QUESTION 9 Which of the following would normally have a nonzero balance after closing the temporary stockholder's equity accounts? Supplies Inventory Supplies Expense O al only b. Both I and 11 Ocll only O d. Neither I nor QUESTION 10 Which of the following would normally have a nonzero balance after closing the temporary stockholder's equity accounts? Cash Supplies Expense a Both I and II Ob l only c. Neither I nor ! d. ll only QUESTION 11 I only QUESTION 11 Pnor to closing at December 31, 2021. Paolino, Inc has the following trial balance: Credits Debits +91,000 Assets Liabilities Common Stoock Retained Eamings Dividends Revenues Expenses 33,000 3,000 14.000 85,000 600,000 474.000 650.000 650 000 What amount will Paolino show for retained earnings after closing? 2. $650,000 b. $211,000 O c. $14,000 O d.$55,000 O e $126,000 QUESTION 12 What account is debited in the entry to close Fees Earned (Revenue) at the of the year? a Fees Eamed (Revenue) Ob Retained Earnings c Dividends To Income Summary QUESTION 13 Click Sund Submit to save and submit. Click Save All Answers to save all answers, QUES N 13 In the closing process, what happens to the Cash account? O a. It is not involved in closing, and its balance will not change. b.It is zeroed out to Income Summary c. It is zeroed out to Current Liabilities d. It is zeroed out directly to Retained Earnings QUESTION 14 Which of the following would normally have a nonzero balance after closing the temporary stockholder's equity accounts? Wages Payable Wages Expense al only bill only c. Both I and II d. Neither I nor 11 QUESTION 15 Which of the following accounts get closed at year-end? Dividends Income Summary a. Both Dividends and Income Summary b. Neither Dividends nor Income Summary c. Income Summary only d. Dividends only QUESTION 16 In haat honnans the Nene Fynencount Dividends only QUESTION 16 In the closing process, what happens to the Wages Expense account? a. It is zeroed out directly to Retained Earnings b.It is zeroed out to Income Summary c. It is zeroed out to Current Liabilities d. It is not involved in closing, and its balance will not change. QUESTION 17 What is the purpose of closing temporary stockholder's equity accounts at year-end? O a. To record daily transactions O b. To fine-tune the accounts before preparing financial statements Oc. To prepare the books for the next year by setting the balances of revenue, expenses and dividends to zero d. all of the above e none of the above QUESTION 18 Which of the following would normally have a nonzero balance after closing the temporary stockholder's equity accounts? Fees Eamed (Revenue) Unearned Revenue Da Both I and II O bill only OC Neither I nor Il Od only QUESTION 19 Which of the following accounts are closed into income summary at year end? Od. I only QUESTION 19 Which of the following accounts are closed into income summary at year-end? Revenues Liabilities a. Both Revenues and Liabilities b. Neither Revenues nor Liabilities c. Revenues only d. Liabilities only QUESTION 20 In the closing process, what happens to the Service Revenue account? a. It is zeroed out to Current Liabilities b.It is zeroed out to Income Summary c. It is zeroed out directly to Retained Earnings d. It is not involved in closing, and its balance will not change. Click Save and Submit to save and submit. Click Save All Answers to save all answers
