SHORT ANSWER QUESTIONS: 1. After the second closing entry has been posted, what is the balance in the Income Summary account? What does the answer in #1 represent? After the third closing entry, what is the balance in the Income Summary account? 2. 3. 4. Based on your Income Statement, did the business have a net income or net loss and how much was it? 5. Based on the Statement of Changes in Equity, did the business have a net income or net loss and how much was it? 6. What was the net income or net loss (& how much) shown on the Worksheet? 7. What amount was used in your third closing entry? 8. What does the amount in question 7 represent? 9. What is the ending capital balance on the Statement of Changes in Equity? 10. What is the ending capital balance on the Balance Sheet? 11. What is the ending capital balance for the Eli Arrow, Capital T-account? 12. What is always the last account on a Post-closing Trial Balance? 13. Which financial statement does Income Summary appear on? 14. Are these three amounts the same? Total Expenses on the Income Statement, Total DR in the I/S column of worksheet, AND the DR to Income Summary in the second closing entry? 15. Are these three amounts the same? Total Revenue on Income Statement, Total CR on I/S column of worksheet, AND the CR to Income Summary in the first closing entry? 16. If a Supplies account has a $10,000 balance on the Unadjusted Trial Balance, and an analysis shows that $4,000 of the Supplies have been used, what $ amount appears in the adjusting journal entry? 17. If a Supplies account has a $10,000 balance on the Unadjusted Trial Balance, and an analysis shows that $4,000 of the Supplies remain, what $ amount appears in the adjusting journal entry? 18. If an Unearned Fees account has a $10,000 balance on the Unadjusted Trial Balance, and an analysis shows that $4,000 of the Fees have been earned, what $ amount appears in the adjusting journal entry? 19. If an Unearned Fees account has a $10,000 balance on the Unadjusted Trial Balance, and an analysis shows that $4,000 of the Fees remains unearned, what $ amount appears in the adjusting journal entry?

SHORT ANSWER QUESTIONS: 1. After the second closing entry has been posted, what is the belance in the Income Summary occount? 2. What does the answer in fil repretent? 3. After the thind cloring entry, what is the bolance in the incoime Sumimary account? 4. Based on your Income Stotement, did the business have a net income of net loss and how much was it? 5. Based on the Stotement of Changes in Equly, did the business have a net income of net loss and how much was it? 6. What was the net income or net loss ( & how much) shown on the Workseet? 7. What amount was used in your third closing entry? 8. What does the amount in question 7 represent? 9. What is the ending capital balance on the Stotement of Changes in Equity? 10. What is the ending capital balance on the Eolance Sheet? 11. What is the ending capital balance for the Eli Arrow, Copitol T-account? 12. What is always the last account on a Post-closing Trial Bolance? 13. Which financial statement does Income Summary appear on? 14. Are these three amounts the same? Total Expenses on the income Statement, Total DR in the 1/5 column of worksheet, AND the DR to Income Summary in the second closing entry? 15. Are these three amounts the same? Total Revenue on income Statement, Total CR on U/S column of worksheet, AND the CR to income Summary in the first closing entry? 16. If a Supplies account has a $10,000 balance on the Unodjusted Trial Bolance, and an analysis shows that $4,000 of the Supplies have been used, what $ amount appears in the adjusting journal entry? 17. If a Supplies account has a $10,000 balance on the Unodjusted Trial Bolance, and an analysis shows that $4,000 of the Supplies remain, what $ amount appears in the adjusting journal entry? 18. If an Unearned Fees account has a $10,000 balance on the Unadiusted Trial Balance, and an analysis shows that $4,000 of the Fees have been earned, what $ amount appears in the adjusting journal entry? 19. If an Unearned Fees account has a $10,000 balance on the Unadiusted Trial Balonce, and an analysis shows that $4,000 of the Fees remains unearned, what $ amount appears in the adjusting journal entry? SHORT ANSWER QUESTIONS: 1. After the second closing entry has been posted, what is the belance in the Income Summary occount? 2. What does the answer in fil repretent? 3. After the thind cloring entry, what is the bolance in the incoime Sumimary account? 4. Based on your Income Stotement, did the business have a net income of net loss and how much was it? 5. Based on the Stotement of Changes in Equly, did the business have a net income of net loss and how much was it? 6. What was the net income or net loss ( & how much) shown on the Workseet? 7. What amount was used in your third closing entry? 8. What does the amount in question 7 represent? 9. What is the ending capital balance on the Stotement of Changes in Equity? 10. What is the ending capital balance on the Eolance Sheet? 11. What is the ending capital balance for the Eli Arrow, Copitol T-account? 12. What is always the last account on a Post-closing Trial Bolance? 13. Which financial statement does Income Summary appear on? 14. Are these three amounts the same? Total Expenses on the income Statement, Total DR in the 1/5 column of worksheet, AND the DR to Income Summary in the second closing entry? 15. Are these three amounts the same? Total Revenue on income Statement, Total CR on U/S column of worksheet, AND the CR to income Summary in the first closing entry? 16. If a Supplies account has a $10,000 balance on the Unodjusted Trial Bolance, and an analysis shows that $4,000 of the Supplies have been used, what $ amount appears in the adjusting journal entry? 17. If a Supplies account has a $10,000 balance on the Unodjusted Trial Bolance, and an analysis shows that $4,000 of the Supplies remain, what $ amount appears in the adjusting journal entry? 18. If an Unearned Fees account has a $10,000 balance on the Unadiusted Trial Balance, and an analysis shows that $4,000 of the Fees have been earned, what $ amount appears in the adjusting journal entry? 19. If an Unearned Fees account has a $10,000 balance on the Unadiusted Trial Balonce, and an analysis shows that $4,000 of the Fees remains unearned, what $ amount appears in the adjusting journal entry