Quiz 02.12 – T/F Composition of Post-Closing Trial Balance Limited to Permanent Accounts
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Permanent accounts are exclusively included in the post-closing trial balance.
Permanent accounts are exclusively included in the post-closing trial balance.
Analyze the impact of omitted information on Laramie Company’s 2021 Income Statement and 12/31/2021 Balance Sheet using the provided code (N, O, U) to indicate overstatements, understatements, or no effect on each component.
Assess the influence of omissions and errors found in O’Brian Co.’s adjusted trial balance for the year ending 12/31/2021 on the components of the company’s 2021 Income Statement and 12/31/2021 Balance Sheet. Utilize the provided code (N, O, U) to indicate the effect on each component.
During the closing process, temporary accounts are zeroed out, and the retained earnings account balance is adjusted.
To reverse salaries at the beginning of a period, the entry would involve a debit to Salaries Expense.
A sales journal is utilized to record the sale of merchandise on account.
For a given transaction, which journals among the general journal (GJ), cash receipts journal (CR), cash disbursements journal (CD), sales journal (SJ), and purchases journal (PJ) should be used to record it?
To record cash payment to a supplier, a purchases journal is used.
Which of the following is NOT an example of an external transaction?
Which of the following is NOT an example of an internal transaction?