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1.Which of the following accounts would be included in a post-closing trial balance?

Accounts Receivable.

S. Stills, Withdrawal.

Consulting Fees Earned.

Salaries Expense.

Depreciation ExpenseEquipment

2.A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry?

Debit Income Summary $75,000; credit Revenues $75,000.

Debit Revenues $75,000; credit Income Summary $75,000.

Debit Owner's, Capital $8,000, credit Owner's, Withdrawals $8,000.

Debit Income Summary $13,000; credit Owner's, Capital $13,000.

Debit Income Summary $62,000, credit Expenses $62,000.

3.Closing entries are required:

In order to satisfy the Internal Revenue Service guidelines.

If management has decided to cease operating the business.

If the temporary accounts are to reflect correct amounts for each accounting period.

Only if the company adheres to the accrual method of accounting.

If a company's bookkeeper does not choose to prepare reversing entries.

4.The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts?

Debit Revenue accounts $55,200; credit Income Summary $55,200.

Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000.

Debit Revenue accounts $37,000; credit F. Mercury, Capital $37,000.

Debit Income Summary $37,000; credit F. Mercury Capital $37,000.

Debit Income Summary $55,200; credit Revenue accounts $55,200.

5.A company recorded 2 days of accrued salaries of $1,400 for its employees on January 31. On February 9, it paid its employees $7,000 for these accrued salaries and for other salaries earned through February 9. Assuming the company does not prepare reversing entries, the January 31 and February 9 journal entries are:

1/31 Salaries Payable ................................ 1,400

Salaries Expense........................... 1,400

2/9 Salaries Expense................................ 5,600

Salaries Payable.............................. 1,400

Cash.......................................... 7,000

1/31 Salaries Expense................................ 1,400

Cash......................................... 1,400

2/9 Salaries Expense............................... 7,000

Cash........................................ 7,000

1/31 Salaries Expense............................... 1,400

Salaries Payable........................... 1,400

2/9 Salaries Expense................................ 7,000

Cash.......................................... 7,000

1/31 Salaries Expense............................... 1,400

Salaries Payable........................... 1,400

2/9 Salaries Expense................................ 5,600

Salaries Payable................................. 1,400

Cash.......................................... 7,000

1/31 Salaries Expense .............................. 1,400

Salaries Payable ............................ 1,400

2/9 Salaries Payable ............................... 7,000

Salaries Expense .............................. 1,400

Cash......................................... 7,000

6.A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year?

$325.

$175.

$75.

$250.

$125.

7.If Regent Tax Services' office supplies account balance on March 1 was $1,400, the company purchased $675 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,250 unused, what is the amount of the adjusting entry for office supplies on March 31?

$825

$675

$1,975

$525

$1,250

8.If a company has current assets of $15,000 and current liabilities of $9,500, its current ratio is 1.6

true

false

9.The total amount of depreciation recorded against an asset over the entire time the asset has been owned:

Is referred to as depreciation expense.

Is shown on the income statement of the final period.

Is only recorded when the asset is disposed of.

Is referred to as accumulated depreciation.

Is referred to as an accrued asset.

10.A balance sheet that places the liabilities and equity to the right of the assets is a(n):

Unclassified balance sheet.

Account form balance sheet.

Report form balance sheet.

Classified balance sheet.

Interim balance sheet.