Which of the following accounts should be debited during the closing process of the accounting cycle Salaries Expense Allowance for Doubtful Accounts Deferred Revenue Service Revenue Prepaid Insurance Which of the following accounts should be credited during the closing process of the accounting cycle Allowance for Doubtful Accounts Interest Payable Service Revenue Interest Expense Common Stock Which type of trial balance reports a companys beginning Retained Earnings account balance The adjusted trial balance The post closing trial balance Both the adjusted and post closing trial balances What are the financial statement effects if a company fails to make the year end adjusting entry to record supplies expense for the year Assume the company uses the traditional approach when new supplies are purchased Net Income Total Assets Total Liabilities Total Owners Equity A Overstated Understated No effect Understated B Understated Understated Understated No effect C Overstated Overstated No effect Overstated D Understated Overstated Overstated No effect E Overstated Overstated Understated No effect 5 Which of the following accounts is most likely to be debited when a company records accrued revenue at the end of the accounting period A Common Stock B Accounts Receivable C Accounts Payable D Cash E Deferred Revenue 6 Which of the following accounts is most likely to be debited when a company records deferred revenue during the accounting period Common Stock Accounts Receivable Accounts Payable Cash Deferred Revenue 7 True or False Most adjusting journal entries will affect at least one balance sheet account and at least one income statement account True False

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Posted on Sep 01, 2024

Which of the following accounts should be debited during the closing process of the accounting cycle?
1. Salaries Expense
2. Allowance for Doubtful Accounts
3. Deferred Revenue
4. Service Revenue
5. Prepaid Insurance
Which of the following accounts should be credited during the closing process of the accounting cycle?
1. Allowance for Doubtful Accounts
2. Interest Payable
3. Service Revenue
4. Interest Expense
5. Common Stock
Which type of trial balance reports a companys beginning Retained Earnings account balance?
1. The adjusted trial balance
2. The post-closing trial balance
3. Both the adjusted and post-closing trial balances
What are the financial statement effects if a company fails to make the year-end adjusting entry to record supplies expense for the year? Assume the company uses the traditional approach when new supplies are purchased.

5. Which of the following accounts is most likely to be debited when a company records accrued revenue at the end of the accounting period?

A. Common Stock

B. Accounts Receivable

C. Accounts Payable

D. Cash

E. Deferred Revenue

6. Which of the following accounts is most likely to be debited when a company records deferred revenue during the accounting period?

Common Stock
Accounts Receivable
Accounts Payable
Cash
Deferred Revenue 7. True or False: Most adjusting journal entries will affect at least one balance sheet account and at least one income statement account.
1. True
2. False