Which accounts are closed with debits each accounting period?

Select one:

a.

Wage Expense	Supplies	Service Revenue
No	No	No

b.

Wage Expense	Supplies	Service Revenue
No	Yes	No

c.

Wage Expense	Supplies	Service Revenue
No	No	Yes

d.

Wage Expense	Supplies	Service Revenue
Yes	No	No

e.

Wage Expense	Supplies	Service Revenue
Yes	Yes	Yes

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Question 7

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Which of the following accounts are closed during the closing procedure?

Select one:

a.

Prepaid Expense	Retained Earnings	Revenue
No	Yes	No

b.

Prepaid Expense	Retained Earnings	Revenue
Yes	Yes	No

c.

Prepaid Expense	Retained Earnings	Revenue
No	Yes	Yes

d.

Prepaid Expense	Retained Earnings	Revenue
Yes	No	No

e.

Prepaid Expense	Retained Earnings	Revenue
No	No	Yes

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Question 8

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Use the following information to answer the question

LAKE CORPORATION
ADJUSTED TRIAL BALANCE
DECEMBER 31
Cash	$15,000
Accounts Receivable	7,000
Supplies	3,000
Prepaid Insurance	5,000
Equipment	24,000
Accumulated Depreciation, Equipment			$ 6,000
Accounts Payable			12,000
Common Stock			20,000
Retained Earnings at 1/1			10,000
Dividends	8,000
Commission Revenue			34,000
Depreciation Expense, Equipment	2,000
Wages Expense	14,000
Insurance Expense	4,000
	$82,000		$82,000

The amount of net income (or net loss) during the period is:

Select one:

a. $10,000 net loss

b. $32,000 net income

c. $9,000 net income

d. $14,000 net income

e. $6,000 net income

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Question 9

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The Cooper River Company makes three adjusting entries at 12/31:

• Depreciation $100
• Prepaid Insurance used $75
• Accrued Expense $40

Indicate the net effect of these three entries on these items:

Select one:

a.

Net Income	Working Capital
Increase $35	Increase $115

b.

Net Income	Working Capital
Decrease $215	Decrease $115

c.

Net Income	Working Capital
Decrease $65	Decrease $65

d.

Net Income	Working Capital
Decrease $215	Decrease $215

e.

Net Income	Working Capital
Increase $35	Decrease $65

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Question 10

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Given the following items from the balance sheet of the Piper Company:

Assets			Liabilities
Cash	$ 10,000		Accounts Payable	$ 25,000
Accounts Receivable	15,000		Unearned Revenue	15,000
Prepaid Expense	20,000		Total Liabilities	40,000
Building	30,000
Equipment	25,000		Stockholders' Equity
			Common Stock	50,000
			Retained Earnings	10,000
Total Assets	$100,000		Total Liabilities and Stockholders' Equity	$100,000

Working Capital is:

Select one:

a. $60,000

b. $5,000

c. $75,000

d. $20,000

e. $(15,000)