PART A

Fill in the blank(s) to complete each statement

1. Examples of temporary accounts are _widrawal_______ _____revenue__________ and

______expenses_________________.

2. After all closing entries are posted, owners Capital account will contain the ______________________ ______________________.

3. At the end of each fiscal year, Income Summary is ______________________.

4. Temporary account _______________________ will not be carried over to the next accounting period.

5. To close expense to Income Summary, a ____________________ to each individual expense and a

____________________ to Income Summary is required.

6. A list of permanent accounts after the adjusting and closing entries have been posted to the ledger from the journal is called ___________________ _____________________ _____________________.

7. To close revenue to Income Summary, a ___________________to each revenue account and a

__________________ to Income Summary is required.

8. After closing, each temporary account in the ledger will have a _____________________ balance.

9. To close withdrawals, a ___________________is required and the offsetting amount transferred to owners Capital by a ____________________.

10. When all closing entries have been posted, Income Summary has a ______________________ balance.

11. To close the balance of Income Summary, a ____________________ to Income Summary and a

____________________ to owners Capital is required if the company made a profit.

12. Journalizing adjustments are usually prepared from the ______________________.

13. Income Summary is a ______________________ account.

14. Closing entries can be prepared from the ________________________.

15. Cash, Equipment, and Supplies are called ____________________ accounts.