Statement of Owner's Equity b. 1st:Income Statement, 2nd:Statement of Owner's Equity, 3rd:Balance Sheet c. 1st:Statement of Owner's Equity, 2nd:Income Statement, 3rd:Balance Sheet d. 1st:Income Statement, 2nd:Balance Sheet and 3rd:Statement of Owner's Equity 9. The two types of assets that can be found in a business are? a. Current and liquid b. Current and Long-term liabilities 10. For an asset to be a fixed asset is must: a. Have a life span of less than six months b. Have a life span of less than one year c. Have a life span between six months and 12 months c. Current and Plant, Property Equipment d. Current and Depreciation & d. Have a life span of more than twelve months 1 11. The following accounts appear in an adjusted trial balance of Hindsight Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner's equity section of the December 31, 2009, balance sheet of Hindsight Consulting. (2 pts each) i. Cash ____________________________ ii. Notes Receivable (due in 6 months) ____________________________ iii. Unearned Rent (3 months) ____________________________ iv. Accounts Payable ____________________________ v. Notes Payable (due in 2011) ____________________________ vi. Premises ____________________________ vii. Capital ____________________________ viii. Bank ____________________________ ix. Salaries payable ____________________________ x. Drawings ____________________________ 12. Marina Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, 2014 the end of the fiscal year, the following balances were taken from the ledger of Marina Services Co. ( 30 pts) John O'Neil, Capital Rent expense John O'Neil, Drawings Supplies Expense $492,000 45,000 10,000 11,200 Fees Earned Miscellaneous Expense Wages Expense Rent Expense 715,000 5,100 190,000 3,600 Journalize the four entries required to close the accounts. 2 13. Rearrange the following steps in the accounting cycle in proper sequence: (10 pts) a. An unadjusted trial balance is prepared. b. An adjusted trial balance is prepared. c. Transactions are analyzed and recorded in the journal. d. An optional end-of-period spreadsheet (work sheet) is prepared. e. Transactions are posted to the ledger f. Financial statements are prepared. g. A post-closing trial balance is prepared. h. Adjustment data are assembled and analyzed. i. Closing entries are journalized and posted to the ledger. j. Adjusting entries are journalized and posted to the ledger. 1. c. Transactions are analyzed and recorded in the journal. 2. 3. a. An unadjusted trial balance is prepared. 4. 5. d. An optional end-of-period spreadsheet (work sheet) is prepared. 6. j. Adjusting entries are journalized and posted to the ledger. 7. 8. 9. 10. g. A post-closing trial balance is prepared. 14. When does the fiscal year begin and end for GOB? (give day and month) (3 pts) 15. What is the difference between a fiscal year and a calendar year? (3 pts) 16. Why are adjustments necessary? Give two reasons. (4 pts) 3