Question 19 4 pts The steps involved in handling all of the transactions and events completed during an accounting period, beginning with placing data in a book of original entry and ending with a post-closing trial balance, are referred to collectively as O input O processing. the accounting cycle. O output Question 20 3 pts The Income Summary account is used to O close the revenue accounts and expense accounts only. O close the drawing account. close revenue accounts and expense accounts and update the owner's capital account O close the revenue accounts only. D Question 21 2 pts The journal entry to close the drawing account includes O debiting the owner's capital account and crediting the drawing account debiting the drawing account and crediting the owner's capital account O debiting the drawing account and crediting Income Summary O debiting Income Summary and crediting the drawing account. D Question 22 3 pts What is the purpose of the post-closing trial balance? O to prove the equality of the debit and credit balances in the general ledger accounts O to prove the balances in the general ledger accounts are correct O to prove no errors were made while recording entries in the journal O to prove the closing entries were recorded correctly in the journal Question 23 3 pts Cash and other assets that will be converted into cash within one year or the normal operating cycle of the business, whichever is longer, are called equipment plant. O property current assets. Question 24 3 pts U The account to which revenue and expenses are closed is called Income Summary Net Income O Cash. Drawing Question 25 3 pts The account to which the drawing account is closed is called O Owner's Capital O Income Summary Revenue Cash, Question 26 3 pts A balance sheet that groups similar items is called ain) classified balance sheet. account form of balance sheet. temporary balance sheet. O report form of balance sheet * The body of the income statement consists of an itemized list of cash and revenues O assets and owner's equity. revenues and expenses. assets and liabilities Question 28 3 pts Capital at the beginning of the month amounted to $4,000, net income for the month amounted to $1,000, and withdrawals for personal use during the month amounted to $2,000. Capital at the end of the month is O $7.000 O $3,000 O $2.000 $5.000 Question 29 3 pts (Appendix) Business transactions can be classified as operating Investing and financing operating, financing and lending operating, lending and borrowing operating. Investing and accounting