Question

NEED ANSWERS ASAP

Question 35

The adjusted trial balance is prepared

		after financial statements are prepared.
		before the trial balance.
		to prove the equality of total assets and total liabilities.
		after adjusting entries have been journalized and posted.

3 points

Question 36

The income statement for the current year of Nova Co. containsthe following information:

Revenues		$ 70,000
Expenses:

	Wages Expense	$ 45,000
	Rent Expense	12,000
	Advertising	6,000
	Supplies Expense	6,000
	Utilities Expense	2,500
	Insurance Expense	2,000	73,500

Net Income (Loss)

$ (3,500)

The entry to close the expense accounts includes a

		credit to Income Summary for $3,500.
		debit to Income Summary for $73,500.
		debit to Wages Expense for $2,500.
		debit to Income Summary for $3,500.

3 points

Question 37

The final closing entry to be journalized is typically the entrythat closes the

		revenue accounts.
		dividends account.
		retained earnings account.
		expense accounts.

3 points

Question 38

The heading for a post-closing trial balance has a date linethat is similar to the one found on

		a balance sheet.
		an income statement.
		a retained earnings statement.
		the worksheet.

3 points

Question 39

The step in the accounting cycle that is performed on a periodicbasis (i.e., monthly, quarterly) is

		analyzing transactions.
		journalizing and posting adjusting entries.
		preparing a post-closing trial balance.
		posting to ledger accounts.

3 points

Question 40

Merriweather Post Pavillion received a $820 check from acustomer for the balance due. The transaction was erroneouslyrecorded as a debit to Cash $280 and a credit to Service Revenue$280. The correcting entry is

Cash

820

Accounts Receivable

820

Cash	540
Accounts Receivable	280

Service Revenue

820

Cash	540
Service Revenue	280

Accounts Receivable

820

Accounts Receivable

820

	Cash		540
	Service Revenue		280