The declaration and payment of a $5,000 dividend by JLH Company would be reporte

Question

The declaration and payment of a $5,000 dividend by JLH Company would be reported on which of JLH's financial statements?

The income statement only. The statement of stockholders' equity and statement of cash flows. The balance sheet only. The statement of stockholders' equity only.

Which of the following correctly describes the closing entry process? The closing process reduces the balances in the permanent accounts to zero at the end of each period. The closing entries are usually prepared prior to adjusting entries. The closing process creates a zero balance in all temporary accounts at the end of each period. The closing process creates a zero balance at the end of each period for all accounts on the year-end trial balance.


Which of the following account balances would be closed at year-end? Interest expense Accumulated depreciation Retained earnings Unearned revenues


Which one of the following accounts would not be closed at the end of the accounting year? Utilities expense Sales revenue Prepaid rent expense Wages expense


Which of the following correctly describes the accounts reported on the post-closing trial balance? It includes permanent and temporary accounts with non-zero balances. The ending retained earnings balance includes the current period net income. It includes only temporary account balances. It doesn't include stockholders' equity account balances.

Explanation / Answer

B

C

A

C

B

are correct answers

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