Home / Questions / All in Accounting. According to my book the answer can go either way
Hi ! I need answers with several questions and I hope you can help me with them ! All in Accounting. According to my book the answer can go either way .Here are the Q:
1. Baileys received its electric bill for December on December 31,but did not pay nor record it in the general journal .This resulted in:
a. Understand assets
b. Overstated net income
c. Overstated liabilities
d. Understand capital
2. The adjusted trial balance columns:
a. Help to insure the ledger is still in balance
b. Help to identify any errors that may have been made during adjustment
c. Show updated account balances to aid in preparation of the financial statements
d. All of the above
3. Adjusting journal entries:
a. Need not to be journalized since they appear on the work sheet
b. Need not to be posted if the financial statements are from the worksheet
c. Are not needed if closing entries are prepared
d. Must be journalized and posted
4. Closing entries :
a. Need not to be journalized since they appear on the worksheet
b. Need not to be posted if the financial statements are prepared from the worksheet
c. Are not needed if adjusting entries are prepared
d. Must be journalized and posted
5. The entry to close income summary (net loss) was entered in reverse- income summary was debited and capital credited. This error will cause :
a. Income summary to have a credit balance
b. Income summary to have a debit balance
c. The assets to be overstated
d. The liabilities to be overstated
6. In the normal accounting cycle, the;
a. Financial statements are prepared after the adjusting entries are posted
b. Financial statements are prepared before the adjusting entries are posted
c. Adjusting and closing entries are journalized before the financial statements are prepared
d. Post-closing trial balance is prepared before the closing entries are posted
7. Closing entries wil:
a. Increase the owner's capital
b. Decrease the owner's capital balance
c. Either increase or decrease owner's capital
d. Not affect the owner's capital balance
Thank you for your help ! I answered these questions but I want to see if I am in the right direction!
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