Terms
What is post-closing trial balance
To close out Revenue, identify which account would be debited, and which account would be credited.
Debit - Sales
Credit - Income Summary
Identify the accounting concept when a worksheet is prepared at the end of each fiscal cycle to summarize the general ledger info needed to prepare financial statements.
What is the Accounting Period Cycle
Identify which step in the Accounting Cycle this is -
-Source Documents are checked for accuracy and transactions are analyzed into debit and credit parts.
Identify 2 accounts that would be listed on a post-closing trial balance.
Definition - The series of accounting activities included in recording financial information for a fiscal period.
What is accounting cycle
To close out the account Miscellaneous Expense, identify which account would be debited, and which account would be credited.
Credit - Miscellaneous Expense
Ending account balances for permanent accounts for the fiscal period will be the _____________ account balances for the next fiscal period.
-Same
-Equal to the capital
-All equal to zero
-Beginning
What is the Beginning.
Identify which step in the Accounting Cycle this is -
Journal Entries are posted to the general ledger.
What is Step 3
When preparing a post-closing trial balance, identify the first step.
What is preparing the heading.
Definition - Journal entries used to prepare temporary accounts for a new fiscal period.
What are closing entries.
To close out the account the owner's drawing account, identify which account would be debited, and which account would be credited.
Debit - Owner's Capital Account
Credit - Owner's Drawing Account
Identify a temporary account.
What is an Expense, Revenue, Drawing, or Income Summary Account
Identify which step in the Accounting Cycle this is -
Adjusting Entries are journalized and posted to the general ledger.
What is step 5
On a post-closing trial balance, which classification of accounts would carry a credit balance?
What are the liability and owner's capital accounts.
Define - Permanent Accounts
Accounts used to accumulate information from one fiscal period to the next.
If there is a Net Income, identify which account gets the debit, and which account gets the credit.
Debit - Income Summary
Credit - Owner's Capital
What is Matching Expenses with Revenue
Identify which step in the Accounting Cycle this is -
A worksheet, including a trial balance, is prepared from the general ledger.
What is Step 4.
Yardley Enterprises
Post-Closing Trial Balance
November 30, 2021
Define - Temporary Accounts
Accounts used to accumulate information until it is transferred to the owner's capital account.
If there is a Net Loss, identify the debit and the credit.
Debit - Owner's Capital
Credit - Income Summary
The accounts listed on a post-closing trials balance are:
What is general ledger accounts with balances after the closing entries are posted.
Assets, Liabilities, and Owner's Capital
Identify which step in the Accounting Cycle this is-
Closing entries are journalized and posted to the general ledger?
What is step 7.
On the post-closing trial balance, what word is written below the owner's capital account title?
What is Totals?