101.There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third oneis to close , and the last one is to close the .
a.Income Summary; dividends account
b.Income Summary; common stock account
c.Income Summary; assets
d.dividends account; Income Summary
102.Closing entries
a.need not be journalized if adjusting entries are prepared
b.need not be posted if the financial statements are prepared from the work sheet
c.are not needed if adjusting entries are prepared
d.must be journalized and posted
103.Closing entries are dated in the journal as of
a.the date they are actually journalized, although they are generally prepared after the end of the accountingperiod
b.the last day of the accounting period, although they are actually journalized after the end of the accountingperiod
c.the first day of the accounting period, although they are actually journalized well after the beginning of theaccounting period
d.the first day of the subsequent accounting period
104.Which of the accounts below would be closed by posting a debit to the account?
a.Unearned Revenue
b.Fees Earned
c.Dividends
d.Miscellaneous Expense
105.Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a.Service Revenue
b.Equipment
c.Prepaid Insurance
d.Unearned Rent
106.Which of the following accounts will
notbe closed to Income Summary at the end of the fiscal year?
a.Utilities Expense
b.Fees Earned
c.Prepaid Insurance
d.Insurance Expense
107.Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
a.Rent Expense
b.Fees Earned
c.Income Summary
d.Depreciation Expense
108.The entry to close the appropriate insurance account at the end of the accounting period is
a.debit Income Summary; credit Prepaid Insurance
b.debit Prepaid Insurance; credit Income Summary
c.debit Insurance Expense; credit Income Summary
d.debit Income Summary; credit Insurance Expense
109.Which of the following accounts ordinarily appears in the post-closing trial balance?
a.Fees Earned
b.Supplies Expense
c.Dividends
d.Unearned Rent
110.Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded itas a prepaid expense. Which of the following amounts would be recorded for insurance expense during theadjusting process at the end of Diane’s first month of operations on March 31?
a. $8,400
b. $840
c. $700
d. $7,700