NEED ANSWERS ASAP Question 35 The adjusted trial balance is prepared after finan
ID: 2421676 • Letter: N
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. contains the 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 entry that 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 line that 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 periodic basis (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 a customer for the balance due. The transaction was erroneously recorded 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
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.
Explanation / Answer
ANSWER 35 AFTER FINANCIAL STATEMENTS ARE PREPARED
ANSWER 36 DEBIT TO INCOME SUMMARY OF 73500
ANSWER 37 DIVIDEND ACCOUNT
ANSWER 38 BALANCESHEET
ANSWER 39 JOURNALIZING AND POSTING ADJUSTING ENTRIES
ANSWER 40
Cash
540
Service Revenue
280
Accounts Receivable
820
Cash
540
Service Revenue
280
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