Question6

The following accounts are closed except:

a. real account

b. nominal account

c. temporary account

d. income statement account

Question7

The formation of a post-closing trial balance is similar to a/an:

a. income statement

b. balance sheet

c. trail balance

d. worksheet

Question8

The nominal accounts are extended to what section of the worksheet?

a. credit side of the income statement

b. the income statement section

c. the balance sheet section

d. debit side of the income statement

Question9

Which of the following account is closed?

a. accumulated depreciation

b. bad debts

c. prepaid insurance expense

d. unearned interest income

Question10

Which of the following accounts is included in post-closing trial balance?

a. income account

b. drawing account

c. expense account

d. asset account

My. Edgar Esparaguera. Jr.. CPA is the accountant of Dapitan Ports an areredoring Services, owned and managed by Mr. Rey Rolando, has prepared U following account balances on November 2006. Real Accounts Cash In Bank # 340.000 Petty Cash Fund 1.500 Accounts Receivable 85.000 Forklift Equipment 1,200,000 Accounts Payable 6.300 Notes Payable 250,000 SSS Premium Payable 4,713 Philhealth Premium Payable 1,129 R. Bolando, Capital 1,297.765 R. Bolando, Drawing 15,000 Nominal Accounts Service Income P 525,630 Salaries and Wages 190.000 Taxes and Licenses 7.050 Interest Expense 87.000 Wharfage Expense 51.270 Diesoline and Oil 65.565 Utilities Expense 41.257 SSS Contribution 1,333 Philhealth Contribution 562 Required: Prepare the following: 1. Closing Entries 2. Post-Closing Trial Balance 3. Statement of Changes in EquityThe preliminary trial balance of de Oro Ads and Decors for its first month of tion, April 2005 is given below. The owner, Mrs. Virginia Yacapin is requesting to re for her the following requirements: al Simple Worksheet bj Income Statement Balance Sheet d) Statement of Changes in Equity de Oro Ads and Decors Trial Balance April 30, 2005 Debit Credit Cash in Bank F180.000 Petty Cash Fund 500 Notes Receivable 15,000 Supplies Inventory 20.000 Furniture and Fixture 50.000 Accounts Payable P 30.000 Notes Payable 40.000 SSS premium Payable 1.258 Philhealth Premium Payable 300 Withholding Tax Payable 210 V. Yacapin, Capital 187.162 V. Yacapin, Drawing 10.000 Advertising Income 35.000 Taxes and Licenses 1,930 Rental Expense 1.000 Salaries and Wages 15,000 SSS Contribution 350 Philhealth Contribution 150 Total F293.930 P293.930Presented below is the Balance Sheet section of the worksheet of Mrs. Manites Gadia, the caner of Gensan Janitorial Services. Gonnan Janitorial Services Worksheet For the month ended February 28, 2005 Balance Sheet Debit Cash on Hand P 40.000 Accounts Receivable 25.000 Janitorial Supplies Inventory 10.000 Janitorial Equipment 100,000 Furniture and Fixture 20,000 Accounts Payable P 30.000 Notes Payable 60.000 SSS Premium Payable 2,356 Philhealth Premium Payable 250 M. Gadia, Capital 98.790 M. Gadia, Drawing 5.000 The Net Income for the month of February 2005 is P8,604. Required: 1. Balance Sheet 2. Statement of Changes in EquityMe. Amabelle Pacana is a Fine Arts graduate. She has invested in a port painting and named her venture "Pacana Portrait". Her narrative transactions for month of August were already journalized, posted to the ledger and was footed Pacana Portrait Trial Balance August 31, 2006 Debit Credit Cash on Hand #30.000 Accounts Receivable 10.000 Painting Materials Inventory 5,000 Furniture and Fixture 25,000 Accounts Payable F 6,000 Withholding Tax Payable 135 A. Pacana, Capital 67.655 A. Pacana, Drawing 2,500 Painting Revenue 7.500 Taxes and Licenses 1.290 Rent Expense 1,000 Salaries and Wages 5,000 Utilities Expense 1 500 Total PB1.290 181,290 Prepare the following: a) Simple Worksheet b) Income Statement c) Balance Sheet d) Statement of Changes in Equity