Paper Topic:
Accounting Quiz
p Note : It is recommended that you save your response as you complete each question sub section Save Every Account listed on the worksheet is extended to either the balance sheet or income statement True sub section Save The capital balance found in the balance sheet credit column of the worksheet is the same as the balance reported on the balance sheet False sub section Save Revenues , expenses , and withdrawals are all closed to the income summary False sub section Save The
entry to close the withdrawals account would include a credit to the owner 's capital account
False
sub section
Save
The closing process applies only to income statement accounts
False
sub section
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The balance sheet debit account column exceeds the balance sheet credit column on a worksheet . This indicates
A net income for the company
sub section
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Which of the following statements regarding the worksheet is true
Net income is added under the income statement debit column
sub section
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Salary expense has a balance of 55 ,400 in teh trial balance debit column of the worksheet . The adjustment credit column contains a 500 credit to salaries payable . the adjusted trial balance column for salary expense will show
Salary expense with a debit balance of 55 ,900
sub section
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If the unearned service revenue account had an unadjusted normal balance of 3 ,800 , and an adjustment was made debiting the account for 500 , the account would appear on the adjusted trial balance of the worksheet...
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