Accounting Exam 1 - Review

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An example of an accrued expense is salaries and wages expense that has been earned by employees but is unpaid at year end.

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When are adjustments generally prepared?

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A change in the dividend amount listed on a firm’s adjusted trial balance would necessitate changes in the firm’s

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Due to an addition error, the net income listed on Park Inc.’s income statement is $750 higher than it should be. Assuming all of the amounts listed on Park’s adjusted trial balance are correct, which of the following problems would you also expect to find on Park’s financial statements?

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Explanation

Because net income is added to existing retained earnings to calculate the final retained earnings balance, this amount will be $750 higher. In turn, the retained earnings amount added to the liabilities and stockholders' equity portion of Park’s balance sheet will also be $750 higher, which means the balance sheet will not balance because the total assets amount will be $750 lower than the total liabilities and equity amount.

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The following accounts all show balances on a firm’s adjusted trial balance. Of these four accounts, only the ________ account will show a different balance on the adjusted trial balance than on the firm’s balance sheet.

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What is the purpose of the post-closing trial balance?

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12: If the statement below shows the adjusted trial balance, what should the total debits and credits be in the post-closing trial balance? Service Revenue - 218 Interest Revenue - 56 Salaries and wages Expense - 160 Travel Expense - 66 Total - 7396

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Explanation

The Service Revenue and Interest Revenue accounts will be closed to Retained Earnings for no net change in credits. The Salaries and Wages Expense and Travel Expense accounts will be closed to Retained Earnings for a net decrease of $226 to Retained Earnings. Therefore, the total debits and credits will be decreased by $226 for a total of $7,396 - $226 = $7,170.

Accounting Exam 1 - Review

Question 1 of 1

Time Left

An example of an accrued expense is salaries and wages expense that has been earned by employees but is unpaid at year end.

Select the correct answer(s).

(0/0)

When are adjustments generally prepared?

Select the correct answer(s).

(0/0)

A change in the dividend amount listed on a firm’s adjusted trial balance would necessitate changes in the firm’s

Select the correct answer(s).

(0/0)

Due to an addition error, the net income listed on Park Inc.’s income statement is $750 higher than it should be. Assuming all of the amounts listed on Park’s adjusted trial balance are correct, which of the following problems would you also expect to find on Park’s financial statements?

Select the correct answer(s).

(0/0)

Explanation

The following accounts all show balances on a firm’s adjusted trial balance. Of these four accounts, only the ________ account will show a different balance on the adjusted trial balance than on the firm’s balance sheet.

Select the correct answer(s).

(0/0)

What is the purpose of the post-closing trial balance?

Select the correct answer(s).

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12: If the statement below shows the adjusted trial balance, what should the total debits and credits be in the post-closing trial balance? Service Revenue - 218 Interest Revenue - 56 Salaries and wages Expense - 160 Travel Expense - 66 Total - 7396

Select the correct answer(s).

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Explanation

_________ accounts are always debited during the closing process.

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Which of the following is true about the post-closing trial balance?

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