Sunday
October 26, 2014

Homework Help: ACCOUNTING

Posted by Accounting Buff on Wednesday, September 26, 2007 at 10:44am.

ANSWER THIS SURVEY ASAP:

1.
A compound entry in the general journal is made to close expense accounts.


True
False


2.
The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account.


True
False


3.
Withdrawals by the owner for personal use do not affect net income or net loss of the business.


True
False


4.
After the closing entries are posted, the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.


True
False


5.
The temporary owner's equity accounts are closed because they apply to only one accounting period.


True
False


6.
"Income and Expense Summary" is another name for the Income Summary account.


True
False


7.
To indicate that the column totals of the sales journal have been posted, a check mark is entered under the column total.


True
False


8.
The abbreviation S1 in the Posting Reference column of an account shows that the data were posted from page 1 of the sales journal.


True
False


9.
A customer who returns goods or receives an allowance is entitled to a credit for the appropriate amount of sales tax if tax was charged on the original sale.


True
False


10.
The balance of the Sales Returns and Allowances account is subtracted from the balance of the Accounts Receivable account in the Assets section of the balance sheet.


True
False

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