ACCOUNTING

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

  1. 👍
  2. 👎
  3. 👁
  1. This doesn't look like a survey to me. It looks like an assignment that your instructor expects YOU to answer.

    1. 👍
    2. 👎
    👤
    Ms. Sue
  2. This is a survey-Please offer your input

    1. 👍
    2. 👎
  3. 1. T
    2. T
    3. F
    4. T
    5. F
    6. F
    7. F
    8. T
    9. T
    10.F

    1. 👍
    2. 👎
  4. t tsf

    1. 👍
    2. 👎
  5. i agree with ms. sue

    1. 👍
    2. 👎
  6. qwwq

    1. 👍
    2. 👎
  7. The post closing trial balance contains balance sheet accounts only.

    True or
    False

    1. 👍
    2. 👎
  8. 1. t
    2. t
    3. f
    4.t
    5.t
    6.f
    7.f
    8.t
    9. t
    10.f

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. accounting

    A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the

  2. Math

    A psychologist designs an 8-item pain survey asking athletes to identify their level of pain after a football injury. She is considering a 5-point scale. How many different ways could a person answer the survey? There are 58

  3. Language arts pls check my answer

    Where is the part of speech located in a dictionary entry?(1 point) a. in the numbered definitions that follow the entry word b. before the entry word c. after the pronunciation d. in parentheses after the entry word i think the

  4. bookkeeping

    Worksheet (Use the information from the trial balance in Exam Figure 2. Write the worksheet information on the form in Exam Figure 1.) You’ll need the following adjustment information: a. P. Woodsley counted the supplies on May

  1. Accounting Entry

    "Received $2000 from a client for financial services to be rendered next year." I am supposed to record the general journal entry for this. Would it be this: Cash $2000 A/R $2000 or what? This entry is for the last day of the

  2. accounting

    Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depreciation) and a fair value of $7,700. Required: 1.

  3. acounting

    A company purchased and installed a machine on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1

  4. Accounting

    What would the journal entry be for this transaction? sent a reminder to Gomez Co to pay the fee for services recorded on November 8 There would be no entry since a transaction did not take place.

  1. accounting

    What is a permanent journal entry?

  2. ETH 125

    Journal Entry of Subordinate of African Americans

  3. english

    Annex Perspectives Description For this assignment, you will choose a resident of the annex (other than Anne) and rewrite a journal entry from this individual’s perspective. Specifications Your entry should • Reflect what you

  4. cost accounting

    Underapplied or overapplied overhead, prepare the necessary journal entry to close the overhead account if the balance is considered immaterial

You can view more similar questions or ask a new question.